The question that motivates this article has been a matter of dispute: Is it possible to combine perpetual economic growth and longterm environmental sustainability based on the premise that economic growth can be fully decoupled from negative environmental impacts? The article addresses this question from the position of critical realism. An empirical study focusing on the housing sector is conducted, indicating that housing stock growth and economic growth have been, at best, weakly decoupled from environmental (...) impacts. In the long run, it seems implausible that the degree of decoupling can be increased at a rate sufficient to compensate for continual growth in the volume of housing stock. A further elaboration of the topic at an ontological level leads to the conclusion that continual economic growth and long-term environmental sustainability can hardly be combined. Content Type Journal Article Category Article Pages 438-461 DOI 10.1558/jcr.v11i4.438 Authors Jin Xue, Department of Development and Planning, Aalborg University Journal Journal of Critical Realism Online ISSN 1572-5138 Print ISSN 1476-7430 Journal Volume Volume 11 Journal Issue Volume 11, Number 4 / 2012. (shrink)

The aim of this paper is to trace how a perverted understanding of the human – of human nature, growth, and well-being – came to form the foundation for classical liberal economic thought and to identify some of the negative consequences of this development. My suggestion is that, in response to the social upheaval of the 16th, 17th, and 18th centuries that would lead to the rise of capitalism and make possible the industrial revolution, moral philosophers applied to (...) humans and to human society mechanistic principles from the highly successful natural sciences in an effort to make sense of a social world that had ceased to make sense. Thus emerged the impoverished view of the human that lies at the foundation of mainstream economic thinking: homo economicus – the human as a rational, utility-optimizing machine, driven by unlimited desires. (shrink)

Tobacco is a significant product providing considerable economic benefits to countries worldwide, while its increased consumption causes health and socio-economic losses for smokers and non-smokers. This paper constructs a decomposition system of tobacco taxation: the population aging factor is included in the influencing factors of personal tax, and personal tax revenue is regarded as the product of tax structure, macro tax burden, regional economy, reciprocal aging, and the elderly population. This article conducts an empirical study on the relationship between taxation (...) and economic growth. The estimated coefficients of business tax and corporate income tax are significant at the significance level of 0.1, with a consumption tax and time-variable coefficients reporting a 0.02 level of significance. The T statistic value and the explanatory degree of the variables involved in the model to the explained variables are also very high, reaching more than 95%. We find that increasing the macro tax burden negatively impacts economic growth. Therefore, the study suggests that for fostering the industry’s economic growth, the country needs to ensure the optimal macro tax burden of 17.5%, with different types of taxes influencing economic growth. Personal tax reform should pay attention to the phenomenon of aging, adjust the tax structure to increase personal tax income, provide policy support and guarantee for the elderly labor force, and encourage the re-employment of silver-haired people to alleviate the adverse impact of aging on taxation. (shrink)

Due to G-7 countries' commitment to sustaining United Nations Sustainable Development Goal 8, which focuses on sustainable economic growth, there is a need to investigate the impact of tax revenue and institutional quality on economic growth, considering the role of artificial intelligence (AI) in the G-7 countries from 2012 to 2022. Cross-Sectional Augmented Autoregressive Distributed Lag (CS-ARDL) technique is used to analyze the data. The study's findings indicate a long-run equilibrium relationship among the variables under examination. The causality (...) results can be categorized as bidirectional, unidirectional, or indicating no causality. Based on the CS-ARDL results, the study recommends that G-7 governments and policymakers prioritize and strengthen the integration of AI into their institutions to stimulate growth in both the short- and long-term. However, the study cautions against overlooking the interaction between AI and tax revenue, as it did not demonstrate support for economic growth. While the interaction between AI and institutional quality shows potential for contributing to growth, it is crucial to implement robust measures to mitigate any potential negative effects that may arise from AI's interaction with tax systems. Therefore, the study suggests the development of AI-friendly tax policies within the G-7 countries, considering the nascent nature of the AI sector/industry. (shrink)

Pakistan’s women educational attainment has been the lowest in the entire South Asia; with women and girls continuing to suffer discrimination in the field of education. This study is designed to examine the linkage between gender disparity in education and Pakistan economic success, using annual secondary data to date range 1980 to 2019. Also the study checked the variables integration order by using Dickey-Fuller and Philip-Peron tests apart from utilizing the ARDL bound test technique for long-run co-integration relationship while the (...) direction of causality were tested by using Granger causality. The analyses reflect that a strong adverse influence on growth was the result to be yielded from gender educational disparity in Pakistan. This finding is based on the empirical interpretation such as women educational attainment at primary and secondary levels, government expenditures on education, total secondary education and male secondary education significantly contribute to growth. However, the associations of population growth, total labor force, male education at primary level and total primary education with growth being significantly negative. This study also found long run pair-wise causality from male and female secondary school attainment separately, male primary education, total primary and total secondary education to economic success. (shrink)

The coronavirus has affected almost all sectors of the economy. Some areas have suffered and declined, while others have developed and benefited from the pandemic. Due to the COVID-19 pandemic, economies around the world have experienced a downturn. The effects of the pandemic will undoubtedly reverberate around the world for decades to come. The global threat of the COVID-19 epidemic has greatly affected people, families, communities and businesses. Countries have begun implementing a wide range of measures both within and between (...) countries to combat the humanitarian and commercial impact of COVID-19. The effects of the worldwide epidemic and the emergency situations to be taken in this context were felt more and more in business life. Considering that the epidemic progressed very quickly, it was observed that it caused constant negative pressure on business and stock markets. This situation is interpreted as a harbinger of a global crisis. On the other hand, issues such as disruptions in supply and distribution channels, closure of workplaces and ports, disruption of customs processes, lack of manpower and decrease in consumption, operations in the stock market continued in a negative direction day by day. The consistent exposure of COVID-19 around the world, especially in developing economies, suggests that developing economies are seen as a major driver of macroeconomic instability compared to developed countries. After the initiation of economic reforms, with the increase of national income, aggregate production and employment, the trend of increasing economic volatility in developing economies has also been observed. Considering all this, it can be noted that the topic of the article is quite relevant. In the article, the negative impact of the pandemic on the economy of the world, as well as Azerbaijan, is examined in a broad aspect, and the methods of eliminating the damage caused by it are determined. (shrink)

