Peter Drahos
In any economist's account of what makes a successful economy the institution of private property is never too far away and usually central. Douglass North, in answering his question 'why aren't all the countries in the world rich ' 1974, p. 15 , concludes that countries create well-defined property rights that stimulate individuals into productive activity by raising the level of private return to meet the social return. Theories of economic development that advance an institutional...
An interrelational model
Recent theorizing has seen organizational knowledge treated as complex, distributed systems Chia 1998 Hansen 1999 Schneider 2001 Snowden 2000 Spender 1996 Stacey 2001 Tsoukas 1996 , socially distributed activity systems Blackler 1993, 1995 Engestrom 1991, 1993 , and shared contextual spaces Nonaka et al. 2000 Von Krogh et al. 2000 . Given our focus on the interrelational aspects of knowing and the interplay between the parts as generative mechanisms, we have much in common with these...
Phil Graham
It has been noted more than once that capitalist social relations have led to a purely monetary understanding of the term 'value'. Classical political economy, regardless of its many flawed assumptions, sought to achieve an understanding of human interaction that embraced the entirety of human experience. In its original form, political economy emerged from the more general field of moral philosophy. However, since the mid-nineteenth century, political economy has withered in its scope while...
Hitendra Pillay
Knowledge has always been at the core of economic development and social progress however, in recent times there has been substantial interest and acknowledgement that the capacity to produce and use knowledge has much more explanatory value in understanding levels of economic and social welfare or rates of growth Foray and Hargreaves 2002 . However, much of the recent debate and thinking around knowledge has centred on knowledge management and has situated knowledge in the business and...
Definition of wisdom
From a psychological perspective, wisdom can be defined as that which coordinates knowledge and judgments about the fundamental pragmatics of life around such properties as 1 strategies and goals involving the conduct and meaning of life 2 limits of knowledge and uncertainties of the world 3 excellence of judgment and advice 4 knowledge with extraordinary scope, depth, and balance 5 search for a perfect synergy of mind and character and 6 balancing the good or well-being of oneself and that of...