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Economic Darwinism

In: Business and Management

Submitted By sherrilrabsatt
Words 859
Pages 4
What is Economic Darwinism? Economic Darwinism is a theory that inherent major forces at work around the globe that allows only the fittest organization or person to prosper in a competitive situation or environment. It’s a process where Corporations throughout their operation as competition weeds out ill designed organizations that fail to adapt to firm business strategies. According to Charles Darwin the collapse of Enron, is an example of how competition tends to weed out the less fit. Strong pressure from the competition in the marketplace provides efficient organizational decisions. Those firms with low cost are most likely to survive, and the firms that adopt inefficient, high cost policies competition will place strong pressure on these firms to either adapt or close (Brickley, Smith & Zimmerman 2009). According to Fama and Jensen (1983) suggests that “the form of organization that survives in an activity is the one that delivers the product demanded by customers at the lowest price while covering cost". As a survival criterion it helps highlight that while a well-crafted organization architecture can contribute to a firm’s success, it is not sufficient for a success .The firm must have a business strategy that includes products for which the prices customers are willing to pay exceed cost. An architecture as a choice, given a firm business strategy, can have an important impact on profitability and value. They can also lower cost by promoting efficient production and boost the prices customers are willing to pay by helping to ensure high-quality production, responsive service and reliable delivery. Economic Darwinism should be regulated by the consumers, but the consumers are not intelligent or they are too lazy to keep up with whatever is in the best interest for the business or an organization ( Fama and Jensen 1983).

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