This paper investigates the relationship between technological finance, high-quality economic growth, and financial stability. Based on data of 30 provinces collected between 2004 and 2017, this paper adopts the method of factor analysis to construct comprehensive indexes of technological finance and financial stability before calculating green total factor productivity as the index of high-quality development, using the CRS Multiplicative Model. Then it constructs the spatial SAC model and PVAR model for analyses of the just-mentioned relationship based on the total (...) sample of the nation and regional samples in eastern, middle, and western China, respectively. The results reveal that All samples, whether the total national samples or regional samples of eastern, middle, and western China demonstrate the positive influence of technological finance on high-quality economic development, with an obvious spatial spillover effect. The impact factor is the highest in the eastern region, while the western region holds the lowest factor among the three. Judging by the general national sample, technological finance has an obvious negative shock effect on financial stability within a short period, but the effect gradually dwindles as time goes by. This rule applies to the sample of the eastern region, as its technological finance poses a short-time negative shock effect on financial stability, before gradually diminishing to 0. Neither western nor middle regions have displayed an obvious shock impact on financial stability. (shrink)

Collective bargaining is the main vehicle for labour worldwide to negotiate wages, benefits, retirement policies, training and other terms of working with management in both the public and private sectors. Labour economists have long been active in modelling the relations between collective bargaining agreements, labour markets and social welfare conditions. This book presents a theoretical model of unions which offers a unified treatment of the centralisation of bargaining, the credibility of labour contracts, the unionisation of labour markets and the relative (...) bargaining power of the union. Tapio Palokangas develops the microfoundations of bargaining and examines collective bargaining interacting with public policy, investment and growth, and international trade and specialisation. In conclusion Professor Palokangas challenges the commonly held view that collective bargaining has a negative impact on economics welfare, and argues that with the existence of market failure, collective bargaining can be welfare enhancing. (shrink)

Education, innovation, the labour force, and new businesses are considered the key important sectors (factors) for developed and emerging economies. The paper analyses are performed by using the Cobb Douglas production function for analysing the impact and correlation of these factors (variables) on the economic growth of Kosova during the period 2013 - 2021. The variables of public expenditures on education as a percentage of GDP and the labour force have shown a negative impact on growth and (...) they have operated under decreasing returns to scale (based on the Cobb-Douglas function), while the variables of information, computer and telecommunication services (which refer to innovation technology) and new business creation have indicated a positive impact on growth and they have operated under increasing returns to scale (based on the Cobb-Douglas function). In addition, this paper summarized a few useful conclusions: first, public expenditure on education should provide an important contribution on growth; second, enhancing the role of education to improve and develop new knowledge for the labour force in Kosova, and at the same time, to adapt with new labour market demand; third, information, computer and telecommunication is one of the leading export sectors and this sector should provide higher potential and contributions on the economic growth of Kosova; fourth, new businesses creation should provide a significant contribution to increase economic growth. These variables in many countries have made a key value contribution to the economy by driving it toward sustainability, development, and growth. (shrink)

The purpose of the study is to investigate the impact of stock market development on economic growth for nine developed European countries. In many countries, the stock market (SM), is considered. one of the crucial elements for promoting sustainable economic growth and development. By analysing data from nine developed European countries over 21 years, from 2000 to 2020, including Germany, the United Kingdom, France, Italy, Spain, the Netherlands, Switzerland, Turkey, and Poland, this study seeks to determine the effect (...) of the stock. market. on economic growth. The years 2021 and 2022 are not included due to the lack of data, mainly as a result of the pandemic period. The dataset, extracted from the World Bank database, is used to generate results by applying different econometric models such as OLS, OLS Robust, Fixed, and the Random Effect, which turned out to be more suitable in this study. According to research, macroeconomic factors such as stock. market development (SMD), and inflation (INF), have a significant positive impact while, domestic credit to the private sector (DC), has a negative significant impact on economic growth, in respective periods and countries. Therefore, new research on this topic could help better understand the stock market’s impact on economic growth, and new conclusions might greatly benefit developed European countries. (shrink)

This study aims to analyze the impact of Foreign Direct Investment, external debt and population growth on economic progress of Pakistan by using time series data from 1980 to 2014. It analyzes the correlation between Gross Domestic Product,FDI, external debt and population growth. Augmented Dickey Fuller test has been used to check stationarity in time series data. To evaluate the empirical results multiple regression method is used. GDP has been used as a dependent variable while FDI, external debt (...) and population as independent variables. Findings of this paper show the positive and significant impact of FDI, and population growth on GDP but external debt has negative impact on GDP. (shrink)

Economic growth as we know it today cannot persist indefinitely if it entails continuous degradation of natural resources and the environment. While in a few countries around the world it appears that environmental degradation has been the result of rapid economic growth, in the vast majority of the developing countries the environment has been equally spoiled despite slow or even negative economic growth. This book provides new insights on the common roots of economic stagnation, poverty and (...) environmental degradation which, unfortunately, generally reside in misguided government policies and priorities. By doing this, the volume seeks to provide a broader policy option framework than those found in conventional policy analyses, mainly dominated by the "Washington Consensus". It shows that a major omission of the conventional view is that governments tend to allocate government expenditures in a biased way favouring subsidies to the economic elites to the detriment of investments in public goods, including human capital, R&D, as well as the development of institutions, which are vital for long run growth, poverty reduction and environmental sustainability. (shrink)

It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature. This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one (...) can go some way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that a fixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development. The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment by firms. The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises. (shrink)

Scholarship on gender and the European Union has consistently pointed out that EU gender equality policies have always been embedded in the logic of the market and that the economic framing has had negative impacts on the content and concepts of these policies. This article provides novel insights into this discussion by combining a discursive approach focused on framings with insights of feminist economists and examining how the relationship between gender equality and the economy has been conceptualized in EU (...) policy documents from the 1980s up until the present day. The article identifies the key actors and processes behind the escalation of economic arguments for gender equality and makes visible the economic assumptions that underpin EU gender equality policy. It argues that in recent years the European institutions have intentionally developed and propagated a market-oriented gender equality discourse, the economic case for gender equality, which highlights the macroeconomic benefits of gender equality. The economic case reaffirms the gender-biased assumptions of neoclassical economic theory and legitimizes the EU’s current economic priorities and policies, many of which are detrimental to gender equality. The European Commission represents the argument that gender equality contributes to economic growth as an innovative way to promote gender equality. However, the economic case represents a risk for gender equality advocates, because it may tame the emerging feminist criticism of the EU’s economic policies and governance. (shrink)

