- Subject index
Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Economists have dealt with such questions for generations, but they have taken on new meaning and significance.Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is a must-have reference resource.Key FeaturesProvides highly readable summaries of theory and models in key areas of micro and macroeconomics, helpful for students trying to get a "big picture" sense of the fieldIncludes introductions to relevant theory as well as empirical evidence, useful for readers interested in learning about economic analysis of an issue as well for students embarking on research projectsFeatures chapters focused on cutting-edge topics with appeal for economists seeking to learn about extensions of analysis into new areas as well as new approaches Presents models in graphical format and summarizes empirical evidence in ways that do not require much background in statistics or econometrics, so as to maximize accessibility to students.
Chapter 77: Economics and Corporate Social Responsibility
Economics and Corporate Social Responsibility
Corporate social responsibility (CSR) constitutes an economic phenomenon of significant importance. Today, firms largely determine welfare through producing goods and services for consumers, interest for investors, income for employees, and social and environmental externalities or public goods affecting broader subsets of society. Stakeholders often take account of ethical, social, and environmental firm performance, thereby changing the nature of strategic interaction between profit-maximizing firms, on one hand, and utility-maximizing individuals, on the other hand.
Hence, CSR is referred to as “one of the social pressures firms have absorbed” (John Ruggy, qtd. in The Economist, January 17, 2008, special report on CSR) and considered to “have become a mainstream activity of firms” (The Economist, January 17, 2008; Economist Intelligence ...