Write an essay describing the contribution to economics of each of the following: • Adam Smith • Thomas Malthus • David Ricardo • Karl Marx • Alfred Marshall • John Maynard Keynes • Milton Friedman “Many Economists have tried to establish why the economy performs as it does and want to have a basis for predicting how the economy will perform when circumstances change”. (Nagel‚ S pg 1 1999) Economists are just people after all‚ who have lived through different times and experiences in their
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The article by Milton Friedman titled the social responsibility of business is to increase profits and the speech given by bill gates at the world economic forum 2008 both address the nagging topic of social responsibility of corporations. Both articles offer tremendous insight on this issue. Friedman points out the contradiction of the notion of social responsibility and the aim of making profit while gates introduces Recognition as a new variable in this equation. The purpose of this essay is
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role in the development of a successful and morally healthy business. “The objectives of a corporation are to outperform its competitors‚ presumably through preferred competitive strategies” (Joseph Heath 123). There are three main models by; Freeman‚ Friedman and Heath discussing corporate social responsibilities and all have distinct differences between their moral obligations‚ and the way they perceive business should be ran in a morally ethical way. Heaths argument is there is a fiduciary relationship
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Corporations are only accountable to shareholders. They do not have social responsibilities. Corporations are only accountable to shareholders. They do not have social responsibilities. Before commencement on making my stand in this topic‚ a clear definition of the aspects of this topic is essential. Firstly‚ a corporation can be define as a legal entity or structure created under authority of the laws of a state‚ consisting of a person or group of persons who become shareholders (All business
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literature review will analyze three theorists – Milton Friedman‚ Archie B. Carroll and lastly‚ Edward Freeman - who have differing strong views on how a manager should behave in business conduct. The second part of the review will focus on the analysis and personal insights of whether is it important for a manager to be ethical‚ or is it really just important to focus on making money for the firm. According to the classical economic theorist Milton Friedman‚ a manager is an agent of the owners of a firm
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both the ethical decision-making and optimal performance in the long run Milton Friedman‚ the developer of the Stockholder theory‚ stated‚ “there is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it says within the rules of game‚ which is to say‚ engage in open and free competition without deception and fraud. ” (Friedman 69). He separated the idea of business ethics into business decisions and ethical
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.........................................................6 History of the Stakeholder Theory................................................................................................7 3. Contribution of Freeman to the stakeholder literature ..................9 3.1. 3.2. Freeman Strategic Management ...................................................................................................9 Freeman’s essential book: A stakeholder approach ........................................
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within the stakeholder theory‚ acting in the interests of the stockholders‚ customers‚ employees and civil society. Milton Friedman‚ a major proponent of the stockholder theory‚ argues that beyond legal compliance‚ “the social responsibility of business is to increase its profits‚” meaning corporations hold responsibilities only to their shareholders and the law (Friedman‚ 1970). One of the main points he addresses is the fact that when a company manager spends the company’s money on a social cause
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interest over the past four decades (Jamali 2008). The purpose of this paper is to critically analyze the two different views of social responsibility of business among scholars and business practitioners. The first is the shareholders view of Milton Friedman and another one is the stakeholder view of Bob Dudley‚ Group Chief Executive of BP Corporation. I will outline key arguments and point out drawbacks of the two perspectives to clarify the underlying principles of business responsibility to society
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Case Study Unit I Alfred Elvins Columbia Southern University The article‚ “The NYSEG Corporate Responsibility Program” (Beauchamp‚ T. L.‚ Bowie‚ N. E.‚ & Arnold‚ D. G.‚ 2009) is a writing that addresses the social responsibility program of a major energy provider in the Northeastern United States. The article discusses the implications of a corporation that has addressed
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