Articles & Blogs, Category = Opinion & Ideas

Category: Opinion & Ideas

How Business Schools Can Help Restore Trust in Capitalism

“So far, most business schools (including Stanford where I teach) have responded to this trust challenge by offering more programs and courses on ethics, social entrepreneurship, impact investing, and philanthropy, with the message that we need better private-sector solutions to social problems. This approach won’t cut it.”

Is the Business Roundtable Statement Just Empty Rhetoric?

“I arrived back from a news-fast vacation to an assortment of stories, both weird and important. The U.S. tried to buy Greenland (what?), the Amazon is burning, billionaire David Koch died, and CEOs from 181 of the world’s largest companies — as part of the lobbying group The Business Roundtable (BRT) — declared that the purpose of a corporation is not just to serve shareholders (their official position since 1997), but ‘to create value for all our stakeholders.’ This latter story is what I’ll focus on here, but, oddly, these stories are all connected. Let me explain.”

What If We Ran Society not Based on the Market But on Evidence?

“Sitting on the opposite side of the cybernetic vision, one will find the fathers of modern liberal economics, Ludwig von Mises and Friedrich von Hayek. Their arguments, taken more broadly, consider the cybernetic dream impossible from a computational perspective, either due to not being able to model the world efficiently, or not having appropriate signals to evaluate the quality of solutions. They argued that another mechanism that exists inside the real world (in their case, the market) needs to do the heavy lifting, by providing a signal – which, in the case of goods and services, is prices.”

AI is Forcing Us to Rethink Economics

“ince its founding in the aftermath of the 2008 global financial crisis, INET has been spearheading efforts to move economics towards more pluralistic, multidisciplinary, and human-centric approaches. The evident failure of the profession’s mainstream to predict, prevent, and manage the crisis has laid bare its limitations. Currently, in the face of another transformation of seismic scale—the rise of artificial intelligence, or AI—an enlarged and improved economic discussion is crucial to ensure shared prosperity, and that humanity as a whole is not left behind.”

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'Capitalism' by Paul Bowles

Capitalism (2012)

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