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Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
The maximization of producer surplus can in some cases reduce consumer surplus. [15] Some forms of producer profit maximization are considered anti-competitive practices and are regulated by competition law. [15] Maximization of short-term producer profit can reduce long-term producer profit, which can be exploited by predatory pricing such as ...
ableism — abortion — absolute poverty — achieved status — acute disease — adaptation — adultism — affect control theory — affirmative action — affluent alienation — age grade — age structure — aging in place — ageism — agency — AGIL Paradigm — aggregate — ageism — agrarian society — agribusiness — AIDS — air pollution — alcoholism — altermodern ...
However, the neoclassical theory also asks what exactly is causing the supply and demand behaviors of buyers and sellers, and how exactly the preferences and productive abilities of people determine the market prices. Therefore, the neoclassical theory of value is a theory of these forces: the preferences and productive abilities of humans.
This index of ethics articles puts articles relevant to well-known ethical (right and wrong, good and bad) debates and decisions in one place – including practical problems long known in philosophy, and the more abstract subjects in law, politics, and some professions and sciences.
The theorem might seem to have unravelled a skein of behavior-based social-ethical theory from Adam Smith and Bentham on. But Arrow himself expresses hope at the end of his Nobel prize lecture that, though the philosophical and distributive implications of the paradox of social choice were "still not clear," others would "take this paradox as a ...
Supporters of theories of state capitalism such as the International Socialists reject the definition of the capitalist mode of production given above. In their view, claimed to be more revolutionary (in that true liberation from capitalism must be the self-emancipation of the working class—"socialism from below"), what really defines the ...
Social philosophy is the study and interpretation of society and social institutions in terms of ethical values rather than empirical relations. [1] Social philosophers emphasize understanding the social contexts for political, legal, moral and cultural questions, and the development of novel theoretical frameworks, from social ontology to care ethics to cosmopolitan theories of democracy ...