How to Improve Our Pending Global Village by Application of Novel Economic Instruments | Chapter 10 |New Innovations in Economics, Business and Management Vol. 7

 Goals: A general effort is made to achieve desired outcomes with as few resources as possible. There is a growing demand for more cost-effective organisations, necessitating this research to increase policy efficiency and boost technology standards in diverse communities around the world. When national cultures and economies are dissolved in the upcoming Global Village, this makes it easier for local businesses to compete with global firms. The NORDIC (Natural Optimised Revenue Demand in Communities) model is used to enhance the flow of physical and intangible utilities via various entities, such as manufacturing enterprises and nations. The used economic tool also improves an organization's environmental footprint.

Methods: The work is based on the existing Efficient Use of Resources for an Optimal Production Economy (EUROPE) model, which is being improved. Constructed shadow costs are introduced into an organization's accounting system to provide financial incentives to enhance the economy, technology, and environment. A logical-historical disposition is emphasised in the scientific work's design.

The NORDIC model provides managers with a management tool. The model can be used in both the public and private sectors. The method provides a key metric for evaluating and improving the performance of actors. A manual for using the NORDIC model in practise is provided. The case study demonstrates how to create a financial incentive for Sweden's health care, education, and social services to cut costs and improve efficiency.

Conclusions: The model has utility for a variety of entities within nations, such as public sectors. When the findings of this study are implemented, citizens of the increasingly integrated global market enjoy a better quality of life and improved health as a result of a stronger economy. Studies on how the NORDIC model might be adapted to larger units may be done in the future. The model has the potential to be used in a worldwide context.


Author(S) Details

Jan Stenis
Näsbychaussén 52 A, SE-291 35 Kristianstad, Sweden.

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