Rule #1: Focus on Outcomes, Not Transactions

Kate Vitasek, Jacqui Crawford, Jeanette Nyden and Katherine Kawamoto

Chapter Chapter 3 in The Vested Outsourcing Manual, 2011, pp 43-90 from Palgrave Macmillan

Abstract: Abstract Adam Smith, an eccentric Scottish academician at Glasgow University, observed human propensity for self-interest and formulated the law of supply and demand in 1776 with the publication of An Enquiry into the Nature and Causes of the Wealth of Nations. His theory said that society benefits as a whole from a multiplicity of trading transactions because humans seek what is best for them, resulting in fairness and honesty among equals. As demand for repeat transactions emerged, trading preferences evolved and modern transaction-based business models were born. These transaction-based business models have been the cornerstone of conventional business relationships ever since.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-51246-8_4

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DOI: 10.1007/978-1-137-51246-8_4

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