Profit and Social Responsibility

OpinionJournal has two reprints today of Peter Drucker articles from the late 70s. I love this part:

There is no conflict between "profit" and "social responsibility." To earn enough to cover the genuine costs which only the so-called profit can cover, is economic and social responsibility–indeed it is the specific social and economic responsibility of business. It is not the business that earns a profit adequate to its genuine costs of capital, to the risks of tomorrow and to the needs of tomorrow's worker and pensioner, that "rips off" society. It is the business that fails to do so.

Businesspundits such as myself love to hear that making a profit is our social responsibility.

Scroll down and check out the second piece too. It is more evidence that earnings per share is often a useless number.