Research the following topic and post a short (250-word) response to the prompt on the discussion board: Research the New York Times Magazine, September 13, 1970 article written by recognized economic expert Milton Friedman titled "The Social Responsibility of Business Is to Increase Profits". Do you agree or disagree with his conclusions? Can goals of a business sometimes conflict with the goals of society and/or a community?
ans....
Yes I do agree . For an economy to work efficiently using all its
resources to full potential , businesses or firms must have that
profit maximizng and efficient production attitude . A society
where there is fair competition , no frauds or impediments to
competition can use its resouces to the fullest . Increasing
profits not only benefits the business but also increases national
income , returns to inputs etc . Increasing profits must be the
sole aim of business for growth of the economy .
Now goals of a society is not only economic growth but also
development and social welfare . Benefits such as health ,
education etc if privatized leads to higher prices and deprives the
poor from them . In such areas government must step in . Policies
to reduce inequality in income , provide social security and
benefits should be looked after by the government .
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