Arising restrictions of global economic growth due to limited natural resources and capacity of the biosphere adversely affect on people level of life and future expectation. That leads to mass depression and social instability. To consider this problem, psycho-physiological model of onward hedonist in consumer society is developed and investigated. This model is based on the fact that human nature generates a growing desire, needs to progress. After reaching the limits of growth, member of consumer society feel persistent (...) negative emotions and dissatisfaction. It results to socio-economic stagnation, social and international instability. The first type of possible solutions to this problem is based on the global expansion of the limits of growth (e.g., increasing of macroeconomic demand as a result of new Kondratieff technological cycle). The second type of solutions refers to local limits extension of growth within one or more countries, by means of their economic, political or military expansion in the world. But such solutions lead to international instability. The third type of solutions corresponds to periodical decreasing of the macroeconomic consumption followed by its growth (e.g., global financial crisis, decay of states and their unions, national and military conflicts, wars and so on). Such solution also leads to social and international instability. Humanistic solution consists in creativity development of people (especially middle class of developed countries) to focus on spiritual development. So rising desires of these people in spiritual realm can be satisfied under limits of global economic growth. (shrink)

Factors Which Influence the Growth of Creative Industries: Cross-section Analysis in China With the more and more important roles of creative economy, its research has become one of the major fields in economic development. The creative economy has the potential to generate income and jobs while promoting social inclusion, cultural diversity and human development. As a developing country, China is also in need of developing the creative economy to adjust the economic structure and realize the sustainable development. In this (...) paper, we examined the factors which influence the growth of creative industries in China through the cross-section analysis of 23 regional data in 2007. Four main factors were examined in this multi-regression model, that is, GDP per capita, the number of higher education institutions, the number of students enrolled in higher education institution and the number of patents.The statistical analysis found that the model's fit is quite good and 69% of dependent variable is explained by the model. Specifically, there are three sub-conclusions. Firstly, there is not a positive relationship between GDP per capita and dependent variable; on the contrary, there is a weak negative relationship in this model. We infer that it is because of the stage of economic development. China heavily depends on the development of the second industry in the process of industrializing. Secondly, there is no linear relationship, in this model, between the number of higher education institutions and the dependent variable. We infer that it is mainly due to the differences between the higher education institutions, such as scales and qualities, etc. Thirdly, there is enough evidence to conclude that the number of students enrolled in higher education institution and the dependent variable are linearly related; the number of patents and the ratio of creative industries are linearly related, as well. They represent the important roles of talents and technology in the development of creative industries. (shrink)

In this paper, we analyse the current China urban and rural income disparity. Our analysis demonstrates that the Economic and Policy reforms instituted by the Chinese government over the past decade or so have had two primary aims: Firstly, to maintain political stability at all costs and secondly to transform China into a modern industrial state. To ensure political stability, it has eschewed the current Russian model for a unique Chinese model where state owned enterprises co-exist with market driven businesses. (...) This all began in 1978, after two disastrous near revolutions where the hard-line Marxist-Socialists had to concede that all was not well for the future of China, in a modern world. Beginning with the rural sector, where the pool of greatest poverty existed and improving in that sector firstly, allowed the market-oriented to greatly improve their incomes, thus changing the disparities between urban and rural economics. The period of 1985 to 2005 was a period of almost exponential growth, and the raising of millions out of poverty was only part of the positive results, but the greatest social negative was that inequality became worse, as is found in most Capitalist societies. There seems to be an initial jump in the incomes of rural China to jump out of poverty, but the effects have slowed, and it is now up to government agencies to aid the remaining impoverished to escape the traps of poverty through education and relocation incentives for industry, domestic and foreign. This does not mean throwing money at the problem, it means preventing destitution, as destitution adds to crime and other anti-social events and greatly increases instability, the anti-thesis of current Chinese policy. Perhaps the question ought to be a rethink of agricultural policies, to generate corporate farming, as opposed to collective farming, all in order to reduce rural poverty and make rural businesses into a proper and profitable sector of employment. (shrink)

This volume contains eleven papers – some theoretical, others empirical – given at the 1986 founding meeting of the International Joseph A. Schumpeter Society in Augsburg. By raising questions and offering additional statistical evidence, they further stimulate interest and discussion about the kinds of intuitive ideas that Schumpeter introduced in his seminal period before World War I. Whatever may be the academic mainline trend in economics, two policy-oriented 'disequilibrium' schools have flourished and still thrive: one stresses the need for (...) social redistribution as a counterweight to a negative propensity to unemployment; the other emphasizes the explicit roles of the dynamic entrepreneur, innovation and stressful competition in stimulating economic growth. And while it is possible that the heyday of the demand-side 'age of Keynes' is passing, it also may be true that the time of the supply-side 'age of Schumpeter' is now emerging. (shrink)

Corporate crises call for effective communication to shelter or restore a company's reputation. The use of corporate social responsibility claims may provide an effective tool to counter the negative impact of a crisis, but knowledge about its effectiveness is scarce and lacking in studies that consider CSR communication during crises. To help fill this gap, this study investigates whether the length of company's involvement in CSR matters when it uses CSR claims in its crisis communication as a means to (...) counter negative publicity. The use of CSR claims in crisis communication is more effective for companies with a long CSR history than for those with a short CSR history, and consumer skepticism about claims lies at the heart of this phenomenon. (shrink)

This essay takes a deviant stance against the prevailing perspective on globalization as an imperialistic enterprise championed by the Western nations to perpetuate their exploitative tendencies on the underdeveloped nations of Asia, Africa and Latin America. While it acknowledges that globalization has sometimes been used to exploit third world countries, nevertheless there is some salutary underpinning within globalization that can enhance growth and social order especially in the third world countries. This underpinning factor stems from certain universal, not necessarily (...) absolute, values and principles that can regulate human social behaviour especially at the political realm. It establishes a synergy of globalization and political claims based on universal standard of morality, the jettisoning of negative cultural claims, and avoidance of authoritarianism predicated on rigid cultural identity in the guise of protecting national sovereignty. It concludes on the need for a global basis as justificationist paradigm of political claim in Africa based on common good and justice as pivots of African cultural renewal. (shrink)

