Self-Interest: The Economist’s Straitjacket

Robert Simons ()
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Robert Simons: Harvard Business School, Accounting and Management Unit

No 16-045, Harvard Business School Working Papers from Harvard Business School

Abstract: This paper examines contemporary economic theories that focus on the design and management of business organizations. In the first part of the paper, a taxonomy is presented that describes the different types of economists interested in this subject-market economists, regulatory economists, macro economists, and enlightened economists-and illustrates the extent to which each tribe has been captured by the concept of self-interest. After arguing that this fixation has caused-and is likely to continue to cause-significant harm to our economy, the paper then presents an alternative approach based on a theory of business and discusses the implications for research and public policy.

Keywords: self-interest; economists; moral philosophers; agency theory; regulation; capture; organization design; economic theory; organization theory; management theory; business education; competition; customers; commitment; controls; boundaries. (search for similar items in EconPapers)
Pages: 44 pages
Date: 2015-10, Revised 2019-01
New Economics Papers: this item is included in nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:hbs:wpaper:16-045

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