New York, Sept. 23 -- Chief Adviser Prof Muhammad Yunus on Monday said they must move towards an economy that places human well-being, social justice and environmental stewardship above the narrow accumulation of wealth.

"This is not a utopian ideal. It is a necessary evolution. And at the heart of this new economy lies social business," he said, adding that social business is not a niche concept, it is a fundamental principle that business can and must exist to make a difference, not just a profit.

Prof Yunus made the remarks while delivering the keynote speech at UN high-level event on "Social Business, Youth and Technology" at UN Headquarters in New York.

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