There are two models of social responsibility. o The Economic Model . The economic model of social responsibility holds that society will benefit most when business is left alone to produce and market profitable products that society. The merits of the economic and socioeconomic models have been debated for years.Click to see full answer. Furthermore, what is the social responsibility model?Social responsibility is an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems.Beside above, what are the three models of corporate social responsibility? Milton Friedman’s statement that management is to make as much money as possible within the limits of the law and ethical custom embraces three components of the CSR pyramid—economic, legal, and ethical. Then, what are the two views of social responsibility explain? Two contrasting philosophies, or models, define the range of management attitudes toward social responsibility; the economic and the socioeconomic model. According to the traditional concept of business, a firm exists to produce quality goods and services, earn a reasonable profit and provide jobs.What is the economic model of corporate social responsibility? The economic model of corporate social responsibility Tradition suggests that a business exists solely to respond to market demand, produce quality product based on the demand, and generate profits. Responsibility that extends unto the community defeats the purpose of a free-market economy according to Friedman.