Whilst the field of contemporary art has been impeded until recently by Saudi Arabia’s blasphemy laws and heavy censorship, the last decade has seen a rapid growth of art networks and institutions. Incidents such as the conviction of internationally lauded artist and curator Ashraf Fayadh in 2015 on charges of apostasy show that Islamic authorities still claim to define what is acceptable and not acceptable in the field of cultural production, but several renowned Saudi artists have started to question (...) the hegemony of the Islamic field. This article discusses these processes in the context of radical economic reform led by the Saudi crown prince Mohammed bin Salman. Why do state actors see an investment in art and creativity as a necessity for economic renewal? What role does contemporary art play in strategies to rebrand the negative image of Saudi Arabia? How do artists relate to Islamic narratives and material culture to claim authority in Islamic debates and provide legitimacy for their concerns? By focusing on the interactions between economic reform and new spaces of Islamic critique, the paper aims to shed light on the way in which the drive for economic transformation is remapping the social boundaries between Islamic authorities, the creative economy and the state. (shrink)

The purpose of socially responsible investing (SRI) is to: (1) allow investors to reflect their personal values and ethics in their choices, and (2) encourage companies to improve their ethical, social, and environmental performance. In order to achieve these ends, the means SRI fund managers employ include the use of negative screening, or the exclusion of companies involved in "sinful" industries. We argue that there are problems with this methodology, both at a theoretical and at a practical level. As (...) a consequence, current SRI offerings cannot accurately reflect the values and ethical beliefs they propose to represent. Moreover, the use of a priori criteria is potentially misleading, as we show by discussing examples of glue and wine making. Applying this flawed approach SRI funds fail to influence the direction of the firms they deem most in need of redirecting. Rather than engaging in the simple a priori assumption that some industries are "saints" while others are "sinners" (Freeman, 2007) we suggest a new framework upon which the SRI screening methodology could be grounded. Embracing the philosophical tradition of American pragmatism, we suggest that SRI methodology could be improved by engaging in an analysis based on (1) the actual impacts of the company's products and services, (2) the company's relationships with its specific, real stakeholders, and (3) the contingent environment (social, economic, political, legal, and cultural) in which the business operates. (shrink)

Welfare biology is the study of living things and their environment with respect to their welfare. Despite difficulties of ascertaining and measuring welfare and relevancy to normative issues, welfare biology is a positive science. Evolutionary economics and population dynamics are used to help answer basic questions in welfare biology : Which species are affective sentients capable of welfare? Do they enjoy positive or negative welfare? Can their welfare be dramatically increased? Under plausible axioms, all conscious species are plastic (...) and all plastic species are conscious. More complex niches favour the evolution of more rational species. Evolutionary economics also supports the common-sense view that individual sentients failing to survive to mate suffer negative welfare. A kind of God-made fairness between species is also unexpectedly found. The contrast between growth maximization, average welfare, and total welfare maximization is discussed. It is shown that welfare could be increased without even sacrificing numbers. Since the long-term reduction in animal suffering depends on scientific advances, strict restrictions on animal experimentation may be counter-productive to animal welfare. (shrink)

This study investigates the processes involved in the shaping of a society's economic ethos. The discussion of ethics and economics has a very long history across multiple disciplines. The founder of modern economics, Adam Smith, likewise had a keen interest in this topic. However, with the development of economic science, scholarly assessment has shifted toward positive analysis while normative analysis has been left mainly to philosophers. By utilizing the newly developed morality of profit-making scale, the authors sought to (...) understand how respondents' economic ethical worldview shifts over time. Specifically, we theorized that the news media's copious negative coverage of the gasoline price crisis of 2006 would significandy impact individuals' MPM worldview. The results show that respondents' explicit attitudes toward MPM were significantly impacted. However, respondents' more deeply held, implicit economic ethical worldview was only slightly impacted. The authors argue that only patient, long-term explanation and argumentation can permanently affect a society's economic ethos. Implications and future research directions for business researchers are oudined. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 17-29 [Access article in PDF] A Christian Critique of Economics Carol Johnston Christian Theological Seminary Introduction: A Word About History Contrary to the assertions of many contemporary economists, no economic model is "value-free." Both of the major models in the world today, capitalism (or neoclassical economic theory) and Marxism (or Marxian economics), have a long history in which basic assumptions and value choices (...) were made that govern the models. Those assumptions and value choices have deep roots in Western culture, and were certainly shaped by Christianity as it has been practiced in the West (as opposed, often, to how it should have been practiced!). But in both cases, alternative choices were possible, and, as we shall see, some opportunities were missed. However, it is not my purpose to attempt to determine to what extent Christianity can be blamed or credited with the economics we must live with today. Rather, I hope to examine economics from the perspective of my Christian faith to ask how the economic models so powerful today have missed (or worked against) crucial elements of Jewish and Christian standards of justice, and how they might be transformed to create economies that are healthier for human and natural communities, and ecologically sustainable.When Adam Smith published his Inquiry into the Nature and Causes of the Wealth of Nations in 1776, he was asking if there could be a better way to run economies than the entrenched mercantilism of his day, which operated through state monopolies to benefit an elite. He and many others in his time were frustrated with mercantilism and searching for alternatives. They never imagined that the ideas they wrote about would some day coalesce into what we now call "capitalism," and succeed beyond their wildest dreams. They were just trying to make the system more open to more participation by a wider range of people. I believe that today we are in a similar situation. Capitalism has been wildly successful in its single goal: constant growth in the production of "goods." From a Christian perspective, this is an ambiguous goal and in and of itself cannot be supported. In addition, capitalism also has serious negative effects on both communities and the natural environment that must be dealt with, and it has a built-in tendency to leave many people marginalized—not only unemployed and often unemployable within the capitalist market system, but even worse, [End Page 17] stripped of traditional access to subsistence living. Consequently, many of us are searching for solutions—for ways to go beyond cosmetic reforms and really transform capitalism to make it a more equitable and environmentally sustainable system. Surely if Adam Smith and others of his day could think their way through to better ideas about economics than those offered in mercantilism, we can do the same with the economic models available to us today. If they could do it, we can do it. Thinking Theologically About Economics and Acting Responsibly As a Christian, I already approach economics with a number of assumptions, value choices, and perspectives that come from my tradition. I hope to be clear about what those are and compare them with those that are embedded in economics.First of all, the world (which is both material and spiritual) is created by God, who recognizes it as "good" (Gen. 1). This world then is not something to be escaped (contrary to the beliefs of some Christians), but is to be lived in as fully as possible as the gracious gift of a generous and loving God. From a Christian perspective, science has for the most part focused solely on the material aspect of creation and ignored the spiritual. Insofar as economics has tried to be "scientific," it has also worked within a narrow framework of "facts" that focuses solely on "natural laws" and how things work at a material level. This is very inadequate from a Christian perspective, but as far as it goes, it is true enough. If economics would carefully stay within its own realm of "facts," Christians could have little to quarrel with. However... (shrink)

