The Theory of Factors of production (FOP) is the operating part of business cycle whose main objectives would be efficiency and profitability. Over a period of time, the concept of management (of business) have been changing with the enhancing knowledge of operations and market needs, like traditional or scientific management, behavioral, process and quantitative. Like wise factors of production like tangible to intangible (including values, moral, etc., software part)have been impacting the business (See the attachment). Thus the theory of FOP has been suitably changing from time to time like Marxian, neoclassical, etc.
Naturally, the concepts like motivation, job design, job satisfaction, work as play,values, social obligations, human factors, low cost reduction, automation, robotics, digitisation, and many more tools have been appearing and will keep appearing.
The goals are something like this: improving efficiency, effectiveness and economics or cost, quality, (delivery) time, associated with delight for both work-force and customer.
However, at times in the rat-race of profitability (only money focused) all these goals play secondary role. This rat-race is the outcome of fear of non-survival, greediness, lack of social values, professionalism, positive attitude,etc., that result into dilution of values and moral in business.
That means the software part (mind)of business cycle plays a key role affecting the cycle's outcomes. But there is the law of 'Natural Balance' that balances the cycle, i.e., when one reaches the lower most point of the cycle, one starts moving upward (of course through mind power). The history has witnessed such and similar many cycles.
Our attempt, however, would be how to arrest this fall. It all depends on our mind-set and need of the hour.
Regards.
Your,
_______________________________________
On Sat, 02 Feb 2013 22:15:56 +0530 wrote
>Factor of Production theory focusses only on efficiency and profitability. The principles of interdependence are completely missing and thus the dilution of values and morals in business.
Is there any way out to correct the fundamentals of business?
Sent from my Nokia phone
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Dr P H Waghodekar
Advisor HR IBS PME (PG)Marathwada Institutute of Technology Aurangabad
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