Tuesday, July 14, 2009

The Economics Of Good Will And Other Virtues!

"Given the precedent that already exists in the economic literature and following the example of Mises, I will proceed along similar lines . . . "

"Each of us knows that having flexibility as a part of the order of things makes life much more enjoyable. Flexible order in our lives makes it easier for us to adjust to changes – the inevitable changes that occur in our lives.

Employers who provide an environment that incorporates flexibility will tend to have a ‘happier’ workforce that most likely will translate into a more productive and a more stable workforce. Also, customers appreciate having flexible and various options available to them if a product doesn’t meet their needs.

Flexibility incorporated into the production process, providing more options to employees and customers, leads to higher productivity and customer satisfaction, both of which are good for business. Here we have customer satisfaction as one possible example of the ‘goods and services’ emerging from flexibility."

And next the second of six examples:

"No one is offended by being treated with courtesy. It inspires greater respect for oneself and, most definitely, greater respect for the courteous person.

Since the market is the embodiment of social cooperation, courtesies become the norm. If it is courteous to be on time that becomes the standard, ‘out of courtesy.’ And each time these courteous practices are applied the social relationships advance to new levels of mutual respect. As a consequence cooperation and coordination improves.

Here we have market cooperation and coordination as an example of the service emerging from courtesy. By acquiring and practicing courtesy work relationships will change and there will be a tremendous increase in productivity since cooperation and coordination will increase."

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