Search results for ""Author Douglas E. Stevens""

For decades, the economic theory of the firm referred to as agency theory has dominated business research and education in the United States. Although agency theory has been influential in accounting, finance, and managerial economics, it lacks informal and nonfinancial controls. Douglas E. Stevens resolves to enhance this theory through the incorporation of social norms. Drawing on historical context related to the firm, the theory of the firm, and social norm theory related to the firm, he demonstrates the importance of social norms in the formation and development of free-market capitalism and the firm. He also describes the latest theoretical, experimental, and archival evidence to exhibit the growing body of research that incorporates social norms into the theory of the firm. These foundations enable Stevens to create a comprehensive roadmap of agency theory that will have strong implications for practice and public policy.

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The search for a moral foundation for capitalism has a long history that continues to unfold, yet many are unaware of this search or its implications for the future of capitalism. The recent pandemic has uncovered cracks in the foundation of capitalism and raised doubts regarding its ability to meet the broader needs of society. In Search of a Moral Foundation for Capitalism explains the continuing demand for a moral foundation from the perspective of business leaders, business educators, and policymakers, and tells the story of the search for that moral foundation through its leading characters. By presenting the life stories and writings of these leading characters – from Adam Smith to Amartya Sen – this book reveals the rich moral critique provided by these great thinkers and explains how that rich critique was lost through the influence of the Chicago School and its emphasis on self-interest.

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