Milton Friedman, a famous economist, once wrote: There is one and only one social responsibility of business
Question:
Milton Friedman, a famous economist, once wrote:
There is one and only one social responsibility of business - to use its resources and engage in activities designed to increase profits.
Preparing social reports and pursuing social objectives can be costly and so it might be argued that a business should not do this as it is not consistent with the need to maximise profits over the long term.
Do you agree with this view? Discuss.
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Related Book For
Financial Accounting For Decision Makers
ISBN: 9780273688471
4th Edition
Authors: Eddie McLaney, Peter Atrill
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