Agency Theory, Values, and Early Evolutionary Economic Theory

31 Pages Posted: 29 Jul 2012

See all articles by Gerhard Fink

Gerhard Fink

Dept of International Business and Trade

Manuel Wäckerle

affiliation not provided to SSRN

Maurice Yolles

John Moores University - Centre for the Creation of Coherent Change and Knowledge (C4K)

Date Written: July 1, 2012

Abstract

Purpose: We address the 'economics/cross-cultural management interface,' showing that bi-polar value perceptions fit into an agency model of an economy.

Design: Modern views of economic processes have moved away from the traditional view of closed systems, with a tendency to cite them as open and displaying agency characteristics. We apply a cybernetic viable systems approach to arrive at an agency economic model.

Findings: Ideas of major economic thinkers are connected through our agency model to the work of major cultural theorists, giving the basis for a new economic paradigm.

Research implications and limitations: The research shows that one can model interplay effects of social and cultural change with the economy in a way that is consistent with the Lucas Critique. Further investigation into views from economics and the variety of cultural dimension studies is needed.

Practical implications: This exercise sheds some light on the roots of paradigm changes in economic history. Future studies may engage in research into the practice of economic policy making with a view to predominant values in a society, and in investigation into ‘paradigm wars’ in industry, finance, and across broad sectors.

What is original/ what is the value of the paper? The deep linking of culture and economics into a cybernetic agency model is new.

Keywords: agency theory, institutional economics, generic agency model, national values, history of economic thought

JEL Classification: B15, B25, B52, C10, Z1, Z13

Suggested Citation

Fink, Gerhard and Wäckerle, Manuel and Yolles, Maurice, Agency Theory, Values, and Early Evolutionary Economic Theory (July 1, 2012). Available at SSRN: https://ssrn.com/abstract=2119160 or http://dx.doi.org/10.2139/ssrn.2119160

Gerhard Fink (Contact Author)

Dept of International Business and Trade ( email )

Welthandelsplatz 1, Building D1
Wien, 1020
Austria
+43/1/313364331 (Phone)

Manuel Wäckerle

affiliation not provided to SSRN ( email )

Maurice Yolles

John Moores University - Centre for the Creation of Coherent Change and Knowledge (C4K) ( email )

Liverpool John Moores University
Liverpool
United Kingdom

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