Two competing macroeconomic theories dominate modern economic policies and the field of political economy. These are supply-side economics and demand-side economics. Supply-side economics is a macroeconomic theory arguing that economic growth is made possible through programs or initiatives aimed at promoting production and thus, flooding the market with supplies of products goods and services. On […]
Category Archives: Business and Economics
Breakdown: The Order Fulfillment Process
By its general definition, order fulfillment is the entire process of delivering a product from the point of production to the point of consumption. It is also important to note that the term applies to specific processes or functions in distribution and logistics management. Nonetheless, understanding the elements of the order fulfillment process is essential […]
Logistics Flows: Inbound, Outbound, and Reverse
Logistics flows pertain to the movement and direction of the goods, items, or information within the supply chain or more specifically, between the point of origin and the point of consumption. There are three directions that also correspond to three different logistical processes. These are inbound logistics, outbound logistics, and reverse logistics. Three Major Logistics […]
Difference Between Push Strategy and Pull Strategy
Both push strategy and pull strategy are business terms originating in logistics and supply chain management. These two concepts are also used in marketing, particularly in determining or evaluating distribution strategies. They essentially pertain to a specific approach of moving a product from the point of origin to the point of consumption. What is the […]
Major Works of Milton Friedman
Milton Friedman was an American economist who won the Nobel Memorial Prize in Economic Sciences in 1976 for his research on consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. Aside from this achievement, his significant contributions brought forth economic theories and models that challenged existing models and […]
Corporate Social Responsibility Theory of Milton Friedman
In his 1970 article that appeared on the New York Times, American economist Milton Friedman discussed the social responsibility of business organizations. His argument was straightforward: the social responsibility of business is to increase its profits. Note that he first presented this argument in hi book “Capitalism and Freedom” published in 1962. The Stakeholder Theory: […]
Criticisms of Corporate Social Responsibility
A number of business organizations and trade or industry associations across the globe have now embraced the importance of corporate social responsibility or CSR. By definition, a CSR is a concept pertaining to policies and practices directed toward the creation and realization of value for a broad range of stakeholders. Based on the socioeconomic model […]
Difference Between Marketing and Sales
Both marketing and sales are important and related components of a business operation aimed at bringing goods or services to the consumers. However, despite having the same goal and some overlaps, as well as despite the necessity of close integration between the two, marketing and sales are inherently different in terms of their core principles […]
The Instant Gratification Monkey
The Instant Gratification Monkey is a concept introduced by blogger Tim Urban that represents a part of the brain that interferes with rational decision-making. Specifically, this figurative creature is the reason why people procrastinate, particularly by compelling individuals to desire to experience pleasure or fulfillment without delay or deferment instead of focusing on accomplishing a […]
What is Jekyll and Hyde Leadership?
In their article published in the Journal of Leadership & Organizational Studies, researchers Jessie Lee, Gang Wang, and Ronald F. Piccolo introduced the concept of Jekyll and Hyde Leadership in a multilevel and multi-sample examination of charisma and abuse on follower and team outcomes. Take note that “Jekyll” and “Hyde” are two fictional characters from […]