Classical Theory of Economic Growth Samples †MyAssignmenthelp.com

Question: Discuss about theClassical Theory of Economic Growth. Answer: The CEO of McDonalds relies on smart and productive growth rather on the Growth which is at any cost; this is the classical approach which the entity has followed over years. The impact of classical approach has also assisted to handle the internal management like planning and decision making process, employee relation, communication, etc. The behavioral approach to human resource also helps the organization in dealing with the unconstructive aspects in a suitable way. The company follows the four principles (quality, standard, services and value), which are the only management philosophies which never changed in any of the outlet operating in any part of the world. Figure 1: Summarized Classical Approach to Management (Source: Landau, L. D. (Ed.). 2013) Traditionally, McDonald's has been viewed as a slow mechanism in context of renovations in getting new items out. In the fast casual market and competitive threat it is very important to make things happen quicker (Meade, J. E. 2013). The customers of McDonalds are relying on them for convenience and consistency; it was difficult for the management to live up to the expectations of speed. The four classical principles have assisted in developing a customer base seeking improved or ethnic fare with the introduction of a broad range of new items. The entity has enormous level of relevancy for proper planning of all the activities undertaken into the outlets. The company has been able to achieve element of quickness only through proper planning.The organizational has developed huge market share in short period of time. The organizational has developed huge market share in short period of time. References Books and Journal Landau, L. D. (Ed.). (2013).The classical theory of fields(Vol. 2). Elsevier. Meade, J. E. (2013).A Neo-Classical Theory of Economic Growth (Routledge Revivals). Routledge.