A History Lesson in the Economics of Outsourcing

Proponents of Game Theory and the win-win approach to business relationships, such as Nobel laureate John Nash (about whom I’ll write more about in an upcoming column for this “Academics of Outsouricng” blog series) actually have taken Smith’s basic precept a vital step further—that individuals and companies will seek what is best for them through fairness and honesty by working together!

Kate Vitasek is a faculty member of the University of Tennessee’s Center for Executive Education. She is the principal author of “The Vested Way: How a “What’s in it for We” Mindset Revolutionizes Business Relationships,” “Vested Outsourcing: Five Rules That Will Transform Outsourcing” and “The Vested Outsourcing Manual.” Another book, “Vested: How P&G, McDonald’s and Microsoft are Redefining Winning in Business Relationships,” was published by Palgrave Macmillan in September. Reach her at kvitasek@utk.edu.