As a result of the increasing economical exploitation of outer space, humanity faces a new challenge that, as well as having economic advantages, also entails a great many ecological hazards. At present, the human race is encroaching on outer space, particularly in the form of almost 5000 active satellites and the corresponding space debris they produce. For the large part, this debris burns up on entering the Earth’s atmosphere, yet time and again it still does cause damage. However, this could (...) change dramatically if, as is now foreseeable, further uses of outer space, such as tourism, so-called satellite mega-constellations, regular transport flights to the moon or even Mars and the extraction of water and valuable rocks from celestial bodies, are expanded. There is a danger that ecological damage like that of the earlier phases of economic development will become externalised and ultimately pose a threat to the whole of humanity. Sautter’s ‘global “sustainability trilemma”’ remains unresolved. This trilemma consists in the fact that, in political resolutions, ‘the growth of resource-intensive prosperity is weighted far more highly than the conservation of functioning ecosystems and the implementation of inter- and intragenerational “justice”’ and that there are ‘up until now no efficient and ethically acceptable solutions’ for this problem. In this situation, it is therefore more important that rules for the sustainable use of outer space be established and enshrined as legally binding so that it becomes possible to minimise or even to preclude negative ecological consequences.Contribution: Although the commercial use of outer space does not seem to be a crucial point, it marks a new step of the dynamics of modern economics that has to be identified as an important ethical challenge. The article discusses aspects of ethics, law, religion and economy in a multidisciplinary way. (shrink)

The article reveals the essential features and conditions of the long-term process of development of competitive innovation economy - knowledge economy on the example of Ukraine, where the dialogue of late postmodernism and early post-industrialism create special regional conditions. The article characterizes education as not just a form of social consciousness and practice, but as a social and cultural engine and simultaneously marker of civilization development level; considers higher education system from the point of view of society request to form (...) specialists of high qualification level and as a result powerful factor of regional economic growth; offers the directions of Ukraine higher education reforming, which still has signs of late postmodernism. The authors of this article have proved that the synergy of the economic and educational-scientific spheres is capable of changing the global laws of society's existence and returning the course of history to a truly humanistic, technological and divinely attentive course. The development of innovative activities, the introduction of new technologies, which in the long term to overcome the negative trends, primarily related to the need for structural reform of the educational sector in Ukraine and other regions, which are attractors of world change. In particular, cardinal changes require higher education as the most important resource potential that determines the direction of sustainable economic development. (shrink)

The aim is to investigate the Information Communication Technology on GDP growth in Western Balkan countries from 2000 - 2019. Different econometric techniques were used such as pooled OLS, fixed effects, random effects, and the Hausman Taylor model with instrumental variables. The findings indicate that fixed telephone subscriptions and individuals using the internet have a positive effect on GDP growth, while the fixed broadband subscriptions and mobile cellular subscriptions have a negative effect on GDP growth. The (...) results also show general government final consumption has a negative effect on GDP growth, whereas foreign direct investment has a positive effect on GDP growth, but the coefficient is statistically insignificant. The study will serve for policy makers to invest more in ICT since this will contribute to the economic growth and welfare benefits. There is no study that has been analyzed about ICT in Western Balkan countries, thus findings will be valuable to the government. (shrink)

This article advocates for a hermeneutic model for children-AI interactions in which the desirable purpose of children’s interaction with artificial intelligence systems is children's growth. The article perceives AI systems with machine-learning components as having a recursive element when interacting with children. They can learn from an encounter with children and incorporate data from interaction, not only from prior programming. Given the purpose of growth and this recursive element of AI, the article argues for distinguishing the interpretation of (...) bias within the artificial intelligence ethics and responsible AI discourse. Interpreting bias as a preference and distinguishing between positive and negative bias is needed as this would serve children's healthy psychological and moral development. The human-centric AI discourse advocates for an alignment of capacities of humans and capabilities of machines by a focus both on the purpose of humans and on the purpose of machines for humans. The emphasis on mitigating negative biases through data protection, AI law, and certain value-sensitive design frameworks demonstrates that the purpose of the machine for humans is prioritized over the purpose of humans. These top–down frameworks often narrow down the purpose of machines to do-no-harm and they miss accounting for the bottom-up views and developmental needs of children. Therefore, applying a growth model for children-AI interactions that incorporates learning from negative AI-mediated biases and amplifying positive ones would positively benefit children’s development and children-centric AI innovation. Consequently, the article explores: What challenges arise from mitigating negative biases and amplifying positive biases in children-AI interactions and how can a growth model address these? To answer this, the article recommends applying a growth model in open AI co-creational spaces with and for children. In such spaces human–machine and human–human value alignment methods can be collectively applied in such a manner that children can become sensitized toward the effects of AI-mediated negative biases on themselves and others; enable children to appropriate and imbue top-down values of diversity, and non-discrimination with their meanings; enforce children’s right to identity and non-discrimination; guide children in developing an inclusive mindset; inform top-down normative AI frameworks by children’s bottom-up views; contribute to design criteria for children-centric AI. Applying such methods under a growth model in AI co-creational spaces with children could yield an inclusive co-evolution between responsible young humans in the loop and children-centric AI systems. (shrink)

