Difference between classical and modern management theory
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Classical and humanist management theories have had a major influenced on modern theories of leadership. Making effective use of appropriate models and theories critically examine whether this is actually the case.” Civilization is the product of those who came before us. The evolution of today’s modern management thinking has grown and developed since nineteenth century and flourished during twentieth.
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According to the classical economists, there was need for a separate theory of international trade because international trade was fundamently different from internal trade. Heckscher and Ohlin,' on the other hand, felt that there was no need for a separate theory of international trade because international trade was similar to internal trade. The difference between the, two was one of degree, and not of kind.(ii) The classical economists explained the phenomenon of international trade in terms of the old, discredited labour theory of value. The modern theory explained international trade in terms of the general equilibrium theory of value.(iii) The classical theory attributes the differences in the comparative advantage of producing commodities in two countries to the differences in the productive efficiency of workers in the country. The modern theory attributes the differences in the comparative advantage to the differences in factor endowments.(iv) The classical theory presents a one-factor (labour) model, while the modern theory presents a more realistic multi-factor (labour and capital) model.(v) The classical theory never took into account the factor price differences, while the modern theory considers factor price differences as the main .cause of commodity price differences, which, hi turn, provides the basis of international trade.
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According to the classical economists, there was need for a separate theory of international trade because international trade was fundamently different from internal trade. Heckscher and Ohlin,' on the other hand, felt that there was no need for a separate theory of international trade because international trade was similar to internal trade. The difference between the, two was one of degree, and not of kind.(ii) The classical economists explained the phenomenon of international trade in terms of the old, discredited labour theory of value. The modern theory explained international trade in terms of the general equilibrium theory of value.(iii) The classical theory attributes the differences in the comparative advantage of producing commodities in two countries to the differences in the productive efficiency of workers in the country. The modern theory attributes the differences in the comparative advantage to the differences in factor endowments.(iv) The classical theory presents a one-factor (labour) model, while the modern theory presents a more realistic multi-factor (labour and capital) model.(v) The classical theory never took into account the factor price differences, while the modern theory considers factor price differences as the main .cause of commodity price differences, which, hi turn, provides the basis of international trade.
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