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Human Resource Management: Some Vital Considerations

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Abstract

The paper discusses how and why the theories of neo-classical economics are inadequate to provide a framework to human resource management and therefore must give way to dynamic gradual optimization procedure based on the principles of bounded rationality and satisficing behaviour in dealing with the problems of an adaptive complex system of business organization. It also widens the scope of human resource management to include crowd-sourcing.

Suggested Citation

  • Mishra, SK, 2007. "Human Resource Management: Some Vital Considerations," MPRA Paper 4400, University Library of Munich, Germany, revised 08 Aug 2007.
    • Handle: RePEc:pra:mprapa:4400
    as

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    File URL: https://mpra.ub.uni-muenchen.de/4400/1/MPRA_paper_4400.pdf
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    References listed on IDEAS

    as
    1. Simon, Herbert A, 1979. "Rational Decision Making in Business Organizations," American Economic Review, American Economic Association, vol. 69(4), pages 493-513, September.
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    More about this item

    Keywords

    Human resource management; bounded rationality; adaptive complex system; satisficing behaviour; dynamic gradual optimization; crowd-sourcing;
    All these keywords.

    JEL classification:

    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General

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