The Socio-Economic Foundations of Sustainable Business by Richard Pettinger

Author:Richard Pettinger
Language: eng
Format: epub
ISBN: 9783030392741
Publisher: Springer International Publishing

Conclusions

The key purpose of adopting a socio-technological approach to knowing and understanding the economy and the environment of business is therefore to identify and develop overall organisational and managerial knowledge and understanding of the ways in which the economy truly operates. This in turn is a core part of the expertise of knowing and understanding the full complexities of the economic environment; and knowing and understanding this is the fullest possible detail is essential.

Leaders and managers—and entrepreneurs—need social as well as economic expertise if they are to understand where the drives and pressures come from, and where opportunities are genuinely likely to lie. They need to know what is of importance and value to the society and its members, in order to be able to develop business and contributory activities, products and services that will then in turn deliver profit.

A technological perspective is essential also, in that all economic activities, and the organisations within the economy, depend to a greater or lesser extent on technology in all its forms (see Chapter 2). All parts of society and societies now demand assured IT and communications technology as being key to developing and sustaining any kind of productive or service delivery activities. Without adequate access to technology and IT, there is very little chance of developing or sustaining any form of competitive activity.

Finally, there is nothing new about requiring that leaders and managers take the fullest possible view of the environment in which business is conducted; though they do need to develop this expertise as a consequence of the rapidly changing environment. Taking the widest and deepest perspective means that leaders and managers know how and why the economy and the business environment operate in particular ways. Having this range and depth of knowledge is therefore an essential informant of effective decision-making at all levels; and this in turn makes it a key part of management growth and development.

References and Further Reading

Braun, E. 2014. Futile Progress: Technology’s Empty Promise. Earthscan.

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