Core Assumptions in Business Theory

A Wedge Between Performance and Progress

Inbunden, Engelska, 2025

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The modern market-based economy generates wealth, but it lags on well-being; it has mastered efficiency, but struggles with equity; it boasts size, but falls short on sustainability. In other words, our economy delivers performance but neglects progress (i.e., well-being, equity, and sustainability). Many rightly call for tighter regulation, higher (“true”) prices, and longer-term incentives. Others appeal to corporate purpose, shared value, and stakeholder-centricity.Beyond regulation and the practice of business, we must attend as well to education and the theory of business. In particular, we must look at business theory's core assumptions, whose weaknesses are long known. In an applied field such as business, where theory tends to be normative, flawed assumptions could act as a “wedge” cleaving apart performance and progress. In this volume, Subramanian Rangan brings together eminent social scientists and philosophers to explore core assumptions in each of the major fields of business-including economics, strategy, marketing, operations, decision science, leadership, governance, technology, and finance. This structured field-by-field reflection reveals and expands the bounds of our rationality. Core Assumptions in Business Theory proposes a revised profit function that integrates harm, outlines how economic actors may draw on moral philosophy to enact Pareto-equity (and not just Pareto-efficiency), suggests a two-stage rationality approach that can attend to well-being, and recasts marketing as consumer education and not merely demand promotion. With an emphasis on education rather than regulation of economic power, this volume argues that moral reasoning and moral roles can fruitfully supplement prudential reasoning and functional responsibilities. Such an evolution will enable our economy to be both modern and moral.This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read on the Oxford Academic platform and offered as a free PDF download from OUP and selected open access locations.

Produktinformation

Utgivningsdatum2025-05-08
Mått181 x 252 x 25 mm
Vikt846 g
FormatInbunden
SpråkEngelska
Antal sidor400
FörlagOUP OXFORD
MedarbetareRangan,Subramanian
ISBN9780198944218

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Affärsetik inom Ekonomi och Ledarskap
Ekonomiska system inom Ekonomi och Ledarskap
Ekonomisk politik inom Ekonomi och Ledarskap
Affärsförhandlingar inom Ekonomi och Ledarskap

Subi Rangan is Professor of Strategy and Management at INSEAD, the global business school, where he holds the Abu Dhabi Crown Prince Court Endowed Chair in Societal Progress. His research focuses on how economic actors may better integrate performance and progress. In 2013 he initiated the Society for Progress, a fellowship of eminent philosophers, social scientists, and business leaders. He is also the editor of Capitalism Beyond Mutuality? (OUP, 2018) and Performance & Progress (OUP, 2015).

List of FiguresList of ContributorsSubramanian Rangan: IntroductionPart I. Economics1: Subramanian Rangan: From Market-Pareto to Moral-Pareto: Seven Problematic Assumptions in Business Economics Theory2: Jean Tirole: Assumptions in Economics3: Robert H. Frank: A Half-Dozen Assumptions That Have Led Economists Astray4: David Autor: Some Assumptions in Labor Economics5: Joshua Cohen: Reflection on Tirole's Chapter6: Philip Pettit: Reflections on Autor's and Frank's Chapters7: Ellen Quigley: Reflections on Frank's, Kailas's, Rangan's, and Tirole's ChaptersPart II. Strategy8: Jay B. Barney: The Social Welfare Implications of Strategic Management Theory9: Elizabeth Anderson: Reflections on Barney's Chapter10: Michael Fuerstein: Humanitarian Monopolists: Reflections on Barney's ChapterPart III. Marketing11: Philip Kotler: Fundamental Assumptions in Marketing12: Hilke Plassmann: Three Assumptions Underlying Customer Value Management: An Interdisciplinary Perspective13: Valerie Tiberius: Does Anyone Need a Rolex?: Reflections on Kotler's and Plassmann's Chapters14: Michael Fuerstein: I ''Need'' a Rolex: Reflections on Kotler's and Plassmann's ChaptersPart IV. Decision Science15: James G. March: Theories of Choice and Value Endogeneity16: Itzhak Gilboa: Some Questionable Assumptions in Economic Theory17: David Schmidtz: Reflections on Gilboa's and March's ChaptersPart V. Operations Research18: Edward H. Kaplan: The Assumptions of Operations Research19: Philip Kitcher: Reflections on Kaplan's Chapter - I20: Mathias Risse: Reflections on Kaplan's Chapter - IIPart VI. Organization Theory and Sociology21: Julie Battilana: Fundamental Assumptions in Organization Theory22: James P. Walsh: Organization and Management Theory: Our Assumptions and the Quest for a Better World23: Kwame Anthony Appiah: Assumptions Rational and Not: Reflections on Battilana's and Walsh's Chapters24: John W. Meyer: The Orientation of Economic Sociology: Assumptions and Limits25: Gerald F. Davis: Assumptions Underlying Sociological Models in Business Schools26: David Schmidtz: Social Science Assumptions: Reflections on Meyer's Chapter27: Philip Kitcher: Methodological Individualism-Lessons (?) from Biology: Reflections on Davis's and Meyer's Chapters28: Valerie Tiberius: Philosophical Concepts in Organization and LeadershipPart VII. Leadership and Corporate Governance29: Ramón Mendiola: Fundamental Assumptions about True Leaders30: Ravi Kailas: A Discussion on Corporate Governance31: Bertrand Collomb: Incorrect Assumptions That Have Guided Our Economic System32: Kwame Anthony Appiah: Corporate Governance and Leadership: Reflections on Kailas's and Mendiola's Chapters33: Philip Pettit: On Corporate Governance: Reflections on Kailas's ChapterPart VIII. Technology34: S. D. Shibulal: Assumptions Regarding Technology35: Jim Hagemann Snabe: A Compass for Technology36: Elizabeth Anderson: Situating the Assumptions of Technology in Broader Normative Frameworks: Reflections on Shibulal's and Snabe's Chapters37: Susan Neiman: Concerns about Technology: Reflections on Shibulal's and Snabe's ChaptersPart IX. Finance38: Raghuram Rajan: Taking Stock of Some Core Assumptions in Finance39: Marti G. Subrahmanyam: The Finance Paradigm40: Susan Neiman: Reflections on Rajan's and Subrahmanyam's Chapters - I41: Mathias Risse: Reflections on Rajan's and Subrahmanyam's Chapters - IIEbba Abdon Hansmeyer: Afterword: Evolving the Theory, Actors, and Practice of BusinessIndex

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