Socio-management and heterodox economics: a new socially valuable direction for economic education

Abstract

Stimulated by reaction to the first worldwide economic crisis of the 21st century, debate has begun on making the activities and outputs of business and management schools more critical, including the recognition of wider social interests. This debate has implications for economic education. We address these issues by positioning heterodox economics as a pivotal contributor to the development of a new field, socio-management, intended to examine rigorously the effects and responsibilities of managing social and social economic activity. We argue that however critical mainstream business and management subjects become - including contributions from economics - socio-management is needed if important aspects of the social impact of organisations are not to be missed or neglected. In turn, the development of socio-management necessitates the creation of both a body of economic knowledge that is more socially valuable, and innovations in economic education as practiced in business and management schools.