Milton Friedman

Milton Friedman
In this essay I evaluate Milton Friedman's essay: "The Social Responsibility of Business Is to Increase Its Profits" in 1970, on the Social
Responsibility of a business and his theory, which is called the "Efficiency Perspective". In every article and book that I have read about social
responsibility, Friedman's "Efficiency Perspective is placed centrally. During my research I found that Friedman is often criticized for being too
classical. Friedman believes that manager's foremost objective or even moral obligation to the firm should be to maximize profits always. There is
however one condition that makes his perspective more complicated, not only for me, but also for several well–known authors. According to Friedman,
the managers'...show more content...
It can argue that both Friedman's thesis and the current practice of CSR lead to a lack of professionalism. Imagine we ask the question: what makes a
good shoemaker? For Friedman, it is making plenty of money. For the CSR zealot, it is spending Saturday afternoon volunteering in the local animal
shelter. Yet common sense tells us that neither is true, that the good shoemaker is the one who makes good shoes at affordable prices, because shoes
are something that everyone in the community needs.
Medieval philosophers – unlike early Christian writers who generally took a dim view of mercantile trade – appreciated that merchants perform a
useful social function, not by maximizing the profits of their shareholders, but by relocating goods from areas of abundance to areas of scarcity,
contributing to a more equitable distribution of the earth's resources and to the satisfaction of legitimate wants. The function of a business – mercantile
or otherwise – is not, according to this reading, to maximize private profit by making as much money as possible, but to maximize the common good
by making goods and services available to those who are in need of them. True corporate social responsibility is not an 'extra–curricular' activity, but the
practice of the virtues proper to a particular occupation and the will to act in accordance with the truth that the purpose of one's profession is to fulfill
as perfectly as possible some definite function within the community.
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Milton And Friedman
To begin with, in regards to how Milton and Rose Friedman view the relationship between equality and freedom, the following quote from the excerpt
of Free to Choose struck me as the most powerful: "A society that puts equality...ahead of freedom will end up with neither equality nor freedom. The
use of force to achieve equality will destroy freedom... On the other hand, a society that puts freedom first will, as a happy by–product, end up with
both greater freedom and greater equality" (Sandel, 59). Therefore, the Friedmans place a higher value on freedom and believe that equality will
follow if freedom is first enacted. I agree that to an extent freedom should be above equality. Without freedom of choice and freedom to use one's
resources how...show more content...
From Robert Nozick's Anarchy, State and Utopia, it appears that one of the guiding principles in each person's liberty is the entitlement theory and
how each person obtains their goods. When considering redistribution, Nozick claims, "From the point of view of an entitlement theory,
redistribution is a serious matter indeed, involving, as it does, the violation of people's rights" (Sandel, 68). Thus, Nozick believes that redistribution
acts contrary to each person's rights to their own goods. Drawing from the ideas of Locke, "Anyone is entitled to own a thing whose value he has
created" (Sandel, 72). Therefore, pooling these ideas together, personal liberties are valued so highly because when someone obtains something justly
and created value in it, he or she deserves to reap the benefits. I am not sure that personal liberties should take absolute primacy over everything, but
they definitely deserve a good amount of attention. My hesitation is that if everyone only has concern for their own personal liberties, that could
interfere with other's personal liberties. I think the freedoms of the broader society should also play a strong role in determining equality and liberties for

Milton Friedman Essay
Milton Friedman
Milton Friedman has been credited with many different achievements, including being one of the most effective advocates of economic freedoms and
free enterprise, being the greatest economist to ever walk the face of the earth, and proving every single word that Lord Maynard Keynes ever said to
be wrong. Why these may or may not all be true, it is obvious that Friedman was a brilliant man of many accomplishments.
Milton Friedman was born on July 15th, 1912 in New York City. His parents were poor immigrants and his father died when he was a senior in high
school. Despite all of these obstacles he had to overcome, Friedman received a scholarship to Rutgers University and got his B.A., an M.A. in 1933
from the...show more content...
He is a past president of the American Economic Association, the Western Economic Association, and the Mont Pelerin Society and is a member of
the American Philosophical Society and the National Academy of Sciences. Friedman was awarded with many honorary degrees by universities in
the United States, Japan, Israel, and Guatemala, as well as the Grand Cordon of the First Class Order of the Sacred Treasure by the Japanese
government in 1986. He is known as the leader of the Chicago School of monetary economics.
Milton Friedman is the author of many books and two public television series that he did with his wife Rose: Free to Choose(1980) and Tyranny of
the Status Quo(1984). His most important books include Free to Choose and Tyranny of the Status Quo( both of which compliment the TV series),
Capitalism and Freedom(1962 with Rose D. Friedman); and Bright Promises, Dismal Performance (1983), which consists mostly of reprints of
tri–weekly columns that he wrote for Newsweek from 1966 to 1983. Also, A Theory of the Consumption Function(1957) and A Monetary History of
the U.S.(1963 with A.J. Schwartz).
Milton Friedman has a primary belief in the tenet of limited government. He describes himself as classic liberalism. Today's liberalism views are very
opposite to Friedman's, and therefore he is often considered a Republican Libertarian, as

