New Economic Thinking and Economic Justice

M. R. Griffiths and J. R. Lucas
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M. R. Griffiths: British Institute of Florence
J. R. Lucas: Merton College

Chapter 13 in Value Economics, 2016, pp 251-266 from Palgrave Macmillan

Abstract: Abstract The purpose of Value Economics has been to examine some of the issues facing economic theory and practice, with particular emphasis on economics as a moral science, and on the creation of economic value in relation to economic justice. It is proposed that the creation of economic value is a basic principle of economic justice, as it provides a measure of the monetary wealth (NOPAT less cost of capital) available for distribution between the stakeholders in an economic enterprise. In other words, it provides a monetary quantification on which decisions can be made for the distribution of this wealth according to the principles of economic justice regarding the creation of this wealth in a given situation. The chapter looks at some recent developments in distributive and fiscal justice in the work of the OECD’s project Base Erosion and Profit Sharing (BEPS), the Tax Justice Network, and the Center for Economic and Social Justice (CESJ). It summarises the key issues and questions raised by Value Economics, and proposes two “economic value” projects to provide information for answering five strategic questions for new economic thinking. It concludes with some final considerations on how economic value relates to economic justice in responding to the demands of consumer preferences, and the needs of human welfare (eudaimonia).

Keywords: Business Ethic; Business Cycle; Public Debt; Corporate Taxation; Triple Bottom Line (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-54187-1_13

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DOI: 10.1057/978-1-137-54187-1_13

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