In order to shed light on the issue of crony corruption in the context of economic transition, I focus on the puzzle of China's unique experience of economic transition characterized by the duality forms and effects of crony corruption underlying local corporatism in a dual-track (i.e., market and political tracks) transition. I argue that the duality of local corporatism derives from the duality of crony corruption. First, the early form of local corporatism as state-business public alliance is embedded in informal (...) crony corruption as positive for the purpose of wealth growth in the initial phase of economic transition with public and private interests aligned as compatible. Second, the later form of local corporatism as official-manager private collusion is embedded in quasi-formal crony corruption as negative for the purpose of wealth transfer in the later phase with public and private interests in conflict as incompatible. The duality of crony corruption in the two phases of economic transition is caused by the interplay between formal and informal factors and between economic and political factors. My contribution is twofold. First, I explain China's transition in terms of crony corruption underlying local corporatism. Second, I develop an integrated framework of crony corruption concerning its content, process, antecedent and consequence. (shrink)

In the global economy, linguistic diversity influences economic and political development as well as public policies in positive and negative ways. It leads to financial costs, communication barriers, divisions in national unity, and, in some extreme cases, conflicts and war--but it also produces benefits related to group and individual identity. What are the specific advantages and disadvantages of linguistic diversity and how does it influence social and economic progress? This book examines linguistic diversity as a global social phenomenon and (...) considers what degree of linguistic variety might result in the greatest economic good.Victor Ginsburgh and Shlomo Weber look at linguistic proximity between groups and between languages. They describe and use simple economic, linguistic, and statistical tools to measure diversity's impact on growth, development, trade, the quality of institutions, translation issues, voting patterns in multinational competitions, and the likelihood and intensity of civil conflicts. They address the choosing of core languages in a multilingual community, such as the European Union, and argue that although too many official languages might harm cohesiveness, efficiency, and communication, reducing their number brings about alienation and disenfranchisement of groups.Demonstrating that the value and drawbacks of linguistic diversity are universal, How Many Languages Do We Need? suggests ways for designing appropriate linguistic policies for today's multilingual world. (shrink)

We investigated the significance of an economic crisis for organizations’ ethical behavior, employees’ unethical behavior, and association. To capture the effect of the “2008’ World economic crisis,” we compared the behaviors of organizations and employees’ unethical behavior during a crisis with their behavior in more favorable circumstances before and after the crisis. We used structural equation modeling to analyze answers collected from 2024 employees in Slovenian organizations between 2006 and 2016. The results showed significant growth of organizational engagement in (...) ethical behavior, despite the crisis in the middle of the observed period. The employees’ unethical behavior was significantly less acceptable in crisis compared to before the crisis, while after the crisis, its acceptability increased again, despite not significant. The aggregate sample revealed a significantly negative influence of employee’s unethical behavior on organizations’ ethical behavior that was not significantly different across the considered periods. The research suggests the need to manage the organization’s ethical behavior in times of economic downturn, like in the present COVID 19. Additionally, managers need to devote more attention to prevent employees’ unethical behavior and its influence on organizations’ ethical behavior. (shrink)

In the last couple of decades, the Korean church experienced a loss of credibility as well as a decrease in membership. The premise of this contribution is that the mega-church phenomenon in Korea contributed to this state of affairs. Many Korean churches, influenced by dramatic sociopolitical and economic changes, developed a distorted understanding of its nature and mission. Korean churches began to compete against each other to grow bigger. An institutional ecclesiology and ecclesiocentric understanding of mission formed the basis of (...) this endeavour. To counter this tendency, some churches turned to missional ecclesiology to facilitate the reformation of the Korean church. According to empirical data, Korean society rates mega-churches negatively while they evaluate missional churches positively. This provided further impetus for the current emerging missional movement in Korea. (shrink)

In this article I take as my starting point the economist, Jeremy Rifkin's, claims about the rise of what he calls the ‘collaborative commons’. For Rifkin, this is nothing less than the emergence of a new economic paradigm where traditional consumers exploit the possibilities of technology, and position themselves as ‘pro-sumers’. This emphasises their role in production rather than consumption alone, and shows how they aim to bypass a range of capitalist markets, from publishing to the music industry. In asking (...) how education is situated in relation to the collaborative commons, I consider the growth in technology-driven, cost-negative services as a response to the current market in higher education. This raises the issue of what we mean by ‘collaboration’ in the university, and how this might be different from, for example, cooperation or teamwork. In seeking to provide a richer conception of collaboration in higher education, I look to Martin Buber's concept of the relational act and the life of dialogue, and to some of the seminal work of Ronald Barnett on the philosophy and economics of higher education. The article suggests that these concepts afford a new perspective on collaboration that amount to a new economics for education. Such economics require a radical shift in how we perceive the role of responsibility, reciprocity and the educative possibilities of conversation. (shrink)

Un vent de collapsologie souffle aujourd'hui sur l'écologie politique. Le réchauffement climatique, la raréfaction des ressources fossiles, l'érosion de la biodiversité, la prolifération nucléaire se poursuivent, année après année, décennie après décennie. L'effondrement n'est-il pas la fin logique de cette fuite en avant? Depuis les premières alertes des années 1970 jusqu'aux débats contemporains sur l'Anthropocène, Luc Semal retrace l'émergence et l'évolution des mobilisations aux prises avec les limites à la croissance et la perspective d'un effondrement global. Leur catastrophisme est envisagé (...) non pas comme une fascination paralysante pour le désastre, mais comme une pensée politique propice à la délibération et à l'action. Des mouvements comme ceux de la décroissance et des Transition Towns réinventent des projets écologistes entre sobriété heureuse et désastres annoncés. Par leurs luttes et leurs expérimentations locales, ces mobilisations à l'ombre des catastrophes esquissent les contours d'une démocratie post-pétrole et post-croissance. (shrink)

In political economics coexist two thoughts of income (earnings) inequalities. First, motivating, which postulates bigger earnings inequalities and second, egalitarian, which postulates less earnings inequalities. In the earlier research we tried to reconcile these two thoughts. We confirmed the appearance of optimum, for economic growth, earnings inequalities (Gini index, 28%). From this perspective, both too little and too big earnings inequalities had equally a negative impact on growth. Now we’re putting one hypothesis that too little and (...) too big inequalities cause different waste of economic effectiveness. On one hand, when inequalities are less than the optimum ones, their increase causes considerable economic growth. Then the whole of society accept the increase of earnings inequalities. On the other hand, when inequalities are too big, their downfall gives less economic profits. Demands of poor people to reduce too big disparities in earnings can be corrected by the necessity of using differential work and level of education. The research was conducted for Poland for period 1970–2006 on the economic growth model. (shrink)