Milton Friedman Essay
Milton Friedman
Milton Friedman is known as one of the top economists in the world. He has a Ph. D. from Columbia University, won a Noble Memorial Prize in
economics and has also been awarded many honorary degrees by other Universities in the
United States. As you can tell, Milton Friedman has played a significant part in helping to solve the economy problems of the world. You've probably
heard all about his accomplishments and awards he has received, but what about how Milton
Friedman played a very important role in helping us get into a huge national debt? This paper will discuss how Milton Friedman played a negative
role in our economy. When the Great Depression hit worldwide, it was up to the economists to explain it and to devise a...show more content...
In seven short years, under the Keynesian policy, the U.S. went from the greatest depression it has ever known to the greatest economic boom it has
ever known. The success of Keynesian economics was so astounding that almost all capitalist governments around the world started using it. And the
result was the extinction of the economic depression! Before World War II, eight U.S. recessions worsened into depressions (1807, 1837, 1873, 1882,
1893, 1920, 1933, and 1937). Since World War II, under Keynesian policies, there have been nine recessions (1945–46, 1949, 1954, 1956, 1960–61,
1970, 1973–75, 1980–83, 1990–92
), but not one has turned into a depression. The success of Keynesian economics was such that even Richard Nixon once said, "We are all
Keynesians now(Keynes,
289)."
Well, that was the theory the governments were using at the time to control the economy. Obviously there were some people who objected against use
of this theory. One of them was Milton Friedman.
He believed that the only function the government should be allowed is to control the circulation of cash. Although he accepted Keynes' definition of
recessions, he rejected the cure. He believed that the government should butt out of the business of expanding or contracting the money supply. It
should keep the money supply steady, expanding it slightly each year only to allow for the growth of the economy and a few other

Milton Friedman's Ideas Essay
INTRODUCTION
Milton Friedman's ideas where thought to be radical, but he was the most authoritative figure in the economics field in the 20th century, (Placeholder2)
and was known most for his thoughts on free enterprise, classical liberalism and limited government. (Placeholder3) His views shaped modern
capitalism. (Placeholder2) He was against government intervention and favored free markets (Placeholder6).
"If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand." – Milton Friedman
His contributions were many, to name a few:
Monetary theory and policy
Price theory
Permanent Income
Quantity Theory
Consumption function and permanent–income hypothesis
Friedman–Phelps...show more content...
In an effort to finance the war effort, he designed the income tax withholding system. It was supposed to be a temporary emergency measure but the
government later made it a permanent part of its peacetime taxation. He would always reget forcing withholding on Americans. (Placeholder6).
(Placeholder8)
Another job Friedman held was author, creator and narrator of the PBS TV documentary series Free to Choose. and he worked as a columnist for
Newsweek for over 15 years authoring several books, technical academic papers and columns. His books, Capitalism and Freedom and Free to Choose
were best sellers. (Placeholder3) He had also won the Noel Prize for Economic Science in 1976 (Placeholder2)
Mr. Friedman was influenced by Fredrich von Hayek a free–market thinker and believed that the government should stay out of peoples affairs
whenever possible letting and that market could solve economic problems more efficiently than government officials could. This idea became known
as the "Chicago School" of economics, a concept of free–market capitalism. (Placeholder2)
In the 1960's Milton Friedman was known to say "there's no such thing as a free lunch. "If the government spends a dollar, that dollar has to come

from producers and workers in the

Milton Friedman
Milton Friedman
Milton Friedman, like so many great life stories, was the subject of a very tough childhood. He was son to a couple of poor immigrants, born on 31
July 1912, in New York, America. At the age of fifteen, Friedman's father died. Despite this, he won a scholarship to both Rutgers University and the
University of Chicago, where he achieved a Bachelor of the Arts degree in economics. The very next year he received an MA at Chicago University.
He then worked for the National Bureau of Economic Research (from 1937) while teaching at many universities, but it was only at Chicago in 1946
that he was given the title of 'professor of economics'. Thirty years later, in 1976, he was awarded the Nobel Prize for economics, "for his...show more
content...
In recent years, however the government has been selling more and more of what were previously thought of as services, such as public transport,
prisons, and telecommunications to private investors. It appears that the government is sending the economy into a Friedman (laissez–faire) style
society, which is probably at the will of those who already have great wealth and (and occasionally or) power (i.e. Jeff Kennett). The Government does
this, only because it brings in immediate short–term revenue. I do not believe however, that this will be an overall gain for the economy in the long run.
I chose, after reading through a brief biographical description of each of the six economists and their different theories, to conduct a study of Milton
Friedman. I choose Friedman in particular because I thought it might be interesting to study his extremely controversial views in greater detail, and it

