Based on Freeman’s work, particularly his separation thesis, this research aims at the integration of a theory of the firm, the resoures-processes-outcomes approach, and the stakeholder approach, particularly Phillip’s prolongation of the stakeholder approach to organizational ethics. First results have been published in the Journal of Business, Economics & Ethics:
Based on Vargo and Lusch’s seminal article in the Journal of Marketing (2004), a new view on markets and marketing theory is evolving: the service-dominant logic. The most remarkable attribute of service-dominant logic is its attempt to provide a market and marketing theory that has the potential to reunite the perspectives on individual and societal benefits or wealth. The service-dominant logic is attracting an increasing number of scholars from all over the world who are convinced that orthodox marketing approaches express a misleading view on economic activities. The service-dominant logic is an example for a change of economic theory “from within”.
Property rights are the most important source of action opportunities for economic actors. Based on property rights theory, one can analyze the ranges of action of both supplier and customer, on the one hand and their corresponding responsibilities, on the other. Based on recent applications of property rights theory to problems related to the design and governance of transactions (or relationships), I address the co-responsibility of both parties to a market transaction for their relationship and, therefore, for the “morality of markets”.