Economics Discussion Question

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Read “The Social Responsibility of Business Is to Increase Its Profits,” by Friedman from The New York Times Magazine (1970).
http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html

 

In “The Social Responsibility of Business Is to Increase its Profits,” what economic idea is the author alluding to by stating that the social responsibility of business is to increase profits? Explain. What does Friedman mean when he equates social responsibility to “taxation without representation?” Friedman states that the principle underlying the market mechanism is “unanimity.” Provide examples of this “unanimity” in the market mechanism.

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