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What did famous economist Milton Friedman argue was the social responsibility of corporations?

What did famous economist Milton Friedman argue was the social responsibility of corporations?

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Answer #1

The economist believed in the free-market operation (capitalism) and there should not be any government intervention. He argued that there should not be any deliberate attempt to establish social responsibility; it must come automatically if capitalism is truly implemented – a business must have legal profit motive attitude; if there is profit there is growth; it increases GDP of the country and creates overall social development. Therefore, there is no necessity of establishing social responsibility separately, which is the waste of time resources.

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