IDEAS home Printed from https://ideas.repec.org/a/kap/jbuset/v154y2019i1d10.1007_s10551-017-3442-5.html
   My bibliography  Save this article

The Values of Economics

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10551-017-3442-5
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10551-017-3442-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Robert H. Frank & Thomas Gilovich & Dennis T. Regan, 1993. "Does Studying Economics Inhibit Cooperation?," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 159-171, Spring.
    2. Bruno Frey & Stephan Meier, 2005. "Selfish and Indoctrinated Economists?," European Journal of Law and Economics, Springer, vol. 19(2), pages 165-171, April.
    3. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    4. David Colander, 2001. "The Lost Art of Economics," Books, Edward Elgar Publishing, number 2415.
    5. Julie Nelson, 2007. "Economics for Humans:," Challenge, Taylor & Francis Journals, vol. 50(4), pages 17-25.
    6. Claus Dierksmeier, 2011. "The Freedom–Responsibility Nexus in Management Philosophy and Business Ethics," Journal of Business Ethics, Springer, vol. 101(2), pages 263-283, June.
    7. Matthias Huehn, 2008. "Unenlightened Economism: The Antecedents of Bad Corporate Governance and Ethical Decline," Journal of Business Ethics, Springer, vol. 81(4), pages 823-835, September.
    8. Anthony M. Yezer & Robert S. Goldfarb & Paul J. Poppen, 1996. "Does Studying Economics Discourage Cooperation? Watch What We Do, Not What We Say or How We Play," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 177-186, Winter.
    9. Richard H. Thaler, 2000. "From Homo Economicus to Homo Sapiens," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 133-141, Winter.
    10. Joseph Persky, 1995. "The Ethology of Homo Economicus," Journal of Economic Perspectives, American Economic Association, vol. 9(2), pages 221-231, Spring.
    11. Joan Fontrodona & Alejo Sison, 2006. "The Nature of the Firm, Agency Theory and Shareholder Theory: A Critique from Philosophical Anthropology," Journal of Business Ethics, Springer, vol. 66(1), pages 33-42, June.
    12. Shira B. Lewin, 1996. "Economics and Psychology: Lessons for Our Own Day from the Early Twentieth Century," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1293-1323, September.
    13. Marwell, Gerald & Ames, Ruth E., 1981. "Economists free ride, does anyone else? : Experiments on the provision of public goods, IV," Journal of Public Economics, Elsevier, vol. 15(3), pages 295-310, June.
    14. Bentham, Jeremy, 1781. "An Introduction to the Principles of Morals and Legislation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number bentham1781.
    15. John R. Carter & Michael D. Irons, 1991. "Are Economists Different, and If So, Why?," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 171-177, Spring.
    16. Jan Peil & Irene van Staveren (ed.), 2009. "Handbook of Economics and Ethics," Books, Edward Elgar Publishing, number 4252.
    17. Jevons, William Stanley, 1871. "The Theory of Political Economy," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number jevons1871.
    18. Edgeworth, Francis Ysidro, 1881. "Mathematical Psychics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number edgeworth1881.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Maite D. Laméris & Pierre-Guillaume Méon & Anne-Marie Prooijen, 2023. "What have we done?! The impact of economics on the beliefs and values of business students," Journal of Business Economics, Springer, vol. 93(3), pages 433-483, April.
    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.
    7. Tallgauer, Maximilian & Schank, Christoph, 2024. "Challenging the growth-prosperity Nexus: Redefining undergraduate economics education for the Anthropocene," Ecological Economics, Elsevier, vol. 216(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Girts Racko, 2019. "Does Economic Rationalization Decrease or Increase Accounting Professionals’ Occupational Values?," Journal of Business Ethics, Springer, vol. 158(3), pages 763-777, September.
    2. Claus Dierksmeier, 2020. "From Jensen to Jensen: Mechanistic Management Education or Humanistic Management Learning?," Journal of Business Ethics, Springer, vol. 166(1), pages 73-87, September.
    3. Kirchgassner, Gebhard, 2005. "(Why) are economists different?," European Journal of Political Economy, Elsevier, vol. 21(3), pages 543-562, September.
