In mainstream business and economics, prizes such as the Presidential Medal of Freedom are understood as special types of incentives, with the peculiar features of being awarded in public, and of having largely symbolic value. Informed by both historical considerations and philosophical instances, our study defines fundamental theoretical differences between incentives and prizes. The conceptual factors highlighted by our analytical framework are then tested through a laboratory experiment. The experimental exercise aims to analyze how prizes and incentives impact actual individuals’ (...) behavior differently. Our results show that both incentives (monetary and contingent) and prizes (non-monetary and discretional rewards) boost motivation to perform if awarded publicly, but only prizes crowd in motivation promoting virtuous attitude. (shrink)

This book is the first of its kind to provide a comprehensive overview of happiness in Economics. Although it is comparatively unusual to put happiness and economics together, the association appears increasingly exciting and fruitful. A number of studies have been produced following Richard Easterlins and Tibor Scitovskys pioneering works throughout the 1970s. The essays collected in this book provide an authoritative and comprehensive assessment both theoretical, applied and partly experimental of the whole field moving from the so-called paradoxes of (...) happiness in Economics. The book breaks new ground, particularly on the more recent directions of research on happiness, well-being, interpersonal relations and reciprocity. The meaning of happiness is thoroughly explored and the tension between a hedonic-subjective idea of happiness and a eudaimonic-objective one is discussed. This volume opens with Richard Easterlins own assessment of the main issues. Other authors include Robert H. Frank, Robert Sugden, Bruno S. Frey, Alois Stutzer, Richard Layard, Martha C. Nussbaum, Matt Matravers, Bernard M.S, van Praag, Oded Stark, You Q. Wang, Ruut Veenhoven, Charlotte Phelps, Stefano Zamagni, and Luigi Pasinetti. (shrink)

Approaches to well-being have been hotly debated across the social sciences, with most challenging the conventional economic approach which uses income as a key indicator of happiness. This volume compares and contrasts two such approaches, the Capability and Happiness Approach, via a series of interdisciplinary papers from top names in the field.

The main emphasis of this new book from Luigino Bruni is a praise of heterogeneity, arguing that society works when different people are able to cooperate in many different ways. The author engages in a novel approach to reciprocity looking at its different forms in society, from cautious or contractual interactions, to the reciprocity of friendship to unconditional behaviour. Bruni'ss historical-methodological analysis of reciprocity is a way of examining the interface between political economy and the issue of sociality, generally characterized (...) by 'two hundred years of solitude' of the homo economicus. This historical analysis exposes an absence and this book looks at the reasons why among the many forms of reciprocity present in the civil life economics has chosen to deal just with the simplest ones. The second part of the book is an analysis of the interactions of the three forms of reciprocity faced with a forth strategy; the non-reciprocity. (shrink)

The culture conveyed by global firms becomes the perfect tool to embody and strengthen the spirit of our time. Nothing is capable of enhancing and strengthening the values of the individual and his passions as the capitalist company. This is why the words and virtues of ‘business’ are becoming the words and virtues of our social life including politics, health care, education, and so on. Merit, efficiency, competition, leadership, incentives and innovation are now the only ‘good’ words of communal life. (...) In the absence of other safe places capable of producing a different culture and values, the virtues of companies present themselves as the only ones to be recognized and cultivated. This essay discusses virtues that, although not considered important by the current business culture, nevertheless are becoming more and more crucial for the survival and growth of organizations. In particular, work-related suffering shows that there are virtues that are not ‘buyable’. This advances a point about the necessity of welcoming vulnerability in work communities to prevent the systematic destruction of its values, creating a global culture of immunity. Conversely, such destruction will eventually lead to the dismantling of most of the world organizations. (shrink)

The practical consequence of such a methodological stance is that it forces the scholar of NPOs who is unsympathetic to the homo oeconomicus model to work ...

