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Economics Education and Greed

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The epistemological assumptions that underpin the research questions mainly revolve around the frequent corporate frauds and the culprits being business school graduates. Epistemology requires answers to questions such as how reality can be known. The realistic assumption that supports the hypothesis is that the ethical and moral obligations are fading away in the wake of cutthroat business competition. Business schools need to prepare their students for this economic antagonism. The epistemology governs the characteristics and those principles that monitor the process of knowing. It is a known fact that frequent occurrences of corporate frauds in recent years indicate a perverse sense of fairness.

Worshiping self-interests or committing fraud in the name of achieving corporate goals is the main reason for such a conduct. For instance, Study 1 discovered that economics majors and those students who enrolled in multiple economic-related courses kept relatively more money in an assigned task related to money allocation, which is an indication of an embedded inclination towards hoarding money/ resources. An element of this research that makes it even more credible is that the epistemology of its subject does not stem from speculations.

In fact, it arises from an attempt to approach the study of billions of dollars of fraud committed by higher management and the CEOs of financial institutes. Where a common shareholder and investor lost his hard earned money. When the share price of a company drops the management should suffer the negative consequences. But as has been described in many cases, the opposite was observed. The investor suffered huge losses while the higher management profited from this ‘ slump’ . This research oscillates between the behavior (fraudulent conduct) and its trigger (materialistic education in business schools).

One cannot know people without the context they are in however, the same people cannot be known merrily through the context. This ontological condition is imperative to understanding the root of the problem.

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