Question

Renowned economist, Milton Friedman said, “there is one and only one responsibility of business: to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game.” Regardless if you agree or not with Friedman, you cannot deny it is simple and straightforward. How might social business supporters feel about his quote? What side of the argument are you on, social business or Friedman, please discuss?

Answer 1

There is no way denying the fact that the statement made by Friedman is simple and straightforward, along with that I partially agree with the statement as well because even I believe that the primary objective of an organization is to generate revenue and incur maximum profit from and in order to do that the organization needs to use its resources and engage in activities which will increase the profits. I think the social business supporters may feel that the statement is a bit strong and profit is not the only objective instead there are other things to look for in a business. I would prefer to be on the side of Friedman because I support his way of looking into business and feel that this is the primary objective of the organizations.