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When businesses focus only on making shareholders richer, the economy is worse off. A change in mindset inside firms is needed.
Read also Steve Denning's blog post on Forbes: Washington Post Joins Foes Of 'The World's Dumbest Idea'
As the economy improves and the baby boom generation retires, companies that have reputations as ruthless maximizers of short-term profits will find themselves on the losing end of the global competition for talent. In an era of plentiful capital, it will be skills, knowledge, creativity and experience that will be in short supply, with those who have it setting the norms of corporate behavior.