On: Steve Jobs and the Purpose of the Corporation

[mwsherman]

The purpose of a corporation is not to maximize shareholder value, per se. It’s to allow a group of people to work together under a legal framework, which includes things like public offerings of stock. Shareholders can buy into that for whatever reason they want.

(Also, this article makes business theory sound frighteningly simplistic and divorced from markets. I hope I am wrong.)

[redwood → mwsherman]

..a legal framework whereby the owners of the company have limited liability for the company's financial obligations