As the adverse social and environmental consequences of the blind pursuit of gross domestic product (GDP) expansion are becoming increasingly blatant, a growing number of economists such as Joseph Stiglitz and Amartya Sen have underscored the need to develop alternative approaches and indicators regarding macro-level growth.
Going beyond the macro
We believe that debate on growth cannot be led only at the macro level and ignore the question of growth at the micro, organisational level. In an influential 1970 article “The Social Responsibility of Business is to Increase Its Profits”, the economist Milton Friedman defended the idea that a company’s sole objective should be the long-term increase in shareholder wealth. Indeed, the overall goal of economic growth is associated, at the micro level, with a logic of profit maximisation for capital. In this view, organisational growth is considered as the holy grail for businesses. […]
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