IDEAS home Printed from https://ideas.repec.org/h/spr/sptchp/978-3-319-70902-4_4.html
   My bibliography  Save this book chapter

A Principle for Action

In: Principles of Management

Author

Listed:
  • Peter Eichhorn

    (OPINIO Forschungsinstitut)

  • Ian Towers

    (SRH Hochschule Berlin)

Abstract

The chapter discusses the different kinds of rationality and points out the limitations of the idea that economic entities are purely rational. Goals and objectives are defined, and a distinction is made between effectivenessEffectiveness , efficiency and economic efficiencyEconomic efficiency . The point is made that there are different kinds of efficiency—economic, technical and political. The principles of maximum return and minimum means are presented as approaches to the conversion of inputs into outputs. The difference between economic efficiencyEconomic efficiency and profitabilityProfitability is made clear and four combinations of these two concepts are outlined. Different kinds of economy are discussed: the economy of needs where the principle of solidarityPrinciple of solidarity is important, the economy of returns where financial goals have priority, the economy of self-interest and of common interest. Finally, the individual and the aggregate economy are presented.

Suggested Citation

  • Peter Eichhorn & Ian Towers, 2018. "A Principle for Action," Springer Texts in Business and Economics, in: Principles of Management, chapter 4, pages 93-113, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-70902-4_4
    DOI: 10.1007/978-3-319-70902-4_4
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sptchp:978-3-319-70902-4_4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.