Rethinking Business:
Professor Andy Hoffman Maps Out a Purpose-Driven Future on AMCC Podcast
In an era when companies are expected to go beyond profit and demonstrate leadership on issues like climate change, inequality, and community well-being, Professor Andrew Hoffman of the University of Michigan’s Erb Institute is offering a bold framework for change. On Episode 31 of Manufacturing an American Century, a podcast by the American Manufacturing Communities Collaborative (AMCC), Hoffman shares insights from his latest book, Business School and the Noble Purpose of the Market, and challenges business leaders to think differently.
Hoffman argues that business has become the most powerful institution in the world—and that with that influence comes responsibility. The old model, he says, of focusing solely on shareholder returns is no longer viable. Instead, he urges companies and business schools alike to realign around purpose: addressing the most pressing challenges of our time while still creating economic value.
The conversation is especially relevant for regional manufacturing leaders and business practitioners navigating economic transition. Hoffman outlines how business, academia, and government can work together to create regional ecosystems that support long-term, inclusive growth.
Key takeaways from the episode include:
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Reimagining capitalism: Hoffman challenges the dominance of shareholder primacy and makes the case for markets that create social and environmental value—not just financial gain.
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The role of business education: He calls on business schools to stop training students to simply maximize profits and start preparing them to be leaders in climate action, sustainability, and systems thinking.
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Opportunities for regional impact: From building trust in local institutions to redefining what prosperity looks like in American manufacturing, Hoffman emphasizes the unique opportunity for regional businesses to lead with purpose.
His reflections are grounded in both scholarship and personal experience, from his beginnings in construction to a career researching how markets can serve the public good. The episode speaks directly to practitioners who want to future-proof their organizations and lead with intention.