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• W2898099553 abstract "We revisit the recently revived concept of social economic progress. We take a microeconomic perspective and address economic progress where it originates, with value creation at individual businesses. We begin with a brief history of thought on the concept. We continue by analyzing how a business creates private value through productivity growth, which is a necessary but not sufficient condition for a business to create social value. We then adopt an analytical approach to value creation from the perspective of a business, by analyzing how the creation of private value has implications for the distribution of income and creates social costs and benefits. We argue that a business creates social value, thereby contributing to social economic progress, only if it creates private value, it distributes the value it creates in a balanced way, and it generates social benefits having greater value than the value of the social costs it generates." @default.
• W2898099553 created "2018-11-02" @default.
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• W2898099553 date "2018-10-01" @default.
• W2898099553 modified "2023-10-14" @default.
• W2898099553 title "The business foundations of social economic progress" @default.
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• W2898099553 doi "https://doi.org/10.1016/j.brq.2018.08.006" @default.
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