Friedman 50 Years Later

eBook: Milton Friedman 50 Years Later, a Reevaluation

Over the past couple of months, ProMarket has hosted a lively debate on whether Milton Friedman was right or wrong when he...

Friedman’s Legacy: From Doctrine to Theorem

Friedman was more right than his detractors claim and more wrong than his supporters would like us to believe. However, after 50...

The Purpose of Business is to Solve Problems of Society, Not to Cause Them

Claims that a stakeholder-focused system of corporate governance cannot succeed in the US are perverse because they take as given that corporations...

Can Institutional Investors Solve Societal Issues When Governments Fail to Do So?

A new study looks into the social costs associated with private prisons to show that privatization may come with social trade-offs when...

Bringing Ethics Back to Friedman’s Call to Purpose for the Next 50 Years

Fifty years ago, Friedman compellingly presented his argument for shareholder primacy. But as currently implemented, shareholder primacy threatens the unifying purposes that...

Milton Friedman and the Need for Justice

Milton Friedman predicated his shareholder value maximization credo on the strong implicit and explicit assumptions that the rules of society protect stakeholders...

There Is a Direct Line from Milton Friedman to Donald Trump’s Assault on Democracy

Milton Friedman believed that corporations have a social responsibility to play within the rules of the game. But corporations aren’t just players...

Strength in Numbers: Using Data to Track Diversity and Inclusion

Recent protests against racism and police brutality, along with the #MeToo movement, have increased pressure on businesses to measure and improve their...

Shareholder Value and Social Responsibility Are Not At Odds

Being socially responsible can, and frequently does, make good business sense. There are plenty of opportunities for companies to do well by...

A Challenge for Stakeholder Capitalism: Solving the Paradoxes of Voting

If corporations are to maximize shareholder welfare, managers need to discover what shareholders value; political theory shows how difficult this can be.

Latest news

Fear of Punishment Distorts Bank Financial Reporting

When bank employees are afraid of punishment from regulators, they are likely to conceal information about their faulty decisions. This in turn...

Should The Competitive Process Test Replace The Consumer Welfare Standard?

Jonathan Kanter, Assistant Attorney General for the Department of Justice Antitrust Division, recently gave a speech condemning the use of the consumer...

Delaware: The State Where Companies Can Vote

Adapted from What’s the Matter with Delaware: How the First State Has Favored the Rich, Powerful, and Criminal—and How It Costs Us...

The NCAA Goes After College Athletes’ NIL Money—Here are the Antitrust Implications for Workers and Consumers

Having lost in the Supreme Court on student-athlete academic benefits, the NCAA has signaled a continuing attempt to suppress competition in the...

Have Business Roundtable Companies Lived Up to Their Stakeholder Commitments?  

In 2019, more than 100 CEOs of US public companies signed a Business Roundtable statement in which they pledged to deliver value...

Do Protests Matter At All for Shifting Government Policy Around Economic Redistribution?

New research on the effectiveness of protests on government distributions provides insights into the political incentives of a country’s leadership and the...

Mergers and Smoking Guns

A recently uncovered memo from George Stigler and Richard Posner reveals how they thought about antitrust and merger policy in advising the...