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This is the Cato Daily podcast for Thursday, May 13th, 2021.

I'm Caleb Brown.

Social entrepreneurship is business for good.

But like so many things in life, if you want your business to achieve that social good,

you have to be running a good business. Sam Staley is, among other things, a professor of economics

at Florida State University. We spoke last month.

When entrepreneurs go into business, there's a bottom line.

And it's a very clear bottom line.

It is profits and losses.

And that's the big measure you know that Milton Friedman talked about the

social responsibility of companies of corporations was to maximize profits.

And I understand that to a point.

I know there's some disagreement about,

I think it's a minor disagreement, frankly,

but people think that's gross and kind of gosh and ugly, that that is the one metric that

must be used, but I get it. If you're a business person person you would like to continue to exist so profits and losses matter and they matter more than anything else quite possibly.

...