Welfare Economics
Welfare Economics (WE) is an important scientific subject because can be a goal of the socio-economic policy of modern states. Although the relation between business successes and social development is not always obvious but can be similar to the process of seeking a balance between challenges and opportunities. An increasing number of enterprises understand the importance of socially responsible activities and their role in building a common WE based state. The result of such an approach is the fact that enterprises take into account all stakeholders’ interests and this became a permanent element of their strategies. This paper presents the literature review of fundamental concepts for the WE. Then two ideas the Corporate Social Responsibility (CSR) and Creating Shared Values (CSV) as the key elements of WE are presented and compared. Finally, scientific consideration is supported by an illustrative case study of a Japanese company operating in Poland, which leads towards conclusions. The main finding of this paper is a recommendation for companies to treat CSV as the next stage of development after they implemented CSR oriented strategies.