Notes 1. In fact, individual profit maximization does not always maximize social welfare, of course.
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But—in terms of our framework—this is the result of imperfect markets which we will discuss in greater detail below. To be sure, the fiduciary argument has been widely criticized on various grounds Hart and Zingales ; Stout Note, however, that the aim of this section is neither to criticize nor to defend single-objective or multi-objective theories.
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Sometimes, it is not the quantity but the quality of products that meets ethical criticism. A graphic analysis of such problems would require a different model and hence a different diagram. However, the logic of our argument would remain the same: It would 1 demonstrate a gap between market equilibrium and social optimum, and it would 2 raise the crucial question how to bridge this gap.
Hence we think it is appropriate to settle for the analytically most simple exposition of imperfect markets.
With regard to input markets, e. The moral reorientation of priorities, proposed by multi-objective theories of the firm, would then not refer to the supply curve but to the demand curve.
We would like to reiterate that our assumption of profits as the overriding corporate goal is a methodological ascription, not an ontological statement. We neither claim that companies have motives in an empirical sense; nor that all companies, let alone founders and managers, are predominantly driven by the desire to make money.
What we argue is that for the sake of theoretical consistency, it is legitimate and useful to make this assumption cf.