Difference between economic value and social value

Part 1. Respond to the following in a minimum of 175 words:

Discuss the difference between economic value and social value or the shared value creation framework. Why do you think organizations tend to focus on the creation of one type of value but not both?

Part 2. Respond to the following classmate in a minimum of 100 words:

“Looking at the difference of economic value, shared value and social value I had to look at the definition first. Economic value is the value that a person places on it based off of the benefit they derive from the good.

Social values are the importance that people place on the changes they experience in their lives. Some, but not all of this value is captured in market prices. It is important to consider and measure this social value from the perspective of those affected by an organization’s work.

Shared values are organizational values that are usually developed by the organization’s leadership and then adopted by the other members of the organization. The values are shared and followed by all members of the organization when acting on behalf of the organization. They may also be referred to as core values.

The reason why organizations tend to focus on the creation of one type of value but not both is because they focus on economic or social value depends on the objectives of the organization. That is why organizations who are for-profit tend to focus more on the creation of economic value, while the organizations which are not for profit tend to focus more on the creation of social or shared value. However, both types of value either social or economic have equal importance for society and focus on only one value that cannot fulfill the overall development goals of the society in a sustainable way.” – Obed F.

Part 3. Reply to the following thread in a minimum of 100 words:

“The difference between economic value and social value or the shared value creation framework is the economic value is a measure of the benefit provided by a good or service to an economic agent. It is generally measured relative to its units of currency. The economic values is that people consider when evaluating a potential purchase.The social value is the extent to which the lives of people and society at large improves through a combination of resources and processes. Creating shared value is a framework for creating economic value while simultaneously addressing societal needs and challenges. Only business can create economic prosperity by meeting needs to making a profit, creating infinitely scale able and self sustaining solutions. The organizations tend to focus on the creation of one type of value but not both because they believe that the social value created by an organization is equally important as the economic value since they believe that the creation of any of them is enough. I do believe every company does things their own way.” – Leslie A.

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