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Internalizing Moral Markets: Solving the “Smith Problem”

In: Humane Entrepreneurship Creating a New Economy, Venture by Venture

Author

Listed:
  • Craig S. Galbraith
  • Curt H. Stiles

Abstract

By the very individualistic nature of entrepreneurship, true entrepreneurs internalize the normal separation between market activities and social activities. This is a key issue in understanding how the entrepreneur, versus other business decision makers, can incorporate a humane perspective within the larger context of the modern economic world. Although Adam Smith is often considered the father of modern economics, he really did not explore in detail the nature of entrepreneurial action, and its role in innovation and economic growth. Smith, however, does spend an extensive amount of time on the idea of human beneficence, and the impacts that the human characteristics of virtue, charity, and sympathy have upon economic behavior…

Suggested Citation

  • Craig S. Galbraith & Curt H. Stiles, 2023. "Internalizing Moral Markets: Solving the “Smith Problem”," World Scientific Book Chapters, in: Humane Entrepreneurship Creating a New Economy, Venture by Venture, chapter 11, pages 125-140, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811271243_0011
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    More about this item

    Keywords

    Humane Entrepreneurship; Humane Economies; Humane Capitalism; History of Entrepreneurship; Entrepreneurship; Humaneness; Economic History; Markets And Morality; Ethical Markets;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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