Final answer:
The economic model of social responsibility primarily emphasizes profit maximization and economic growth within the competitive marketplace, while social and ethical responsibilities are secondary considerations. There is a debate about the extent to which corporations should engage in social responsibility, especially with the challenges of aligning ethical practices with emerging technologies.
Step-by-step explanation:
The economic model of social responsibility places primary emphasis on the maximization of shareholder wealth and ensuring that businesses operate within the marketplace's competitive framework. In this model, corporations are principally concerned with profits and economic growth, while social, environmental, and ethical responsibilities are considered secondary to the business's main goal of wealth creation. This model suggests that when businesses focus on making profits, they inherently benefit society by providing products and services, creating jobs, and generating economic activity.
Within this economic model, the role of government is to uphold the free enterprise system and introduce changes that promote market efficiency and fair competition. Ethical practices, particularly with regard to emerging technologies, present a challenge as they may not always align with profit maximization but are critical for long-term sustainability and social welfare.
While the market mechanisms of demand and supply answer basic economic questions, the economic model also acknowledges personal economic rights and the responsibilities they entail, such as using products safely and making informed decisions. In today's global economy, it is becoming increasingly difficult to separate economic activities from their social and environmental impacts, leading to a debate on the extent to which corporations should take responsibility for various societal issues.