New Strategies and Techniques

True Cost Economics and Business Social Responsibility

Understanding a vendor's operating behavior with respect to environmental record, ethics, fair labor practices and other key attributes of social responsibility should be integrated into the procurement process throughout all government agencies.

 

The externalization of business costs to society is a hidden tax on all members of society. Federal government can take a lead role in addressing a major shortcoming in the market economy -understand true costs of goods and services. This will reward companies that are evolving to mitigate their environmental impact, treat their workers and other stakeholders well, operate to a high ethical standard and exhibit other behaviors that should be commonplace in the business community.

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Idea No. 185