Subjects such as public finance, corporate finance, banking theory, risk management and management accounting are all largely based on the neoclassical approach. Most recent appointed professors have started their work with ideas based on a neoclassical fundament and its methodological preferences. Neoclassical economic thinking is not bad in itself. It has brought much good, even. However, now the downside of neoclassical theory has occurred. Failing financial markets have plunged the global economy into crisis. It is, therefore, high time for a debate on economic concepts as taught in universities and business schools. Are students really trained to think critically about economic theory and the consequences when economic theories are put into practice?
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Frank Jan de Graaf argues that the domination of neoclassical economic thinking in academia has contributed to the economic crisis and hindered thinking about sustainable development. Currently, ethics is re-entering the debate about how to develop prosperous open societies. A group of NGOs recently came up with an interesting alternative perspective on economics and social development. Their thinking could enrich mainstream economics.Verschenen in de Working papers series.
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In the digital age, entrepreneurship is now more in demand than ever before. However, digital entrepreneurship is not limited to holding online meetings, paperless office or communication on social media. Rather, it must be seen as a holistic approach to thinking that encompasses all processes of an organisation, including communication and service provision. If we succeed in “thinking digitally”, such as integrating digital process support at all levels, we can experience long-term success and keep uprising competitors at bay.
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