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The application of “the philosophy of tradition and management” in the perspective of firm’s decision making procedure consists of inquiries concerning rational choice, the assessment of firm’s net outcome, the ontology of economic phenomenon and decision making process…
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Download file to see previous pages In this current essay, the researcher has tried to critically appraise the theories with the view of “Free Will”. It is a philosophical concept that refers to the capability of the economic agent to select a particular option among various alternatives (Free Will, 2014). Most of the philosopher has supported that, the notion of “free will” is strongly related with the ethical sense of the economic agents and the firm.
The term free will refers to the power of the rational agent to select best alternative one from the sort of several options. Various constraints that included in the subject matter of free will concept, includes physical constraints, metaphysical constraint, social constraint and mental constraint. The principle of free will provides implication in various segments, such as ethical, religious, legal and scientific (Williamson, 1998). For example, in science, free will suggests different ways to predict human behaviour. Further, in religious realm; it implies choice of individual action that can increase moral obligation or certain injection to a man and so on. Most of the philosopher suggested that “free will is strongly linked with ethical obligation and responsibilities of the agents” (, 2014). In respect to the values of love and friendship, freewill also plays a significant role in building the root of relationships.
In economic terms, a firm basically exists and state its decisions in order to make the utmost use of its resources. Firms interact with the market to determine demand and price and then allocate its resources to maximize its profits (Moyle, 1998). Consumers always try to maximize their overall utility whereas business organizer tries to maximize net profit. Thus, theories of firm always adopted and analysed in respect to the changing market and economics. The firm’s theory comprise of several economic theories ...Download file to see next pagesRead More
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