Discuss the difference between economic value and social value or the shared value creation framework. Why do you think organizations tend to focus on the creation of one type of value but not both?
User 1 Idea:
“Looking at the difference of economic value, shared value and social value I had to look at the definition first. Economic value is the value that a person places on it based off of the benefit they derive from the good.
Social values are the importance that people place on the changes they experience in their lives. Some, but not all of this value is captured in market prices. It is important to consider and measure this social value from the perspective of those affected by an organization’s work.
Shared values are organizational values that are usually developed by the organization’s leadership and then adopted by the other members of the organization. The values are shared and followed by all members of the organization when acting on behalf of the organization. They may also be referred to as core values.
The reason why organizations tend to focus on the creation of one type of value but not both is because they focus on economic or social value depending on the objectives of the organization. That is why organizations that are for-profit tend to focus more on the creation of economic value, while organizations which are not-for-profit tend to focus more on the creation of social or shared value. However, both types of value either social or economic have equal importance for society and focus on only one value that cannot fulfil the overall development goals of the society in a sustainable way.” – Obed F.
User 1 Idea:
“The difference between economic value and social value or the shared value creation framework is that economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured relative to its units of currency. The economic value is what people consider when evaluating a potential purchase. Social value is the extent to which the lives of people and society at large improve through a combination of resources and processes. Creating shared value is a framework for creating economic value while simultaneously addressing societal needs and challenges. Only businesses can create economic prosperity by meeting the needs to make a profit, creating infinitely scaleable and self-sustaining solutions. Organizations tend to focus on the creation of one type of value but not both because they believe that the social value created by an organization is equally important as the economic value since they believe that the creation of any of them is enough. I do believe every company does things their own way.” – Leslie A.
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