Spirituality, Creativity and Vision as Alternatives to Neo-Classical Economics in Accounting and Business Education
Northeast Decision Sciences Conference, Cambridge, Mass., March 20-22, 2015.
7 Pages Posted: 25 Mar 2015
Date Written: March 23, 2015
The “Chicago School” of economic thought, led by the intellectual descendants of Milton Friedman, has become the dominant paradigm not only of economics but of all social sciences, including business and accounting. According to the Chicago School, the manager’s sole concern should be the maximization of shareholder value. After the financial crisis, business professionals and educators have been looking for an alternative paradigm, and Spirituality presents such an alternative paradigm. A spiritual perspective recognizes the interconnectivity of all members of society and advocates for social solidarity. Just as importantly, a spiritual perspective promotes creativity in finding solutions that support both long term profits and social solidarity. Accountants must rethink their role from that information providers to that of creative counselors.
Keywords: Spirituality, maximizing shareholder value, creativity, accounting ethics, satisficing
JEL Classification: M41
Suggested Citation: Suggested Citation