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Post By
seeker

Member Since: Sat May 17, 2008
Posts: 7,976
In Reply To
Skrull

Subj: Re: Milton Friedman: Economist
Posted: Wed Oct 15, 2008 at 12:28:04 pm EDT (Viewed 501 times)
Reply Subj: Milton Friedman: Economist
Posted: Tue Oct 14, 2008 at 07:28:00 pm EDT (Viewed 732 times)


>
> Go to http://www.reason.com/news/show/32239.html and you'll find the following paragraph:
>
> ---------------------------
> In 1970 Milton Friedman wrote that "there is one and only one social responsibility of business--to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud." That's the orthodox view among free market economists: that the only social responsibility a law-abiding business has is to maximize profits for the shareholders.
> ---------------------------
>
> Do you agree or disagree with Milton Friedman and the orthodoxy view among free market economists?
>
> Other possible stakeholders of any business: its workers, its customers, its suppliers, its community, and its nation.
>
Actually, from what my economic professors have told me while his view is still overall dominant most if not all of them think it is incomplete. I suppose it depends on how you define social responsibility depends on how much I agree with it.


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