Economic Theory

Author: Client Uploads

December 6th, 2021

Milton Friedman, Nobel Peace Prize Winner in Economic Theory, said that the business of business and the only social responsibility of a business is to make a profit and that if it consistently fails that purpose, it will soon cease to exist. Do you agree with that sentiment? Why? Why not? Can one make a business argument for social responsibility? That is, can Friedman’s assertion be reconciled with the current theory that firms have a Social Responsibility to Society?

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