9 25 Critics of Friedman

Information about 9 25 Critics of Friedman

Published on November 14, 2007

Author: sabanci

Source: authorstream.com

Content

Why Shouldn’t Corporations be Socially Responsible?:  Why Shouldn’t Corporations be Socially Responsible? by Christopher D. Stone Stone attacks the proposition that corporate managers should be directed solely by profit.:  Stone attacks the proposition that corporate managers should be directed solely by profit. He claims that the so-called obligation of mangers to shareholders to generate profits does not have a good argument. He admits the “polestar argument” is stronger, that is, acting as though they have such an obligation not only increases profits but also leads to what is best for society. Social responsibility and Economic Efficiency:  Social responsibility and Economic Efficiency by Kenneth J. Arrow Arrow argues that unrestrained profit maximization is economically inefficient.:  Arrow argues that unrestrained profit maximization is economically inefficient. He points to economic externalities. Factors that are not included in the costs of products, e.g., pollution and resource depletion. He points to “knowledge/information” deficits on the part of buyers. The consequence is that they cannot operate in the market as rational optimizers. Arrow equates “economically inefficient” with “socially undesirable.” Arrow concludes that a set of “institutions” are needed to eliminate these economic inefficiencies.:  Arrow concludes that a set of “institutions” are needed to eliminate these economic inefficiencies. Laws and regulations. Taxes. Liability judgments under the civil code. Codes of ethics (as, for example, medical ethics). Note that Friedman might agree, given his statements about business needing to operate with the law and accepted social standards. The Winner-Take-All Game:  The Winner-Take-All Game by Eduard Garcis Focusing exclusively on profit forces too short a planning horizon.:  Focusing exclusively on profit forces too short a planning horizon. Reaping short-term profits will always take precedence over investing current funds for long-term gains. Nothing is more deadly to a company’s survival that a short-term planning horizon. Data regarding family owned and controlled companies vs. publically owned. The prudent path is to push the planning horizon as far forward as possible.

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