Are successful business people beneficial to society: an analysis based on consumer preferences

Abstract

Common perceptions may view successful business people with suspicion, assuming that their achievements are gained at the expense of others or through less-than-ethical means. However, a fundamental truth about genuine success in business is that business should inherently benefit others. This article argues that despite potential negative impacts, through responsible business practices and appropriate regulation, successful business people can effectively cover their potential negative effects in both wealth creation and expenditure processes. Successful business people will increase social welfare by promoting job creation, driving innovation, and dedicating themselves to charitable causes. This article further adopts the basic concept of “prisoner’s dilemma” in game theory to analyze the evolving relationship between business practices and consumer choices. It explains how consumer preferences shape corporate behavior, leading to more socially responsible and environmentally sustainable practices.