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The Values of Economics

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  • Girts Racko

    (University of Warwick)

Abstract

This study addresses a fundamental concern of research on economic ethics by examining the values of economics. While other studies have linked the study of economics to the adoption of rational economic behavior, this study goes one level deeper, investigating the values that underpin neoclassical economics and whether they are transmitted to students. We find that the study of economics is associated with an increase in hedonism and power values, a decrease self-direction value, and possibly a decrease in universalism value. We measure value change among economics students using a quasi-experimental research design in accordance with the methodology of research on academic socialization. We discuss the practical implications of the internalization of economic values.

Suggested Citation

  • Girts Racko, 2019. "The Values of Economics," Journal of Business Ethics, Springer, vol. 154(1), pages 35-48, January.
    • Handle: RePEc:kap:jbuset:v:154:y:2019:i:1:d:10.1007_s10551-017-3442-5
    DOI: 10.1007/s10551-017-3442-5
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    Cited by:

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    2. Sarker, Ashutosh, 2020. "Economics of underproduction: A polycentric approach for a depopulated commons in Japan," Ecological Economics, Elsevier, vol. 171(C).
    3. Maximilian Tallgauer & Christoph Schank, 2023. "Rethinking Economics Education for Sustainable Development: A Posthumanist Practice Approach," Sustainability, MDPI, vol. 15(11), pages 1-14, June.
    4. Alejo José G. Sison & Ignacio Ferrero & Dulce M. Redín, 2020. "Some Virtue Ethics Implications from Aristotelian and Confucian Perspectives on Family and Business," Journal of Business Ethics, Springer, vol. 165(2), pages 241-254, August.
    5. Stavros A. Drakopoulos, 2024. "Value Judgements, Positivism and Utility Comparisons in Economics," Journal of Business Ethics, Springer, vol. 189(3), pages 423-437, January.
    6. Abel FRANCOIS & Laurent WEILL & Nicolas EBER, 2022. "Economists are born and raised, not made," Working Papers of LaRGE Research Center 2022-07, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.

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