The High Price of Efficiency has proven to offer a particularly prescient warning before the current...

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Operations Management

The High Price of Efficiency has proven to offer a particularlyprescient warning before the current crisis emerged and thesubsequent breakdown in many global supply chains. Using therecommendation for building resilience offered in the article, lookat an industry of your choice that is hit hard by the crisis andoffer a plan forward, explaining the industry-specific actionsrequired to follow the steps recommended in the article.
High price efficiency
â€¢The single-minded pursuit of efficiency makes businesses lessresilient
â€¢Businesses that are consistently more efficient can game themarket
â€¢Industries then consolidate around a single dominant businessmodel, leading to a high risk of catastrophic failure
â€¢Resilience demands policy initiatives that limit scale,introduce friction, promote patient capital, create good jobs andteach for resilience

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In this pandemic situation the business that are consistently more efficient Can game the market In The Invisible hand of competition self interested people Can maximize the value of a commodity in every dynamic market in which outcomes are really random now See Answer

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