THE INFLUENCES OF CHANGES IN PHILOSOPHY OF ECONOMICS ON CONTEMPORARY MANAGERIAL PHILOSOPHY

Dr.Zelha Altinkaya () and Dr.Akin Marsap ()
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Dr.Zelha Altinkaya: Assistant Professor, Faculty of Economics and Administrative Sciences Istanbul Aydin University, Istanbul, Turkey
Dr.Akin Marsap: Professor, Faculty of Economics and Administrative Sciences Istanbul Aydin University, Istanbul, Turkey

Far East Journal of Psychology and Business, 2012, vol. 9 No 3 Paper 1 December, issue 1, 1-9

Abstract: Plato argued if individual follows its own responsibility in a city state, the city would operate smoothly. Firstly, city state emerged, then, nations were considered as city. Currently, global world would be considered as a city. Adam Smith, the founder of economics science argued if each individual follow his own benefit, the society would get better and reach the equilibrium, Pareto Optimality. However, unlikely the argument of Plato and Adam Smith, large fluctuations occurred during last decade. The 2008 global crises would be considered as evidence of fail of market economic system. Large fluctuations in global economy required radical changes and rethinking at macro and micro economics. In this structure, we need to use modern managerial philosophy and its innovative and multi-dimensional perspectives to be able to find solutions to global economic crises. Although, countries have been tried to analyze and apply new policies toward global problems at national level, the remedy is also considered at global level. New concepts and strategic policy have been introduced. However, these policies should cover more philosophical perspectives since economic problems of one country turned to become global problem. The contemporary managerial philosophy covers global economic perspectives which should be more objective, more ethical and environment based and not biased for nationality. In this paper, the new philosophy will be reconsidered.

Keywords: Global Economic Perspectives, Global Integration Process; Managerial Philosophy, Common Humanistic Values (search for similar items in EconPapers)
JEL-codes: M1 (search for similar items in EconPapers)
Date: 2012
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