IEEE Technology and Society Magazine - September 2022 - 36

Technological Stewardship and Responsible Innovation
(and perhaps any other technology). In setting and
revising objectives, the team must ask not only " will
this product will be purchased by customers?, " but
that " are we creating something for the good of our
customers as persons, which will positively affect the
way they come to know themselves and their own
values, the ways they form and maintain their valued
associations, and the way they envision themselves
as members of society and of humankind? "
The act of innovative design is a declaration of what
the team itself thinks of the human uses implied by
its creation, especially of the acceptability of those
uses.
iCt Companies Challenge our traditional notions
of ethical responsibility. But at the same time, their
technological visions and their Agile management
point the way toward ethical design. Through the
considered use of these methods, the imperatives of
market-beating innovation can come together with the
imperatives of ethical assessment, and the ICT company
can responsibly undertake the business not solely
of profit-making but of shaping the ethical world. 
 References
[1] M. Friedman, " The social responsibility of business is
to increase its profits, " The New York Times Magazine,
Sep. 1970.
[2] L. Stout, The Shareholder Value Myth. San Francisco,
CA, USA: Berrett-Koehler, 2012.
[3] S. Denning. The Dumbest Idea in the World:
Maximizing Shareholder Value. Accessed: Sep. 17,
2014. [Online]. Available: https://www.forbes.com/sites/
stevedenning/2011/11/28/maximizing-shareholder-valuethe-dumbest-idea-in-the-world/?sh=154347632287
[4]
O. E. Williamson, " The vertical integration of
production: Market failure considerations, " Amer. Econ.
Rev., vol. 61, no. 2, pp. 112-123, May 1971.
[5] O. E. Williamson, " The organization of work a
comparative institutional assessment, " J. Econ. Behav.
Org., vol. 1, no. 1, pp. 5-38, Mar. 1980.
[6] A. A. Alchian and H. Demsetz, " Production, information
costs, and economic organization, " Amer. Econ. Rev.,
vol. 62, no. 5, pp. 777-795, Dec. 1972.
[7] S. J. Grossman and O. D. Hart, " The costs and benefits of
ownership: A theory of vertical and lateral integration, " J.
Political Economy, vol. 94, no. 4, pp. 691-719, Aug. 1986.
[8] M. C. Jensen and W. H. Meckling, " Theory of the
firm: Managerial behavior, agency costs and
36
ownership structure, " J. Financial Econ., vol. 3, no. 4,
pp. 305-360, Oct. 1976.
[9] D. Kreps, " Corporate culture and economic theory, "
in Perspectives on Positive Political Economy,
K. A. Shepsle and J. E. Alt, Eds. Cambridge,
U.K.: Cambridge Univ. Press, 1990, pp. 90-143,
doi: 10.1017/CBO9780511571657.006.
[10] R. G. Rajan and L. Zingales, " Power in a theory of the
firm, " Quart. J. Econ., vol. 113, pp. 387-432, May 1988.
[11] G. Baker, R. Gibbons, and K. J. Murphy, " Informal
authority in organizations, " J. Law, Econ., Org., vol. 15,
no. 1, pp. 56-73, Mar. 1999.
[12] G. Baker, R. Gibbons, and K. J. Murphy, " Relational
contracts and the theory of the firm, " Quart. J. Econ.,
vol. 117, no. 1, pp. 39-84, Feb. 2002.
[13] S. Denning, The Age of Agile: How Smart Companies
are Transforming the Way Work Gets Done. New York,
NY, USA: American Management Association, 2018.
[14] D. Rigby, S. Elk, and S. Berez, Doing Agile Right:
Transformation Without Chaos. Boston, MA, USA:
Harvard Business Rev. Press, 2020.
[15] E. Schmidt and J. Rosenberg, How Google Works,
Updated. New York, NY, USA: Grand Central
Publishing, 2017.
[16] J. Doerr, Measure What Matters: How Google, Bono,
and the Gates Foundation Rock the World With OKRs.
New York, NY, USA: Portfolio/Penguin, 2018.
[17] H. Takeuchi and I. Nonaka, " The new new product
development game, " Harvard Business Rev., vol. 64,
no. 1, pp. 137-146, Feb. 1986.
[18] I. Nonaka and H. Takeuchi, The Knowledge-Creating
Company. New York, NY, USA: Oxford Univ. Press, 1995.
[19] I. van de Poel, " Design for value change, " Ethics Inf.
Technol., vol. 23, no. 1, pp. 27-31, Mar. 2021.
[20] H. Demsetz, " The firm in economic theory: A quiet
revolution, " Amer. Econ. Rev., vol. 87, no. 2,
pp. 426-429, May 1997.
[21] K. J. Arrow, " General economic equilibrium: Purpose,
analytic techniques, collective choice (nobel memorial
lecture 12 December 1972), " in Nobel Lectures
in Economic Sciences, vol. 1, A. Lindbeck, Ed.
Singapore: World Scientific, 1980, pp. 109-131.
[22] K. J. Arrow, " The firm in general equilibrium theory, "
in The Corporate Economy: Growth, Competition,
and Innovative Potential, R. Marris and A. Wood, Eds.
Cambridge, MA, USA: Harvard Univ. Press, 1971,
pp. 68-110.
[23] E. T. Penrose, Theory of the Growth of the Firm, 3rd
ed. Oxford, U.K.: Oxford Univ. Press, 1995.
IEEE Technology and Society Magazine

https://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/?sh=154347632287 https://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/?sh=154347632287 https://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/?sh=154347632287

IEEE Technology and Society Magazine - September 2022

Table of Contents for the Digital Edition of IEEE Technology and Society Magazine - September 2022