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Compassion: The Missing Link in Economics and Management

Most business philosophies are based on economic theories, particularly rational behavior and optimum decision making. This leads companies to focus on profit maximization often ignoring other important aspects. As a result we have witnessed incidents such as the recent global recession. In this article we review the mainstream economic theories as they are applied in the business environment, focusing particularly on Oliver E. Williamson's transaction cost economics (TCE). We propose that “compassion” is a missing link in these theories connecting economics with management.