Search results
Results from the WOW.Com Content Network
The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman which holds that the social responsibility of business is to increase its profits. [1]
This modification, however, had a significant effect on Friedman's own approach, so, as a result, the theory of the Friedmanian Phillips curve also changed. [113] Moreover, new classical adherent Neil Wallace , who was a graduate student at the University of Chicago between 1960 and 1963, regarded Friedman's theoretical courses as a mess ...
Price theory was a significant aspect of his legacy as a teacher, and he taught the subject from 1946 to 1964 and again from 1972 to 1976. Notable economists who took Friedman's price theory course include James M. Buchanan, Gary Becker, and Robert Lucas Jr., all of whom later became Nobel laureates. [1]
From such Friedman rejects testing a theory by the realism of its assumptions. Rather simplicity and fruitfulness incline toward such assumptions and postulates as utility maximization , profit maximization , and ideal types —not merely to describe (which may be beside the point) but to predict economic behavior and to provide an engine of ...
Capitalism and Freedom, along with much of Friedman's writing, has influenced the movement of libertarian philosophy in America. Friedman's philosophy of economic and individual freedom has coincided with the emergence of political parties that have declared alignment with Friedman's ideas, such as the Libertarian Party. [6]
Consequentialism can also be contrasted with aretaic moral theories such as virtue ethics. Whereas consequentialist theories posit that consequences of action should be the primary focus of our thinking about ethics, virtue ethics insists that it is the character rather than the consequences of actions that should be the focal point.
The general format was that of Milton Friedman visiting and narrating a number of success and failure stories in history, which he attributes to free-market capitalism or the lack thereof (e.g., Hong Kong is commended for its free markets, while India is excoriated for relying on centralized planning especially for its protection of its ...
Friedman made it explicit that the duty of the business leaders is, "to make as much money as possible while conforming to the basic rules of the society, both those embodied in the law and those embodied in ethical custom". [192] Ethics for Friedman is nothing more than abiding by customs and laws.