Adam Smith on<i>thumos</i>and irrational economic ‘man’

Hill, Lisa

doi:10.1080/09672561003632550

Cited by 19 publications

(9 citation statements)

References 21 publications

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“…Functional components of innovation 3.17 28.7% Source: 48 experts assessment evaluation (2020) It is interesting that in the context of innovation success, the group of functional components of innovation (3.17 points) is graded as the less significant. This once again confirms the thesis of various economists about the irrational nature of consumer (Hill, 2012). The high evaluation of the ideological component indicates the importance of values, which is directly related to the concept of biocoenomics and sustainability.…”

Section: Table 1 Importance Of the Conceptual Groups Of Product Innovation Components In The Context Of Its Market Successsupporting

confidence: 83%

Learning for Employment – Analysis of the Components Forming the Successful Product Innovation in Entrepreneurship

Braslina

Danusevics

Batraga

et al. 2022

Rural Development 2019

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Learning for product innovation in sustainable business within bioeconomy rapidly growing context has become one of the most important components of management educational models. Significant public support in EU countries goes to innovation training for companies. At the same time, many failed product innovations are entering the markets. Consumer market measurements indicate that 86% to 94% (Salkovska et al., 2018) of all innovations are commercially unsuccessful. Creating innovation is a resource intensive process. A high innovation failure rate is a significant loss not only to companies, but to the EU economy as a whole and its competitiveness. The high share of commercially unsuccessful innovations in markets points to areas for improvement in existing innovation education models. A better understanding of the components of successful product innovation will help to lead to improved business training models and therefore more productive bioeconomy and sustainability. The research analyses the components of commercially successful innovations. The most important components that determine the success of innovation are related to the consumption of innovation, the ideological values of innovation and the starting positions of innovation. The aim of the study is to identify the key components that make up commercially successful innovations so that they can be given in-depth attention in training models, thus enhancing the proportion of commercially successful innovations among organizations. The study uses the assessment of 63 innovation experts. Quantitative and qualitative methods of secondary and primary data processing have been used.

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Section: Table 1 Importance Of the Conceptual Groups Of Product Innovation Components In The Context Of Its Market Successsupporting

confidence: 83%

Learning for Employment – Analysis of the Components Forming the Successful Product Innovation in Entrepreneurship

Braslina

Danusevics

Batraga

et al. 2022

Rural Development 2019

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“…"Our rank and credit among our equals, too, depend very much upon, what, perhaps, a virtuous man would wish them to depend entirely, our character and conduct, or upon the confidence, esteem and good-will, which these naturally excite the people we live with" (SMITH [1759] 1982b, p. 279). For Smith, the sense of dignity and social standing is particularly highlighted (HILL, 2012).…”

Section: Smith's Homo Oeconomicusmentioning

confidence: 99%

“…The possibility that Smith had characterized the homo oeconomicus is limited to a kind of egoistic individual whose behavior is guided only by self-interest. (GRAMPP 1948;MORGAN 2006;HILL 2012;WASILUK, GIEGIEL, ZALESKO 2018;CARUSO 2012;HOLLANDER 1977). Departing from the propensity to truck, barter and exchange, we point out the way that the homo oeconomicus uses the rationality to develop his talents and in conducting his affairs within a utilitarian society that takes advantages of mercenary exchanges.…”

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confidence: 99%

Adam Smith´s Homo Oeconomicus

Rela

2021

Manuscrito

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Despite the fact that the discussion on the economic man flourishes in John Stuart Mill's work, this does not mean that this issue has not been previously discussed, at least, not in clear terms. The aim of this article is to demonstrate that even if Adam Smith never specifically characterized the person who deals with economic affairs, he pointed out some of his characteristics in his writings. We can find some clues to his thoughts on that issue in Theory of Moral Sentiments (1759), Lectures on Jurisprudence (1762) and The Wealth of Nations (1776). In this article, Smith's homo oeconomicus is approached in three aspects: rational, moral and emotional. In addition, we also argue that the philosopher had advanced some studies of psychology and behavioral economics that would be developed from the twentieth century, which is

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“…In practice, many people, however, are incapable of even making the distinction as wants and desires mutate into "needs" because of social pressures. High income/wealth has become a critical means to display achievement in a consumerist economy (Etzioni, 2004;Hill, 2012) or even the one and only goal itself when it becomes the leading indicator of social status (Randers, 2012). Although many contemporary ostentatious materialists may not be aware of it, this materialism can ultimately be linked to the puritanical Calvinist belief definitive of the American dream and brought to the USA by the early Pilgrim father settlers which holds that to be hardworking and materially prosperous is a sign of being among God's chosen elite who will merit Heaven after death (Weber, 2002;Rifkin, 2004, pp.…”

Section: Sustainability and Work/consumption Decisionsmentioning

confidence: 99%

YOU EARN as YOU LIVE as YOU VALUE

O'Sullivan

Kraisornsuthasinee

2019

SAMPJ

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Purpose In economic theory, the relationship between working/earning decisions and consumption/lifestyle decisions has been conceptualised in an almost entirely unidirectional manner: income from work taken as a given governs consumption and so lifestyle. This involves a narrowly inaccurate view of the consumption–work interaction. The purpose of this paper is to argue that this economist’s way of thinking about consumption and work needs to be replaced by a conception in which not only does realised income determine one’s consumption possibilities but also the desired level of consumption is itself a choice and a key determinant of how and how much one decides to work. Design/methodology/approach The paper is designed as a conceptual contribution in which the above insight is linked to the extensive literature on sustainability. Findings When consumption is no longer thought of as determined by a given income constraint, it becomes possible to consider how people by modifying their consumption aspirations may be led not only to work less or differently but also to live and consume in a more sustainable manner. As a result of lesser pressure to work ever more, they may also be led to an ethical reappraisal of the way they work. Research limitations/implications The conceptualisation suggested is rich in implications for future research, for example, on links between consumerism and corruption; and on the impact of more ethical work choices on well-being. There is an implicit critique of much of HRM theory and practice which tends to instrumentalise work. The implications of artificial intelligence for future work are noted and, in this context, are surprisingly positive. The macro level implication of the need to move away from gross domestic product to more appropriate measures of socio-economic performance and well-being such as Social Progress Index (SPI) are noted. Practical implications The link between this widened conceptualisation of the consumption–work decision and the notion of voluntary simplicity is explored in detail and the latter is shown to apply also to the types of work/job chosen. This in turn is shown to have implications for management (especially HR) practice and for government policies both at micro and macro levels. Social implications This carries clear implications for work-life balance in people’s daily lives; and by choosing more ethical ways of working or types of job, there may be a significant pro-social impact. Originality/value This paper points to a widening of the notion of voluntary simplicity beyond merely consumption choices to apply also to work choices. In the discussion of moral philosophical underpinning of voluntary simplicity, the link is made with Buddhist wisdom of the Middle Way and sufficiency economy and with the Golden Mean of Stoicism.

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Adam Smith onthumosand irrational economic ‘man’

Cited by 19 publications

References 21 publications

Learning for Employment – Analysis of the Components Forming the Successful Product Innovation in Entrepreneurship

Learning for Employment – Analysis of the Components Forming the Successful Product Innovation in Entrepreneurship

Adam Smith´s Homo Oeconomicus

YOU EARN as YOU LIVE as YOU VALUE

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