What sense is the marketplace cruelly capricious

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Reference no: EM13671069

Problem 1 in the "Problems to Ponder" : Paul Krugman, an MIT economist, states "at the heart of capitalism's inhumanity- and no sensible person will deny that the market is an amoral and often cruelly capricious master- is the fact that it treats labor as a commodity." Is it true that capitalist employers treat their workers as "commodities"?

In what sense is the marketplace "cruelly capricious"? Give examples. Contrast Professors Krugman's views with those of Bill Marriott, president of Marriot Corporation, who said: "One of the important things.is to counter the notion that big corporations are faceless machines.

When employees know that their problems will be taken seriously, that their ideas and insights matter, they're more comfortable and confident. In turn, they're better equipped to deliver their best on the job and to their customer. Everyone wins: the company, the employee, the customer.

The philosophy of putting employees first is particularly important in our industry, because Marriott is in the people business, not just the service business. I've said again and again that our associates (employees) are number one. It won't hurt to say it one more time. Without the hard work and dedication of our team, Marriott wouldn't exist.

That's why taking care of our employees is a top priority for the organization." Are employees treated as "commodities" at Marriott? Is their labor policy "cruelly capricious" or "caring"? Is Marriott the exception to the rule among big companies?

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Reference no: EM13671069

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