Value Economics
The Ethical Implications of Value for New Economic Thinking

Authors: M. R. Griffiths, J. R. Lucas



The last financial crisis revealed a gap between business practice and ethics. In Value Economics, Griffiths and Lucas examine some of the reasons for this ethical gap and discuss the resulting loss of confidence in the financial system. One of the reasons has been hazy or inadequate thinking about how we value economic enterprises. With the close link between the creation of value and business ethics in mind, this book proposes that economic value should become the basic metric for evaluating performance in the creation of value, and for establishing fair and reasonable standards for executive compensation. Value Economics considers a number of rational philosophical principles for business management, on which practical codes of business ethics can be based. As the creation of value has moral implications for economic justice, the book reaffirms the argument for economics as a moral science, and seeks, within the context of proposed changes in the regulation and control of financial services, to answer the following question: will things really change after the last financial crisis?

Table of contents

Front Matter
Pages i-xv

Introduction
Pages 1-13

Economics as a Moral Science
Pages 15-36

Cooperation and Facilitation
Pages 37-55

Money as “Encapsulated Choice”
Pages 57-80

The Moneyed Society
Pages 81-114

Boom or Bust
Pages 115-126

Work and Employment
Pages 127-142

Economic Value and Intrinsic Value
Pages 143-174

Relating Economic Value to Executive Compensation
Pages 175-187

Regulation and Control of Economic Value
Pages 189-211

Corporate Social Responsibility and Business Ethics
Pages 213-226

Philosophy of Economics and Business Ethics
Pages 227-249

New Economic Thinking and Economic Justice
Pages 251-266

Back Matter
Pages 267-281

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