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Risk Taking and the Ethics of Entrepreneurship

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Business Ethics and Risk Management

Part of the book series: Ethical Economy ((SEEP,volume 43))

Abstract

Risk Management is not only about limiting risks, it is equally about encouraging people to take risks in a rational and controlled manner. This falls into the domain of entrepreneurship, some concepts of which are outlined. The article cites experimental findings relating to entrepreneurship and risk taking. General suggestions for ethics are eventually derived: Ethics should not neglect promoting entrepreneurship and entrepreneurial spirit.

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Notes

  1. 1.

    This is Hayek’s well-known argument against the possibility of a central planning authority, which, he argues, could never amass nor manage the amount of information necessary to produce and distribute the goods.

  2. 2.

    In the same vein, Schumpeter’s (1942) use of the (originally Marxist) term “creative destruction” is equally ambivalent.

  3. 3.

    Cf. the examples given by Pies, Winning, Sardison, Girlich (2009).

  4. 4.

    Cf. Luetge, Vollmer (2004). See also, for its consequences to business ethics, Luetge 2005 and 2006.

  5. 5.

    Cf. Luetge (2012b, 2013) as well as Homann (2002).

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Authors and Affiliations

  1. Peter Löscher Chair of Business Ethics, Technische Universität München, Munich, Germany

    Christoph Luetge

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  1. Christoph Luetge
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Correspondence to Christoph Luetge .

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Editors and Affiliations

  1. Peter Löscher Chair of Business Ethics, Technische Universität München, Munich, Germany

    Christoph Luetge

  2. Peter Löscher Chair of Business Ethics, Technische Universität München, Munich, Germany

    Johanna Jauernig

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Luetge, C. (2014). Risk Taking and the Ethics of Entrepreneurship. In: Luetge, C., Jauernig, J. (eds) Business Ethics and Risk Management. Ethical Economy, vol 43. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-7441-4_1

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