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A Harvard University study built around an innovative economic game indicates that, at least for our younger selves, the desire for equity often trumps the urge to maximize rewards.

Marion Crain, JD, suggests looking at other legal models such as marriage law to more accurately respond to the realities of the employment relationship, particularly at termination. "The employment relationship possesses many attributes that we associate with marriage: emotional and economic investment, interdependence, and expectations that the relationship will endure absent bad behavior," she says.

"Climate change caused by global warming is slowing down world economic output by 1.6 percent a year and will lead to a doubling of costs in the next two decades, a major new report said."

The entire Indiana University community mourns the passing today of Distinguished Professor Elinor Ostrom, who received the 2009 Nobel Prize in Economic Sciences for her groundbreaking research on the ways that people organize themselves to manage resources. Ostrom, 78, died of cancer at 6:40 a.m. today at IU Health Bloomington Hospital surrounded by friends.

"Without the support of whites, organizations and educational settings will fail in their attempts to navigate and manage the complexities of diverse work forces and constituencies," said Jeffrey Sanchez-Burks, an associate professor of management and organizations at Michigan's Ross School of Business. "In the face of the dramatic projected growth in demographic diversity, such failure could have severe economic, social and political consequences. "Our research reveals that this resistance can have little to do with prejudice. Instead, it can stem from a basic human need to belong."

"Pathbreaking research by a group of scholars including Eric A. von Hippel, a professor of technological innovation at M.I.T.'s Sloan School of Management, suggests that the traditional division of labor between innovators and customers is breaking down. Financed by the British government, Mr. von Hippel and his colleagues last year completed the first representative large-scale survey of consumer innovation ever conducted. What the team discovered, described in a paper that is under review for publication, was that the amount of money individual consumers spent making and improving products was more than twice as large as the amount spent by all British firms combined on product research and development over a three-year period. "We've been missing the dark matter of innovation," Mr. von Hippel said from his office in Cambridge, Mass. "This is a new pattern for how innovations come about." "

von Hippel and Baldwin also produced a related, intriguing paper in 2009 that can be found here http://hbswk.hbs.edu/item/6325.html entitled "Modeling a Paradigm Shift: From Producer Innovation to User and Open Collaborative Innovation." The conclusion of the paper reads: "We conclude by observing again that we belive we are in the midst of a major paradigm shift: technological trends are causing a change in the way innovation gets done in advanced market economies. As design and communication costs exogenously decline, single user and open collaborative innovation models will be viable for a steadily wider range of design. They will present an increasing challenge to the traditional paradigm of producer-based design - but, when open, they are good for social welfare and should be encouraged."

Research being carried out at Carlos III University of Madrid analyzes the key factors in climate change and the risks to public policies that it implies. This study approaches the issue from the perspective of Sociology, Economics and Law.

The assumption that human beings are inherently selfish-interested in the greater good only when it serves their own interests-has long-influenced capitalism's most prominent thinkers (Adam Smith, Alan Greenspan, Gordon Gekko) and served as a litmus test for modern America's so-called political realists. Employees are best motivated with bags of carrots and a big stick. Without law there is no order, and without the threat of punishment there is no law. We're all out for number one. Greed is good. Dogs eat dogs. Just turn on the news anytime of the day or night. The anecdotal evidence is overwhelming. A compelling counter-narrative is emerging, however. In the latest issue of Harvard Business Review, Yochai Benkler points to "recent research in evolutionary biology, psychology, sociology, political science, and experimental economics [that suggests] people behave far less selfishly than most assume." "Evolutionary biologists and psychologists have even found neural and, possibly, genetic evidence of a human predisposition to cooperate," he writes.

"One of the keys to happiness at work is earning a lot of money, but what is equally important, if not more important, is that our earnings not be inferior to those of our peers, that is, of the colleagues we compare ourselves to. This is revealed by a study carried out at Universidad Carlos III in Madrid that analyzes the relationship between happiness and income from work."

The study found that arts and crafts activities - such as painting, dancing and filmmaking - are closely related to success of the scientists, engineers and other innovators who create new companies and inventions that stimulate the economy. Yet during the past decade Michigan has cut funding for the arts by some 90 percent - from about $25 million in 2002 to $2.3 million this year. In Detroit, officials attempting to balance the budget have proposed large cuts to the city's arts and cultural institutions.