William J. Baumol on Social Responsibility

BAS_v50_72ppiRGB_powerpointRecently named by Thomson Reuters as one of the scholars predicted to be 2014 Nobel Laureate, William J. Baumol has led an active career as an American economic scholar. Dr. Baumol, now in his early nineties, is Harold Price Professor of Entrepreneurship and Academic Director of the Berkley Center for Entrepreneurship and Innovation at New York University, as well as Senior Economist and Professor Emeritus at Princeton University. He is the author of over 45 books. He recently wrote an article which appeared in Business and Society entitled “On the Appropriate Social Responsibilities of Successful Entrepreneurs.”

The abstract:

This article offers proposed guidelines intended to protect the public interest in relationship to the advocated social responsibilities of successful entrepreneurs. The author argues that the most effective approach, then, is not preaching about obligations but, rather, establishing financial incentives for doing well by doing good. One example is the U.S. patent system. Another is a redesigned tax system that uses imposts to make socially damaging activities expensive, while reducing the financial burden on virtuous behavior.

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This entry was posted in Compensation and Benefits, Corporate Social Responsibility, Economics, Entrepreneurship, Environmental and Social Issues, Politics, Rewards, Social Impact, Social Issues, Strategy, Sustainability and tagged , , by Cynthia Nalevanko, Editor, Management INK. Bookmark the permalink.

About Cynthia Nalevanko, Editor, Management INK

Founded in 1965, SAGE is the world’s leading independent academic and professional publisher. Known for our commitment to quality and innovation, SAGE has helped inform and educate a global community of scholars, practitioners, researchers, and students across a broad range of subject areas. With over 900 employees globally from principal offices in Los Angeles, London, New Delhi, Singapore, and Washington DC, our publishing programme includes more than 560 journals and over 800 books, reference works and databases a year in business, humanities, social sciences, science, technology and medicine. Believing passionately that engaged scholarship lies at the heart of any healthy society and that education is intrinsically valuable, SAGE aims to be the world’s leading independent academic and professional publisher. This means playing a creative role in society by disseminating teaching and research on a global scale, the cornerstones of which are good, long-term relationships, a focus on our markets, and an ability to combine quality and innovation. Leading authors, editors and societies should feel that SAGE is their natural home: we believe in meeting the range of their needs, and in publishing the best of their work. We are a growing company, and our financial success comes from thinking creatively about our markets and actively responding to the needs of our customers.

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