Open AccessSocial Value Creation and Institution-Entrepreneurial Dynamics in a Three Sector Economy
Author(s) -
Gift Dafuleya
Publication year - 2014
Publication title -
journal of economics and behavioral studies
Language(s) - English
Resource type - Journals
ISSN - 2220-6140
DOI - 10.22610/jebs.v6i10.539
Subject(s) - realm , clarity , institution , scope (computer science) , value (mathematics) , context (archaeology) , social institution , social economy , business , economics , economic system , public relations , sociology , market economy , political science , social science , paleontology , biochemistry , chemistry , machine learning , computer science , law , biology , programming language
This paper attempts to answer the question: who creates social value in an economy, for whom and how? By examining the focal institutions that operate in a three sector economy, the paper, at the risk of oversimplifying and over narrowing the scope, develops an institution-entrepreneurial matrix that categorise institutions and provides clarity on the field of play. Coupling this with an institutions-actions model, the paper creates two scenarios of institution-entrepreneurial dynamics within the context of social value creation. The analysis demonstrate that mission drifts that adjust the realm of organizations are inevitable, but need to be carefully managed to avoid mix-up on who does what, for whom and how. At the heart of the discussion is the role of social entrepreneurs whose creation of social value to the segment of humanity in an unjust equilibrium is slightly distinct from the rest. Their unique realm lies in the realisation of nuanced pare to improvements.