Features of Economic Model of Social Responsibility
Initially, business is perceived as a market mechanism where production is carried out in accordance with demand, which when fulfilled earns a profit. This is exactly what the economic model of social responsibility carries forward.
They believe in meeting the demands of the society through their goods and services but not at the cost of losses or welfare.
The economic model opines that it is ultimately the society that is benefitted from a growing business, be it in terms of money circulation in the market, availability of jobs, procurement of goods, and services.
They favor and feel responsible to satisfy the investors and shareholders, who have contributed to strengthen the business and owe them profits.
According to Nobel prize winner and economist Milton Friedman, any corporationâ€™s responsibility is to maximize its profitability whilst being obedient to its jurisdictions and laws.
The words of Milton Friedman reflects the true nature of the economic model of social responsibility. It shows how the profits and shareholders are given an upper hand as compared to society in general.
The economic model opposes the social-economic model because the latter priorities social well-being, as the motive of business firms, which according to the economic model should be catered by social institutes, government, and nonprofit units.
Advantages of the Economic Model of Social Responsibility
Loyalty towards investors: Business firms are answerable to stockholders and investors, and, naturally, their investment should receive returns, which is possible if a firm aims to maximize its profits.
The module of business: Businesses are carried out to produce goods and services that fulfill demands and in return earn profits from which the capital is circulated within the firm and profits distributed to stockholders or investors. Their purpose is traditionally related to market regulation of goods and services and not social welfare.
Resource Allocation: Time, money, skills, and other resources are earned by the corporates to make capital, if not used wisely, it would call for wastage of precious resources.
Nature of societal problems: Problems of society are not individual in nature, rather they vary from one group to another, therefore individual business units have no liability to overcome such problems.
Disadvantages of the Economic Model of Social Responsibility
Business intrinsic to society: Businesses do not operate in isolation; they are related to society directly or indirectly. Therefore, every business organization holds responsibility towards the society.
Owners of resources: Business firms acquire, hire, possess, and train resources be it technical, managerial, or financial which are capable to handle most of the problems and can be used to tackle societyâ€™s issues.
Long-term benefit: Businesses can stabilize themselves by engaging in social welfare activities, which helps them to create a stable position in the future.
Brand image: When a business firm contributes to the social wellbeing of the society or environment, it is bound to receive appreciation, which makes it popular among folks.
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