Think Biblically: Conversations on Faith & Culture Is Business a Force for Good? (with Jim Otteson)
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Aug 26, 2025 In this enlightening discussion, Jim Otteson, Professor of Business Ethics at Notre Dame and author of "Honorable Business," delves into the skepticism young people have towards business today. He tackles misconceptions around greed and consumerism, advocating for a redefined purpose of business focused on societal improvement. Otteson examines the hidden value entrepreneurs bring, critiques the narrow focus on shareholder wealth, and emphasizes the sacredness of work, encouraging a faith-driven approach to business that uplifts humanity.
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Markets Can Create Win‑Win Outcomes
- Many people wrongly adopt a zero-sum view that one person's business success harms others.
- In market exchanges both parties can benefit and transactions can expand the size of the pie.
Entrepreneurs Keep A Tiny Share Of Created Value
- Nobel laureate Nordhaus estimated entrepreneurs capture only a small fraction of the value they create.
- Most of the value (≈97.8%) flows to consumers and society, not just to founders.
Profit Is A Signal, Not The Purpose
- Profit and shareholder returns are tools and signals, not the ultimate purpose of business.
- The real purpose of business is to create goods and services that improve people's lives.