by Summary:
In September 1970 Milton Friedman published an articlein The New York Times Magazine, “The Social Responsibility of Business is to Increase its Profits.” Friedman, who has received the Nobel Prize in Economics in 1976, is probably the most influential economist of the second half of the twentieth century. His views have become the mainstream economic thinking, although few economists today care to state them as boldly as Friedman. In my recent book UltrasocietyI use the examples of fictional Gordon Gekko (a character in the movie Wall Street) and all-too-real Jeff Skilling (the CEO of Enron) to explain why this view is wrong. Yet I have wondered on occasion, do economists really believe that “the world runs on individuals pursuing their self interests” (to use another Milton Friedman
Topics:
Mike Norman considers the following as important: economic methodology, economics and morality, Milton Friedman, rational utility maximization
This could be interesting, too:
In September 1970 Milton Friedman published an articlein The New York Times Magazine, “The Social Responsibility of Business is to Increase its Profits.” Friedman, who has received the Nobel Prize in Economics in 1976, is probably the most influential economist of the second half of the twentieth century. His views have become the mainstream economic thinking, although few economists today care to state them as boldly as Friedman. In my recent book UltrasocietyI use the examples of fictional Gordon Gekko (a character in the movie Wall Street) and all-too-real Jeff Skilling (the CEO of Enron) to explain why this view is wrong. Yet I have wondered on occasion, do economists really believe that “the world runs on individuals pursuing their self interests” (to use another Milton Friedman
Topics:
Mike Norman considers the following as important: economic methodology, economics and morality, Milton Friedman, rational utility maximization
This could be interesting, too:
Robert Skidelsky writes Milton Friedman – economic visionary or scourge of the world?
Matias Vernengo writes The Forgotten Case Against Milton Friedman: Jacobin’s Interview with Tom Palley
Robert Vienneau writes On Equilibrium
Matias Vernengo writes Rational expectations, New Classicals, and Real Business Cycles Schools
In September 1970 Milton Friedman published an articlein The New York Times Magazine, “The Social Responsibility of Business is to Increase its Profits.” Friedman, who has received the Nobel Prize in Economics in 1976, is probably the most influential economist of the second half of the twentieth century. His views have become the mainstream economic thinking, although few economists today care to state them as boldly as Friedman.
In my recent book UltrasocietyI use the examples of fictional Gordon Gekko (a character in the movie Wall Street) and all-too-real Jeff Skilling (the CEO of Enron) to explain why this view is wrong. Yet I have wondered on occasion, do economists really believe that “the world runs on individuals pursuing their self interests” (to use another Milton Friedman quote) and that businessmen should be motivated solely by self-interest unadulterated by any feelings of sympathy or morality?...Evonomics
What Is the Role of Morality in a Capitalist Economy?
Peter Turchin | Professor in the Department of Ecology and Evolutionary Biology at the University of Connecticut, Research Associate in the School of Anthropology, University of Oxford, Vice-President of the Evolution Institute, and blogger at Cliodynamica — A Blog about the Evolution of Civilizations
See also
The CEO of Sears Fails His Company by Believing in Ayn Rand and the Invisible Hand
Jonathan Haidt | Thomas Cooley professor of ethical leadership at the NYU-Stern School of Business