The chapters four and five explained the mechanism of
how consumers and producers make an economically optimal choice in the market.
Overall, the mechanism introduced in the chapters is based on the classical
economic principle that many economists agree on.
However, some scholars in Economics and Sociology
argue against the concept of 'homo-economicus' who is a rational and
self-oriented profit taker through the new lens of economic-sociology.
According to them, the assumption of 'rational individual' is not sufficient to
explain the behavior of consumers and producers in real life.
For instance, Herbert Simon, the Nobel prize winner in
Economics, introduced the concept of 'bounded rationality' in explaining the
decision making process of organizations. With limited knowledge and experiences,
organizations as well as individuals cannot reach the economically optimal
decisions. Some scholars in Behaivor Science also pointed out that
organizations come to the managemental decision in order to avoid any internal
conflict, instead of maximizing profits. Those claims show how fragile the
assumption of rationality is in real life decision making.
Moreover, news media industry is one of the hardest
economic industry in which the principle of economics is applied because
journalists put value to social responsibility over profit. Normative
responsibility surpasses profit among many news media employees, especially
journalists. Therefore, new approach is needed to better understand the news
industry. Maybe, the cases of social enterprise might be an example.
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