November 27th-December 3rd

 

The article written by Handy goes over many things of a business such as virtue and integrity as well as real justification and how it comes into play within the business world and how it applies to individuals and companies.

Virtue and integrity are essential to an economy because markets rely on rules and laws. These rules and laws, in turn, depend on truth and trust. If truth is concealed or trust is eroded, the reliability of the market diminishes. The article suggests that if businesses sacrifice truth or erode trust, markets may empty, share prices may collapse, and people may seek alternative places to invest their money. In this context, virtue and integrity contribute to the stability and functioning of the economic system. The article suggests that the real justification for the existence of businesses goes beyond merely making a profit. While making a profit is important, it is considered a means to a larger end. The purpose of a business, according to Handy, is to make a profit so that the business can do something more or better. This "something" becomes the real justification for the business. It emphasizes the idea that businesses should have a broader purpose beyond maximizing profits, focusing on creating value for society. The article discusses the need for more honesty and reality in reporting results. I agree with this solution as transparent and truthful reporting fosters trust and accountability, crucial elements for the proper functioning of markets. Additionally, Handy mentions the idea of distributing a fixed proportion of after-tax profits to the workforce. I find this concept intriguing because it aligns with the notion that employees are essential contributors to a company's success, and involving them in the financial rewards can enhance their commitment and motivation.



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