Nils Karlson och Elina Fergin (2014): Virtue as Competence in the Entrepreneurial Society, (Ratio Working Paper No. 250)

This paper analyses the relationship between competence and virtue. We argue that virtues should be regarded as a kind of competencies, which are essential in an entrepreneurial society, both for individual development and for the sustainability of such a society. Such competencies, or virtues, are essential not only for entrepreneurial success, but they may also be regarded as the informal norms, the rules of fair conduct, necessary to uphold an open market system. Moreover, to a certain degree virtues are learnt through the practice of entrepreneurship. Due to their importance, though, this may not be enough. Formal education should be complemented with situated learning, reflection and dialogue on moral and ethical issues, particularly in the context of management and entrepreneurial praxis.