Meso-economic Framework of Decision-Making

Masudul Alam Choudhury ()
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Masudul Alam Choudhury: Trisakti University

Chapter Chapter 8 in Islamic Economics as Mesoscience, 2020, pp 159-176 from Springer

Abstract: Abstract The theory of evolutionary learning organization carries with it rationalist premises as well as behavioural aspects of decision-making that are increasingly becoming centerpiece of organizational decision-making that has significant impact on social preference formation. Indeed, organizational behaviour in such ethico-economic sense is the carrier of conscious attributes and consequences in the social spectrum where markets, institutions, and behavior interact. In this chapter we will study a special kind of a model of interaction that is different from many conventional ones. The primary difference is caused by the endogenous nature of preferences, decision-making, policies and programs in the ethico-economic frame of conscious decisions. Thus, while economic rationality is still the basis of formulating such organizational behavior, ethics is either considered exogenously or explained under the same postulates of economic rationality, bounded though by a certain slack in full-information. In this chapter, evolutionary organizational decision-making is explained as the process of interaction leading to integration, and thereby into incessant processual reproduction of knowledge as consciousness to establish stronger ethico-economic organizational social systems. This involves serious theoretical formalism belonging to behavioural aspects of organizations, institutions, and moral social reconstruction. Thus the goal of a technical meaning of wellbeing is studied. The structure and function of these entities in ethico-economic decision-making are explained.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-15-6054-5_8

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DOI: 10.1007/978-981-15-6054-5_8

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