This case does not directly illustrate this, because productivity increased 5%. If in the next quarter that productivity gain shrinks, that would demonstrate more clearly the law of diminishing marginal productivity. This is because, for example, if the worker is already working 49 hours in a week, if another hour is added the worker will be less productive in that 50th hour than he/she was in the 49th hour.
Labor and productivity are not related to marginal utility. Marginal utility reflects the additional benefit of an additional unit of spending, where spending refers to consumption. The concept is similar to productivity, because that is spending by business on labor, but productivity is related to dollar value output, whereas utility is related to happiness and other personal benefits. The concepts are similar, but they are not the same and increased labor spending is therefore not related to marginal utility.
The case makes an allusion to the difference between short-run and long-run profits, in that the case argues that the productivity increases today will be difficult to match in the long-run, particularly as the economy improves and businesses. However, the long-run argument is not strenuously made, perhaps because there are other considerations such as improvements in technology or the cost savings associated with outsourcing. However, that the case highlights that there is a difference between short- and long-run profits and that business decisions today may reflect a trade-off between the two is a...
Selfishness Like any other sort of human vice, selfishness -- or the excessive concern with one's own individual desires and appetites -- can be threatening to the established social order if it slips out of control. Our own definition of selfishness takes into account its social effects: we establish selfishness as a vice by emphasizing not only the excessive self-regard it demonstrates, but also the excessive disregard for the well-being of
Selfishness of Employees There are a number of problems that need to be addressed by the company, and to do this will require decisive leadership. That leadership must combine a common strategic vision with the ability to transfer ideas between cultures. This paper will explain this concept of leadership as it pertains to running a global organization that faces some difficulties. There are a number of different communications issues that have lead
Rand's Rational Self Interest Rand’s philosophy regarding selfishness and altruism contains a crucial dichotomy, as virtually anyone’s philosophy regarding opposite concepts would. However, the opposition in Rand’s concept may surprise those who are not familiar with her philosophy. At a very basic level, Rand is stating that selfishness is actually good, and that altruism is really evil in “Introduction to the Virtue of Selfishness”. Thus, there is opposition found within this
Virtue of Selfishness by Ayn Rand The Rationalization and Pursuit of Self-interest of Humanity in "The Virtue of Selfishness" by Ayn Rand Ayn Rand's collection of essays in the book "The Virtue of Selfishness" provides insightful thoughts about the emergence of rationalization and individualism within the individual. The author discusses how the dawn of humankind had already seen the emergence of individualism and rationalization. It is only in the process of
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