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Pure profit

Christopher Tugendhat, chairman of Abbey National, rejects John Kay's claim that profit, like happiness, is best pursued indirectly

The fact that it has taken Oxford so long to establish a business school, and the controversy which attended its birth, attest to the strength of the doubts about the validity of business as a fit subject for study at our oldest university. In his inaugural lecture as director of the Said business school (Prospect, March 1998) John Kay makes a valiant attempt to secure a place for business on the Oxford scale of values. He does so by scorning the idea that profit is the defining purpose of business and asserting that, like happiness, it is best pursued indirectly.…

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