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Crafting an essay on the subject of Adam Smith can be a challenging endeavor, requiring a deep
understanding of economic theories, historical context, and the intricate nuances of Smith's works.
The difficulty lies not only in comprehending Smith's ideas but also in presenting them coherently
and critically. Adam Smith, often hailed as the father of modern economics, has a vast body of work
encompassing topics such as the invisible hand, the division of labor, and the principles of free-
market capitalism.
One of the challenges is navigating through the extensive literature and interpreting Smith's complex
writings, including "The Wealth of Nations" and "The Theory of Moral Sentiments." The need to
analyze and contextualize his ideas within the socio-economic conditions of his time adds an
additional layer of complexity. Moreover, understanding the evolution of economic thought before
and after Smith is crucial for providing a comprehensive perspective on his contributions.
Another hurdle is the need to present a balanced view, acknowledging both the strengths and
weaknesses of Smith's theories. This requires critical thinking and the ability to engage in scholarly
debates surrounding his ideas. Furthermore, synthesizing information from various sources and
presenting a coherent and logical argument demands meticulous research and analytical skills.
Additionally, the essay should be structured in a way that captures the essence of Smith's
contributions while addressing the broader implications of his ideas. The challenge lies in striking a
balance between depth and clarity, ensuring that the essay is accessible to readers with varying levels
of familiarity with economic concepts.
The biggest challenge facing any business today is change. Ricardo Semlars approach
to management revolutionized they way in which Secom did business. However it is
of question if Semlars model of business can be successfully transplanted into New
Zealand s business environment and change the way in which they operate. This essay
will therefore discuss if Ricardo s unique approach to business, and how it can be
successfully used in the New Zealand business environment.
This essay will firstly discuss the idea that profit sharing can motivate workers and how
this idea is set up in the New Zealand business environment. Secondly the ways in which
employee participation work in New Zealand, and how managers can better ... Show
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Another way of looking at this idea is that if an employee can directly relate to the
success of the company, with the amount of profits they will receive, employees would
join with management to improve the business profitability and productivity. Bell and
Hanson (1987) also believe that by implementing a profit sharing scheme into a
business, employees will have a greater sense of identity with the company and have a
greater share in the company s success. One example of successful implementation of
this idea in New Zealand is Mac Pac. Mac Pac is one of New Zealand leading outdoor
equipment providers. After 5 years of running the business, CEO Bruce McIntyre has
implemented a profit sharing scheme into the business where Macpac distribute 20%
of pre tax profits to staff each year. Other business in New Zealand has followed this
business model such as the CEO of GMV Associates New Zealand, who believes that
There are huge advantages in profit share because the staff becomes totally committed to
the company (Clark Reynolds cited in Light, 1997, p.34). What this leads to is a
decrease in employee turnover and increase productivity of workers, because they now
have a greater interest in the company s success. This translates into a more successful
company.
However New Zealand businesses wishing to implement profit sharing schemes should
not just look at shop floor workers buy managers as well. Currently in