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Full-Text Articles in Business
Is Organizational Democracy Worth The Effort?, Jeffrey S. Harrison, R. Edward Freeman
Is Organizational Democracy Worth The Effort?, Jeffrey S. Harrison, R. Edward Freeman
Management Faculty Publications
Organizational democracy is frequently associated with increased employee involvement and satisfaction, higher levels of innovation, increased stakeholder commitment, and, ultimately, enhanced organizational performance. However, democratic processes can also absorb significant time and other organizational resources and bog down decisions, which may lead to reduced efficiency. This article summarizes the pros and cons of organizational democracy. It also introduces and integrates ideas from the three other articles in this special forum. In the end, we conclude that although the economic arguments for organizational democracy may be mixed, increased stakeholder participation in value creation and organizational governance can benefit both society and …
Rationalism, Capitalism, And Democracy: The Views Of Schumpeter And Knight, J. Patrick Raines, Clarence R. Jung Jr.
Rationalism, Capitalism, And Democracy: The Views Of Schumpeter And Knight, J. Patrick Raines, Clarence R. Jung Jr.
Robins School of Business White Paper Series, 1980-2022
The concept of rationality is both the origination point and the Achilles’ heel of the study of economic theory. Two of America’s more important economists, J. A. Schumpeter and Frank H. Knight, held highly developed views of the rationalistic civilization and rational thought. Although considerable concordance is present in their visions of rationality, conceptual differences exist.
Rational behavior is, in many respects, like beauty in that its meaning is defined by the extent to which there is a mapping with the values of the observer. Any discussion of rationality must begin with this difficult problem of relativity in values.
This …