Economics and Entrepreneurship in Social Change
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Explain how economics and entrepreneurship may be effectively and creatively employed as tools of social change in the service of a topic or cause that is important to you.
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Solution Summary
Economics and entrepreneurship are explained as tools of change.
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One explanation of how economics and entrepreneurship can be employed as tools of social change is through practices based on the concept of social entrepreneurship. Several definitions have been offered for the concept of social entrepreneurship. In one definition, social entrepreneurship may be defined as a professional, innovative and sustainable approach to system change that resolves social market failures and group opportunities (Aloyd, Brown, & Letts, 2004 as cited in Maris & Marti, 2004.pp. 4-5). In yet another definition, the concept may be defined a creating solutions to immediate social problems and mobilizing ideas. (Small business school, 2009).is defined as a practice that integrates economic and social values.
The development of social entrepreneurship as an area of research resembles the development of economic entrepreneurship. For example, similar to entrepreneur, social entrepreneurship as a scholarly endeavor is phenomenon-driven (Maris & Marti, 2006, p. 2). However, according to Maris and Marti, social entrepreneurship is distinguished from other forms of entrepreneurship in that a higher priority is given to providing social values versus obtaining economic value. For instance, ...
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