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Responsibility and economics

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  • Beckmann, Markus
  • Pies, Ingo

Abstract

Empirically, responsibility is a concept increasingly made use of in order to address societal issues. At the same time, it is a concept mainstream economics has, so far, hardly touched on. The paper shows that the application of economic reasoning to the responsibility concept can instruct a twofold learning process: First, the very tradition of economics allows to better understand and elaborate the semantics of responsibility. Here, the paper develops the concept of ordo-responsibility that differentiates between the initial basic game and the related meta-games. The focus thus shifts to the rule- setting processes and rule-finding discourses for which the actors can accept governance responsibility and discourse responsibility, respectively. Second, the rational-choice analysis of the responsibility concept also produces important insights for mainstream economic theory. Building on a simple model that delineates the responsibility aptitude of an actor, the paper explains why standard economics tends to attribute the rule-setting function exclusively to state actors. Yet, as the underlying nation-state paradigm depends on social determinants that are not universally given, such economic theory shows a double blind spot. Against this backdrop, the paper sketches out how to broaden the conventional perspective and identifies policy recommendations for state actors and business corporations.

Suggested Citation

  • Beckmann, Markus & Pies, Ingo, 2007. "Responsibility and economics," Discussion Papers 2007-6, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
  • Handle: RePEc:zbw:mlucee:20076
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    References listed on IDEAS

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    1. Michael C. Jensen, 2010. "Value Maximization, Stakeholder Theory, and the Corporate Objective Function," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 32-42, January.
    2. Anant K. Sundaram & Andrew C. Inkpen, 2004. "The Corporate Objective Revisited," Organization Science, INFORMS, vol. 15(3), pages 350-363, June.
    3. Pies, Ingo, 2006. "Methodologischer Hobbesianismus und das Theorieprogramm einer interessenbasierten Moralbegründung," Discussion Papers 2006-8, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
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    Cited by:

    1. Pies, Ingo & Hielscher, Stefan & Beckmann, Markus, 2008. "Corporate citizenship as stakeholder management: An ordonomic approach to business ethics," Discussion Papers 2008-4, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    2. Pies, Ingo & Beckmann, Markus & Hielscher, Stefan, 2007. "Mind the Gap! - Ordonomische Überlegungen zur Sozialstruktur und Semantik moderner Governance," Discussion Papers 2007-16, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    3. Argandoña, Antonio, 2009. "Can corporate social responsibility help us understand the credit crisis?," IESE Research Papers D/790, IESE Business School.
    4. Beckmann, Markus, 2007. "NePAD und der African Peer Review Mechanism: Zum Potential politischer Selbstbindung," Discussion Papers 2007-8, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    5. Pies, Ingo & Beckmann, Markus & Hielscher, Stefan, 2009. "Sozialstruktur und Semantik - Ordonomik als Forschungsprogramm in der modernen (Welt-)Gesellschaft," Discussion Papers 2009-6, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    6. Beckmann Klaus & Gerrits Carsten, 2009. "Armutsbekämpfung durch Reduktion von Korruption: eine Rolle für Unternehmen? / Fighting poverty by fighting corruption: A task for private enterprise?," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 60(1), pages 463-494, January.

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