Inequality of incomes is one of the significant factors forming the social capital. Two views dominate among economists dealing with the influence of inequality of income on economic growth. On the one hand, a too low inequality of income does not motivate people to increase the labour productivity. A low inequality of income might result from an extended social care system and overloading GDP with social transfers. A good example of it may be a situation when the unemployed refuses (...) to accept a job offer and prefers the unemployment benefit rather to a slightly higher salary. Moreover, a lack of incentives for the employee who fails to acknowledge the economic sense of increasing the productivity of his work might lead to the slower growth of economy. On the other hand, a contrary view suggests that an increase of the inequality of income has a negative impact on the economy. The accumulation of wealth by a small number of citizens raises doubts about good use of that wealth for investments necessary for the growth of the economy. An excessive inequality of income is confronted with disapproval of the significant part of society and regarded as unfair and unjustified. It may also increase the crime level and decrease the trust and, more generally, lead to the weakening of social capital. The arguments above lead to a hypothesis that the influence of the inequality of income on the growth of the economy has a non-linear character. We confirmed this hypothesis in growth models of the US and Swedish economies. We assess the historically optimal inequality of income measured by the Gini coefficient at 46% and 24% for the US and Sweden respectively. The optimal inequality of income in Poland was assessed previously at 29%. The dissimilarities may result from the cultural differences, educational level differences, ethnic differences and differences in diligence. (shrink)

The article describes causes and nature of the global anthropological crisis. Positive and negative factor of the development of science and scientific-technical progress were obtained in becoming of the anthropological crisis and ways to overcome it. The main reasons include: the constant increase of population on the planet; unlimited growth of material consumption in the developed world, when there are food-deficit in poor countries; the depletion of natural resources; the overproduction of industrial waste and the increasing environmental pollution. (...) Two groups of human degradation factors were grounded: the economic risks as the result of macroeconomic imbalances and biological ones that is associated with using of substandard products. The article states that a special significance in achieving a sustainable future, as a fundamental survival of installation strategy has the affirmation of bioantropologic interpretation, that has the task to change the attitude of mankind to nature. In this regard, coevolutionary processes were disclosed within the boundaries of intra- or inter-system phenomena's interactions of inanimate, living, social and technical nature, that have invariant character. The invariance is as a mechanism to linking in the integrity elements of the aforementioned systems. Coevolution reproduces the activity of separate systems as an ontological necessity and total natural laws. It saves and modifies their nature and relationship, creates the integrity of self-developing nature. Noospheric safety is realized through the formation of human qualities, that are aimed to the conservation, preservation and development of life and conditions of its existence. (shrink)

The journal Environmental Values is thirty years old. In this retrospective, as the retiring Editor-in-Chief, I provide a set of personal reflections on the changing landscape of scholarship in the field. This historical overview traces developments from the journal's origins in debates between philosophers, sociologists, and economists in the UK to the conflicts over policy on climate change, biodiversity/non-humans and sustainability. Along the way various negative influences are mentioned, relating to how the values of Nature are considered in policy, (...) including mainstream environmental economics, naïve environmental pragmatism, the strategic role of corporations, neoliberalism and eco-modernism/techno-optimism. At the same time core value debates around intrinsic value in Nature and instrumentalism remain relevant, along with how plural environmental values can be articulated and acted upon. Naturalness, human relations to non-humans, and Nature as other, remain central considerations. The broadening of issues covered by the journal (e.g. covering social psychology, sociology and political science), reflect the need to address both human behaviour and the structure of social and economic systems to confront ongoing social-ecological crises. (shrink)

With the significant disconnect between the collective aim of limiting warming to well below 2°C and the current means proposed to achieve such an aim, the goal of this paper is to offer a moral assessment of prominent alternatives to current international climate policy. To do so, we’ll outline five different policy routes that could potentially bring the means and goal in line. Those five policy routes are: (1) exceed 2°C; (2) limit warming to less than 2°C by economic de- (...) class='Hi'>growth; (3) limit warming to less than 2°C by traditional mitigation only; (4) limit warming to less than 2°C by traditional mitigation and widespread deployment of Negative Emissions Technologies (NETs); and (5) limit warming to less than 2°C by traditional mitigation, NETs, and Solar Radiation Management as a fallback. In assessing these five policy routes, we rely primarily upon two moral considerations: the avoidance of catastrophic climate change and the right to sustainable development. We’ll conclude that we should continue to aim at the two-degree target, and that to get there we should use aggressive mitigation, pursue the deployment of NETs, and continue to research SRM. (shrink)

Economic growth and development remain embedded in the very core of our current international economic system and the so called “material economy”. However, depleting natural resources and environmental degradation, which now threaten the well-being of future generations, has challenged this premise, and placed sustainable development as a necessary objective of business activity and expansion. Environmental impact assessments (EIAs) have emerged as a key tool for governments, businesses, and NGOs to manage the negative impact of their activities on the (...) environment. Businesses in particular play a key role in averting or mitigating current environmental trends given that the economic growth they have stimulated has serious consequences for both the environment and social well-being. However, research on the use of EIAs has been conducted mostly from a governmental perspective producing a clear gap between research development and business (corporate) practice. To bridge this gap in knowledge, we develop a new EIA process tailored to real world business constraints and provide a range of propositions which we hope will stimulate future research efforts toward understanding and guiding how businesses integrate environmental issues into their decision-making processes. (shrink)

Wage inequality and land and labor insecurity are critical barriers to sustainable palm oil production among those employed in Indonesia’s small-farm sector. Palm oil contract farming, a pre-harvest agreement between palm oil farmers and transnational processors and traders, facilitates smallholder participation in global agro-commodities markets, improves smallholder livelihoods, and promotes local economic development in rural communities. But negative externalities in contract farming can emerge depending on whether corporate guarantors of contract-farm assets manage farmer assets equitably. This study explores how (...) contract farming agreements between smallholder farmers of palm oil and futures traders of palm stocks impact the long-term economic development of smallholder palm oil farming in Indonesia. We examined the relative impact of transnational palm oil corporations on smallholder assets in the Indonesian palm oil industry using annual financial data (2003–2019) from Indonesian commodities trading firms. Temporal trends indicated that oligopolistic market conditions were strongly associated with a growing comparative advantage in palm oil, the asymmetric accumulation of land resources by transnational firms, and excessive firm revenues from palm farmer activities. Our regression modelling results suggested that the comparative advantage in Indonesian palm oil was driven by state-oriented policies such that benefit palm traders but disadvantage smallholder farmers. And, through non-metric multidimensional scaling, we demonstrated that smallholder farmers were inefficiently used by firms to produce palm oil, but that smallholder assets were a significant driver to firm revenue growth. Notwithstanding the adverse consequences on palm farmers, these results indicate a set of unique effects of palm oil contract farming on land and labor security in Southeast Asia. The paper reasons that a system of inequitable contract farming is operating in the Indonesian palm oil industry, whereby smallholder palm oil farmers are trapped by transnational firms into socio-economic farming schemes of low oil yield and non-market activity, thus providing palm firms with lucrative non-market revenue streams. Large transnational trading firms are thereby implicated in the long-run commodification of smallholder land for marginal fruit production while exploiting a farmer’s non-market advantages through the manipulation of farmer assets. (shrink)

