Dr Mike Lucas of The Open University Business School explains how the experience of working and teaching in accounting and finance has forced him to a fundamental reappraisal of the idea that businesses’ objective is to maximise shareholder wealth.

Buddhist Economics - Audio

The intellectual foundations of the shareholder value model

In the world of economics, does a person’s well-being really matter? What is more important, social objectives or profit maximisation – or are they even compatible? During a trip to Burma in 1955, Ernest Schumacher pioneered the concept of Buddhist Economics, a set of principles based on the belief that the function of business is to supply goods and services for need and true well-being. Schumacher argued that Buddhist Economics could serve as a vehicle for human development to overcome self centeredness and augment human creativity and knowledge. Presented by Dr Mike Lucas from The Open University Business School and Alan Shipman from the Department of Economics at The Open University.

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Buddhist Economics - Audio