Question
In: Accounting
Briefly review the differences between the economic model and stakeholder theory.
Briefly review the differences between the economic model and stakeholder theory.
Solutions
Expert Solution
Stakeholder theory considers organisational management and business ethics that accounts business stakeholders such as creditors, suppliers, government agencies,society,employees and others.It indicates the moral values related with managing an organisation in different fields. It brings the managers how to treat their stakeholders to satisfy their needs and wants.
Economic model is the theoretical representation of economic processes by relating the quantitative relationship between them. This model is commonly used by economists for predicting economic activities, changes in future economic behaviors, assist in trading and investment speculations etc.
The main difference we can frame is economic model uses quantitative measurements but stakeholder theory is based on qualitative measurement.
Stakeholder theory is mainly for internal purpose of business but economic model is for assessing the economic conditions entirly external.
Economic model is based on market study but stakeholder theory doesn't required market study.
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