    4. Faravelli, Marco, 2007. "How context matters: A survey based experiment on distributive justice," Journal of Public Economics, Elsevier, vol. 91(7-8), pages 1399-1422, August.
    5. Bauman, Yoram & Rose, Elaina, 2011. "Selection or indoctrination: Why do economics students donate less than the rest?," Journal of Economic Behavior & Organization, Elsevier, vol. 79(3), pages 318-327, August.
    6. Ruske, René & Suttner, Johannes, 2012. "Wie (un-)fair sind Ökonomen? Neue empirische Evidenz zur Marktbewertung und Rationalität," CIW Discussion Papers 03/2012, University of Münster, Center for Interdisciplinary Economics (CIW).
    7. Ruske René & Suttner Johannes, 2012. "Wie (un-)fair sind Ökonomen? – Neue empirische Evidenz zur Marktbewertung und Rationalität / How (un-)fair are economists? New empirical evidence on market valuation and rationality," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 63(1), pages 179-194, January.
    8. Astri Drange Hole, 2013. "How do economists differ from others in distributive situations?," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 38, pages 1-4.
    9. Espín, Antonio M. & Correa, Manuel & Ruiz-Villaverde, Alberto, 2022. "Economics students: Self-selected in preferences and indoctrinated in beliefs," International Review of Economics Education, Elsevier, vol. 39(C).
    10. Müller, Andrea & Haucap, Justus, 2014. "Why are Economists so Different? Nature, Nurture and Gender Effects in a Simple Trust Game," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100554, Verein für Socialpolitik / German Economic Association.
    11. repec:noj:journl:v:38:y:2013:p:4 is not listed on IDEAS
    12. Stephen Meier & Bruno Frey, 2004. "Do Business Students Make Good Citizens?," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 11(2), pages 141-163.
    13. João Carlos Graça & João Carlos Lopes & Rita Gomes Correia, 2014. "Economics education: literacy or mind framing? Evidence from a survey on the social building of trust in Portugal," Working Papers Department of Economics 2014/20, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    14. Brinja Meiseberg & Thomas Ehrmann & Aloys Prinz, 2017. "“Anything worth winning is worth cheating for”? Determinants of cheating behavior among business and theology students," Journal of Business Economics, Springer, vol. 87(8), pages 985-1016, November.
    15. René Ruske, 2015. "Does Economics Make Politicians Corrupt? Empirical Evidence from the United States Congress," Kyklos, Wiley Blackwell, vol. 68(2), pages 240-254, May.
    16. Astri Drange Hole, 2008. "How do economists differ from others in distributive situations?," Labsi Experimental Economics Laboratory University of Siena 023, University of Siena.
    17. Rigdon, Mary & Ishii, Keiko & Watabe, Motoki & Kitayama, Shinobu, 2009. "Minimal social cues in the dictator game," Journal of Economic Psychology, Elsevier, vol. 30(3), pages 358-367, June.
    18. Sundemo, Mattias & Löfgren, Åsa, 2022. "Do business and economics studies erode prosocial values?," Working Papers in Economics 827, University of Gothenburg, Department of Economics, revised Jan 2024.
    19. Dirk C. Moosmayer & Sandra Waddock & Long Wang & Matthias P. Hühn & Claus Dierksmeier & Christopher Gohl, 2019. "Leaving the Road to Abilene: A Pragmatic Approach to Addressing the Normative Paradox of Responsible Management Education," Journal of Business Ethics, Springer, vol. 157(4), pages 913-932, July.
    20. Roland Cheo, 2006. "Teaching Contingent Valuation and Promoting Civic Mindedness in the Process," International Review of Economic Education, Economics Network, University of Bristol, vol. 5(2), pages 81-97.
    21. Potrafke, Niklas & Fischer, Mira & Ursprung, Heinrich, 2013. "Does the Field of Study Influence Students' Political Attitudes?," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79934, Verein für Socialpolitik / German Economic Association.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jbuset:v:154:y:2019:i:1:d:10.1007_s10551-017-3442-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.