We are no longer an industrial economy characterized by assembly lines; we are now in a knowledge... more We are no longer an industrial economy characterized by assembly lines; we are now in a knowledge economy where creativity is what matters and the old ways of running a firm simply do not work. Using the value of the stock as a way of measuring CEO performance makes no sense and can actually destroy an organization. This paper discusses a new paradigm for rating CEOs that includes factors that provide long-term value such as employee engagement, diversity, building a learning organization, corporate social responsibility, and the reputation of the organization.
This paper examines four terms that are used a great deal by economists and demonstrates that the... more This paper examines four terms that are used a great deal by economists and demonstrates that they are often misunderstood. Not fully comprehending the meaning of these terms can result in serious problems for society. Thus, Greenspan admitted that not knowing how self-interest works resulted in the Great Recession of 2008. Other terms analyzed in this paper include rational choice, growth, and happiness.
This article demonstrates how various concepts derived from marketing and behavioral economics ca... more This article demonstrates how various concepts derived from marketing and behavioral economics can be useful to accountants and others whose advice is sought on the setting of prices. In particular, it shows that a one-price policy may not always be ideal. Using price as a strategic tool can increase both profit and customer satisfaction. Pricing strategies discussed include segmented (tier) pricing, pay-what-you-want pricing, pricing digital products, and peak-user pricing. The ethical implications of pricing decisions are also discussed.
In studying the factors that contributed to the Enron scandal of 2001 and the great recession of ... more In studying the factors that contributed to the Enron scandal of 2001 and the great recession of 2008, the role of the lack of ethics and morality within the accounting profession cannot be overlooked. A key element to resolving this situation is to create a fresh approach to the profession that stresses a new role for accountants and auditors.This new approach should be one that emphasizes and incorporates servant and spiritual leadership qualities. In addition, this new kind of accountant has to understand the importance of honest record keeping for all stakeholders. Many organizations now understand that a new kind of CEO is needed if an organization is to thrive in the long run. This CEO should not focus only on maximizing short term profits and shareholder value, but is also concerned with customer satisfaction and the needs of all stakeholders. The same is true of accountants and auditors. They have to be concerned with factors that affect the long-term viability of a company ...
To love the stranger is a core biblical imperative. This paper examines the meaning and implicati... more To love the stranger is a core biblical imperative. This paper examines the meaning and implications of this unusual precept. It demonstrates that the prosperity of all nations is contingent on their embracing and their institutionalization of this principle. As history testifies, hatred of strangers lay at the heart of countless wars and the demise of numerous ancient and modern nations and empires.
Critics have blamed FAS 157 for exacerbating the global economic crisis of 2008. This paper inves... more Critics have blamed FAS 157 for exacerbating the global economic crisis of 2008. This paper investigates the links between Enron, the reintroduction of fair value accounting, the implementation of FAS 157, and the subprime mortgage crisis of 2008. The account describes the possible connections between these events and shows that the implementation of the Sarbanes-Oxley Act was pivotal in determining the role that fair value accounting played in the economic crisis. The study highlights the great influence that public policy has on accounting practice, and the drastic consequences that such influence, although unforeseen, can bring about.
We are no longer an industrial economy characterized by assembly lines; we are now in a knowledge... more We are no longer an industrial economy characterized by assembly lines; we are now in a knowledge economy where creativity is what matters and the old ways of running a firm simply do not work. Using the value of the stock as a way of measuring CEO performance makes no sense and can actually destroy an organization. This paper discusses a new paradigm for rating CEOs that includes factors that provide long-term value such as employee engagement, diversity, building a learning organization, corporate social responsibility, and the reputation of the organization.
This paper examines four terms that are used a great deal by economists and demonstrates that the... more This paper examines four terms that are used a great deal by economists and demonstrates that they are often misunderstood. Not fully comprehending the meaning of these terms can result in serious problems for society. Thus, Greenspan admitted that not knowing how self-interest works resulted in the Great Recession of 2008. Other terms analyzed in this paper include rational choice, growth, and happiness.
This article demonstrates how various concepts derived from marketing and behavioral economics ca... more This article demonstrates how various concepts derived from marketing and behavioral economics can be useful to accountants and others whose advice is sought on the setting of prices. In particular, it shows that a one-price policy may not always be ideal. Using price as a strategic tool can increase both profit and customer satisfaction. Pricing strategies discussed include segmented (tier) pricing, pay-what-you-want pricing, pricing digital products, and peak-user pricing. The ethical implications of pricing decisions are also discussed.
In studying the factors that contributed to the Enron scandal of 2001 and the great recession of ... more In studying the factors that contributed to the Enron scandal of 2001 and the great recession of 2008, the role of the lack of ethics and morality within the accounting profession cannot be overlooked. A key element to resolving this situation is to create a fresh approach to the profession that stresses a new role for accountants and auditors.This new approach should be one that emphasizes and incorporates servant and spiritual leadership qualities. In addition, this new kind of accountant has to understand the importance of honest record keeping for all stakeholders. Many organizations now understand that a new kind of CEO is needed if an organization is to thrive in the long run. This CEO should not focus only on maximizing short term profits and shareholder value, but is also concerned with customer satisfaction and the needs of all stakeholders. The same is true of accountants and auditors. They have to be concerned with factors that affect the long-term viability of a company ...
To love the stranger is a core biblical imperative. This paper examines the meaning and implicati... more To love the stranger is a core biblical imperative. This paper examines the meaning and implications of this unusual precept. It demonstrates that the prosperity of all nations is contingent on their embracing and their institutionalization of this principle. As history testifies, hatred of strangers lay at the heart of countless wars and the demise of numerous ancient and modern nations and empires.
Critics have blamed FAS 157 for exacerbating the global economic crisis of 2008. This paper inves... more Critics have blamed FAS 157 for exacerbating the global economic crisis of 2008. This paper investigates the links between Enron, the reintroduction of fair value accounting, the implementation of FAS 157, and the subprime mortgage crisis of 2008. The account describes the possible connections between these events and shows that the implementation of the Sarbanes-Oxley Act was pivotal in determining the role that fair value accounting played in the economic crisis. The study highlights the great influence that public policy has on accounting practice, and the drastic consequences that such influence, although unforeseen, can bring about.
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