Milton Friedman
The American economist, Milton Friedman supported the free markets in short of government guideline influence, inevitable that most of the
government will privatize most of its state corporations. Global Public Square (2011). The management when brought before the house committee,
they confessed that the government did not interfere with the running of the corporation. The Ethical Structure that could have assisted the corporation
remained in the influences of the government officials (Anderson, 2012). The government did not have to link the specific subdivision to start the
corporations, in this like a project entrepreneurial that only has a role in the substances of energy to create ethical framework.
The corporation management ought to have kept an eye on Milton Friedman's Philosophy. Friedman, the twenty century economist, who...show more
content...
He specified the position of unfettered market and it was very clearly that many counties had shadowed his philosophy; his line of thought was where
countries had expanded with opportunity from the corporations. In Solyndra circumstance, I would state that the government had left all the energy
corporations to their own strategies and arrangements and consent any guesswork to the specialists of marketing such as a venture capitalists. This was
become known in the supposition of the corporation and they forfeiture over half a billion dollars of society's taxes this should of never occurred
(bowman, 1990). The unethical and unlawful engagements of the bankruptcy had the greatest result on the managers of Solyndra. Many managers
pleaded in front of the firm's panel, and some of the high–ranking superviser at Solyndra has exploited their bonuses and reimbursed to them in the sum
of $ 370, 000 concerning the corporation's full indebtedness which was attained. The investors of the corporation said that the government did not
interfere in

Milton Friedman Summary
American Economists, Milton Friedman stated in his famous 1970 New York Times Magazine article, "the manager is the agent of the individuals who
own the corporation", he continues with writing about how the manager's primary "responsibility is to conduct the business in accordance with [the
owner's] desires". While at this time, this assumption was greatly appreciated considered, many economists have to come to the realization that there
are a lot of flaws associated with this view. It has since then been developed and critiqued. In this essay, it is my intention to discuss the implications
and problems that came along with Friedman's opinion. Touching upon theories such as the principal–agent theory to solidify the limitations of this
view in practice. I will also discuss the relationship between a shareholder–centered perspective and value–transfer and value–creation. First, we must
understand what Friedman's view is on corporate social responsibility. What are the social responsibilities that a corporation must follow? Friedman
discussed in his article that it is the corporation's responsibility to make as much money as possible for the stockholder. This statement made by him
made me wonder about safety for the workers, excessive pollution, and how situations are handled in less–developed countries and child labor laws. I
think that Friedman was not aware how this statement would be interpreted, especially in an inappropriate way. He was probably looking at the short

Milton Friedman
Milton Friedman
Michelle Meyer
MBA604
November 6, 2016
Ron Myszkowski
Milton Friedman
In his paper, The Social Responsibilities of Business is to Increase its Profits (Friedman, 1970), Milton Friedman discusses social responsibility and
what he feels it means in the business arena. He goes on to say "A corporation is an artificial person" (Friedman, 1970) and since this is not a real
person, cannot have any responsibilities. While a corporation or business has a leader or board of directors, Friedman states these individuals cannot
make decisions on social responsibility without eating into the profits of the company, the employee's wages, or even the price that the customer has to
pay for the item.
Upon my first review of Friedman's article, I thought he was throwing everything about a good company out the window. After reading it a second
time, and realizing it was written in 1970, I believe he was stating the first responsibility of a company is to make a profit. Why else would you be in
business? You cannot make money if you give your goods away for free! I believe this is the foundation of any business, to make a...show more
content...
So the next step in the business should be the legal responsibilities. In his article, Friedman states there are "constitutional, parliamentary and judicial
provisions" that can impact a business. Think about climate control and greenhouse gases. "Standards for automobile fuel economy were established
under the Energy Policy and Conservation Act (EPCA) of 1975, and have subsequently been increased and expanded to include most light trucks."
("Federal Actions: Federal Programs Directory – DOT Transportation and Climate Change Clearinghouse," 2016) Automobile manufacturers need to
follow the laws on emissions when building new vehicles. Whether they choose to follow the law becomes an ethical issue which I believe is another
step in their

Milton Friedman

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Milton Friedman