Milton Friedman
Its a new phase to development of accounting and its birth to increase the social awareness. the social effects of business decisions in addition to the economic effects.
In Socialism, the State or Central Government decides all in regards to business and production. Under a system of social ownership, means of production including the amount workers are paid, who they sell to and any other business decisions are the responsibility to the government.
Is the obligation of management to protect and improve the welfare of society alongside the interest of the business enteprise
The social responsibility of the finance manager involves keeping an equilibrium between developing their business and keeping the public happy. The quality of financial services should be the most important aspect.
To maximize profit by spreading business activities vis a vis adhering to corporate social responsibility.
claim that the sole social responsibility of business is to increase its profits.
The social responsibility of business is to increase its profit elucidate this statement in the context of the economist. Social responsibility should not be meant for profits but to the thank the loyal customers for buying certain goods.
Businesses have a social responsibility to act ethically. When businesses act ethically, they are able to increase their profits because more customers will choose to purchase from them.
The economic model of social responsibility is in line with the traditional concept of business. It holds that society will earn most if business is left alone to produce products that society needs and make profits. The socioeconomic model of social responsibility holds that business is a part of the society therefore it can not ignore the problems that it causes. The socioeconomic model focus not only in profits but also in the impact of business decisions in society.
It is often referred to as social responsibility.
Profit maximization is the ONLY appropriate goal for a business. Even under a so-called "social responsibility" regime, a business only engages in such schemes because it thinks it can increase profits by doing so.
According to Nobel prize winning economist, "The Social Responsibility of Business is to Increase its Profits." See http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html
the concept that business should emphasize not only profits but also the impact of its decisions on society
the concept that business should emphasize not only profits but also the impact of its decisions on society
while it earns its profits, it IS fulfilling its social res. IT is hiring, training, buying locally.
how can society help business meet social responsibility
Its a new phase to development of accounting and its birth to increase the social awareness. the social effects of business decisions in addition to the economic effects.