This paper describes the results of a field experiment involving 400 employees from ten financial institutions operating within the Shenzhen Special Economic Zone of the People's Republic of China. It was found that, when faced with an agency-based problem, employees indicated they would be less inclined to advise management of the existence of unethical work practices. Younger employees without supervisory experience displayed significant risk aversion. Traditional Chinese values associated with Confucian work dynamism, were shown to be poor predictors of moral (...) choice response. A parsimonious regression model was developed that provides evidence that the universal trait Masculinity/Femininity acted to offset the negative influence of the agency problem. On the other hand, an operative's level of education attainment exerted a negative influence on moral response scores. (shrink)

Since it implies a reduction in the quality and the quantity of the natural resources, environmental degradation is a present day problem that requires immediate solutions. This situation is driving firms to undertake an environmental transformation process with the purpose of reducing the negative externalities that come from their economic activities. Within this context, environmental marketing is an emerging business philosophy by which organizations can address sustainability issues. Moreover, environmental marketing and orientation are seen as valuable strategies to improve (...) a firm's competitiveness. However, the literature that has analyzed the link between environmental strategies and firms' results has been inconclusive and contradictory. In this study, we propose and test a model that analyses how the implementation of ecological issues within a firm's marketing strategy and orientation influences organizational results. Data were obtained through a survey sent to Spanish manufacturing firms. The results show that environmental marketing positively affects firms' operational and commercial performance and this improvement will influence their economic results. Moreover, environmental marketing is revealed as an excellent strategy to obtain competitive advantages in costs and in product differentiation. Thus, this study agrees with the researchers who affirm that environmental strategies positively affect firm's competitiveness while reducing environmental impact. (shrink)

Insider trading has received a bad name in recent decades. The popular press makes it sound like an evil practice where those who engage in it are totally devoid of ethical principles. Yet not all insider trading is unethical and some studies have concluded that certain kinds of insider trading are actually beneficial to the greater investment community. Some scholars in philosophy, law and economics have disputed whether insider trading should be punished at all while others assert that it (...) should be illegal in all cases. This paper explores the nature of insider trading and analyzes the issues to determine the positive and negative aspects of insider trading, and how policy should be changed. The best hope would be for studies to be made that isolate the individuals or groups who are fraudulently harmed by insider trading. If any such groups exist, then clearly worded legislation could be passed to prevent any fraud from being committed against these individuals and groups, while allowing non-fraudulent transactions to be completed without fear of prosecution. Until it can be clearly determined that someone is fraudulently harmed by insider trading, there should be no law or regulation restricting the practice, since such restrictions violate individual rights and will likely have a negative market reaction. (shrink)

"Guanxi" involves interpersonal obligations, which may conflict with other obligations people have that are based on general or abstract moral considerations. In the West, the latter have been widely accepted as the general source of obligations, which is perhaps tied to social changes associated with the rise of capitalism. Recently, Western ethicists have started to reconsider the extent to which personal relationships may form a distinct basis for obligation. In administration and management, salient bases for decision-Making include deontological, consequentialist and (...) personalist ethics. The first may be reflected in a bureaucratic approach, the second in a price system, and the third in arrangements like "guanxi". Each has positive and negative aspects, but problems arise when they lead to conflicting obligations, as may occur for an office holder who has some obligations based in deontological considerations and others based in personal relationships. This is a type of conflict of interest. Such conflicts have been considered in the West, and remedies proposed. Problems arise especially in cases where it is not clear how to prioritise different obligations, and this has been noted as a difficulty in the Chinese legal system. Questions that need to be answered include not only questions about how to deal with conflicting obligations, but also questions about what institutions to accept as giving rise to obligations. Institutions themselves may be problematic not only because of their consequences for economic productivity, but because they are internally incoherent, and this may be manifested in frequent conflicts faced by office holders. (shrink)

Governing boards utilize executive compensation contracts in an attempt to align executive actions with corporate goals. The objective is to ensure that executive performance provides value to the organization in terms of successful outcomes. A key performance criteria typically specified in CEO compensation contracts is earnings targets. However, using earnings as a performance evaluation may be problematic because some firms exhibit robust and sustained earnings over time (high earnings persistence), and other firms, such as high growth oriented firms, exhibit (...) weak or sometimes negative earnings over time (low earnings persistence). Our study reveals that the effect of high earnings persistence results in firms that focus more heavily on cash compensation (salary and bonus) rather than on equity compensation (stock options, etc.) to compensate executive performance. Additionally, for firms characterized by low earnings persistence, our study indicates that cash flows from operations act as a supplementary performance measure to accounting earnings, and become increasingly important as a means to justify executive cash compensation. (shrink)

In an individualistic society and in the increasingly competitive business environment people do not seem inclined to forgive others their trespasses. One is more likely to choose to ignore the virtue of forgiveness as a way of handling personnel situations involving intense conflict or mild disagreements, favoring instead the negative feelings of resentment, anger, revenge or retaliation. Business people seem less concerned with growth in virtue and character; interestingly they allow their character and ultimately their work relationships to (...) deteriorate because they hold onto feelings of anger and resentment. Is there a place for forgiveness in our interpersonal relationships in general and in corporate life in particular? I believe there is. A study of the virtue of forgiveness shows that it is a misunderstood virtue, but one that deserves attention. In this article I will examine the virtue of forgiveness, defining what forgiveness is and is not, and will illustrate how it might be situated as an essential human resource management strategy. (shrink)