It is a truism that a market economy cannot function without trust. We must be able to rely on other people to respect our property rights, and on our trading partners to keep their promises. The theory of economics is incomplete unless it can explain why economic agents often trust one another, and why that trust is often repaid. There is a long history of work in economics and philosophy which tries to explain the kinds of reasoning that people use (...) when they engage in practices of trust: this work develops theoriesoftrust. A related tradition in economics, sociology and political science investigates the kinds of social institution that reproduce whatever habits, dispositions or modes of reasoning are involved in acts of trust: this work develops theoriesofsocialcapital. A recurring question in these literatures is whether a society which organizes its economic life through markets is capable of reproducing the trust on which those markets depend. In this paper, we look at these themes in relation to the writings of three eighteenth-century philosopher-economists: David Hume, Adam Smith, and Antonio Genovesi. (shrink)

In this book Luigino Bruni analyses the market and its ethos, illuminating the history of capitalism and highlighting the need for a new ethical direction.

This paper discusses The Merchant of Venice from an economic and Biblical perspective in an attempt to corroborate the view that the work epitomizes the spirit of the early capitalism of Shakespeare’s London. The main goal of the paper is to enrich mainstream interpretation by showing different, and more complex faces of the main characters of the play. Starting with the debate on usury in the late Middle Ages, the paper argues that the main ethical message conveyed by The Merchant (...) of Venice is a criticism of the hypocrisy of the spirit of emerging capitalism at the time. Furthermore, the paper claims that in order to understand the core of this masterpiece, its Biblical references must be explored and reconsidered, as accurate interpretation of their context may shed new light on the play and on Shakespeare’s general view of proto-capitalism. (shrink)

Meritocracy is gaining momentum in public discourse, being close to the determinants of people’s demand of social justice. Conversely, in Academia meritocracy is the object of harsh critiques. The meritocratic rhetoric brings people to overlook the factors which contributed to their success over their individual actions, legitimating socioeconomic inequalities. Recently, it has been argued that market-driven societies foster the problems related to meritocracy. The concept of merit, conceived as the value of the individual contribution to the common good of society, (...) is absorbed by market value. While we share the concerns on meritocracy, we question the idea that those are necessarily connected to the market sphere. To prove that, our paper digs in the theological roots of the concept of merit to better understand meritocracy. We inquire Pelagius–Augustine debate on human merit and salvation, and its influence on Rawls’s critique of meritocracy. We base on the “Augustinian” Rawls our argument that market is not a meritocratic domain, but that in market there is space for merit conceived as ‘legitimate expectations.’ Our aim is to prove that merit can find some space in market societies without incurring in the problems of meritocracy. (shrink)

This book provides a systematic commentary on the first two books of the Bible: Genesis and Exodus. Drawing on these two essential books, it subsequently offers new readings of several issues relevant for today’s economic and social life. Western Humanism has its own founding cultural and symbolic codes. One of them is the Bible, which has for millennia provided a wealth of expressions on politics and love, death and economy, hope and doom. Biblical stories have been revived and reinterpreted by (...) hundreds of generations, and have informed many of our most beautiful works of art, not to mention the dreams of children and adults alike. And they have given us hope during the many painful times of exile and oppression that we have gone through, and are going through still. Among the books of the Bible, in both the Jewish and Christian traditions, Genesis and Exodus represent the true foundation of biblical theology and anthropology, but in them we also find the roots of the culture of markets, money and commerce, which would go on to flourish during the Middle Ages and ultimately form the ‘spirit of capitalism’ or the ‘religion of capitalism’ in the modern era. This book examines the Biblical foundations of our conception of social relations, and offers new insights on the present economic and social discourse. (shrink)

In this book Luigino Bruni analyses the market and its ethos, illuminating the history of capitalism and highlighting the need for a new ethical direction. In the last two centuries, the present vision of the market economy that can be called capitalism has produced remarkable economic, technological and civic results; but today, in these times of crisis, it has become obsolete, because it is about to exhaust its innovative and civilising force. The historical and theoretical analysis of this book aims (...) to show that a new ethos of market would come from a reconsideration of some of the ideas that were at the foundation of modern political and civil economy. The ideas of Adam Smith and Antonio Genovesi see markets as a vehicle for mutual advantage, public happiness and civic virtues; and it is these concepts that are necessary for a reconfiguring the market towards a great cooperative enterprise aimed directly at the mutual advantage of the subjects involved in the exchange and, indirectly, at the common good of society. (shrink)