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Is there an Economics of Social Business?

Author

Listed:
  • MAHMUD, WAHIDUDDIN

    (Former Professor of Economics at University of Dhaka, Bangladesh.)

Abstract

The idea of social business, as advocated by Nobel Peace laureate Muhammad Yunus, has drawn considerable attention from the global business community and many business schools around the world, but so far there has been little response from the mainstream economic profession. This paper explores the reasons for this apathy and the ways in which the concept of social business could be reconciled with economic theorising. It also argues that a rigid definition of social business may leave a grey area in between such businesses and the purely profit-motivated ones, particularly since the “social” element may exist in various shades in the running of a business. Although the paper primarily looks at the analytical aspects of the concept of social business, it does examine some of the risks and pitfalls involved in the actual implementation of such a business idea.

Suggested Citation

  • Mahmud, Wahiduddin, 2017. "Is there an Economics of Social Business?," Bangladesh Development Studies, Bangladesh Institute of Development Studies (BIDS), vol. 40(3-4), pages 159-169, Sep-Dec.
    • Handle: RePEc:ris:badest:0815
    as

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    References listed on IDEAS

    as
    1. Winter, Sidney Jr., 1969. "A simple remark on the second optimality theorem of welfare economics," Journal of Economic Theory, Elsevier, vol. 1(1), pages 99-103, June.
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    More about this item

    Keywords

    Social Business; Economics of Social Business; Corporate Social Responsibility;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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