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In: Economics

overall would it be more profitable for a business to follow the economic model or the...

overall would it be more profitable for a business to follow the economic model or the socioeconmic model of social responsibility

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Expert Solution

Overall it will be more profitable for a firm to practice the socio economic model of social responsibility than the economic model which states that there should be only one relationship between the producer and consumer of producing goods of there need and selling them at high prices for earnig profits.

Whereas on the other hand, socio-economic model states that beyond earning profits and the producers have a social responsibility not just towards the firms employees but also to its social environment in which it is working. And since they are the ones who will take forward the goodwill of the firm to large extents and become its permanent demand makers, its important for the firm to keep there health and wellness into inconsideration. Therefore along with earning profits there will also be earning of goodwill, permanent custormers, large extent reach, and trusted environment.

Rahul Sunny answered 2 years ago
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