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The Friedman doctrine, also called shareholder theory, is a normativetheory of business ethicsadvanced by economist Milton Friedmanwhich holds that the social responsibility of business is to increase its profits.[1] This shareholder primacyapproach views shareholders as the economic engine of the organization and the only group to which the ...
t. e. Milton Friedman ( / ˈfriːdmən / ⓘ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. [ 4] With George Stigler, Friedman was ...
Capitalism and Freedom. Capitalism and Freedom is a book by Milton Friedman originally published in 1962 by the University of Chicago Press which discusses the role of economic capitalism in liberal society. It has sold more than half a million copies since 1962 and has been translated into eighteen languages.
Free to Choose: A Personal Statement is a 1980 book by economists Milton and Rose D. Friedman, accompanied by a ten-part series broadcast on public television, that advocates free market principles. It was primarily a response to an earlier landmark book and television series The Age of Uncertainty , by the noted economist John Kenneth Galbraith .
Economist Milton Friedman introduced the Friedman doctrine in a 1970 essay for The New York Times, entitled "A Friedman Doctrine: The Social Responsibility of Business Is to Increase Its Profits". [4] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [5]
First edition. (publ. University of Chicago Press) Milton Friedman 's book Essays in Positive Economics (1953) is a collection of earlier articles by the author with as its lead an original essay "The Methodology of Positive Economics." This essay posits Friedman's famous, but controversial, [citation needed] principle (called the F-Twist by ...
In the 1960s and 1970s, the economist Milton Friedman, in response to the prevailing mood of philanthropy, argued that social responsibility adversely affects a firm's financial performance and that regulation and interference from "big government" will always damage the macro economy. [8]
A new Friedman biography ably explores the economist's ideas but sidesteps the libertarian movement he was central to. The Best of Reason: Milton Friedman Was No Conservative Skip to main content
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