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What Are the Advantages and Disadvantages of Filling Open Positions

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What are the advantages and disadvantages of filling open positions with inside candidates?


Definitions:

Market System

An economic system whereby decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals working for their own gain unintentionally benefit society.

Wealth of Nations

A seminal book by Adam Smith that examines how nations achieve wealth and economic growth.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his book "The Wealth of Nations," which lays the foundation for classical economics.

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