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Friedman 50 Years Later

Capitalisn't

eBook: Milton Friedman 50 Years Later, a Reevaluation

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

Friedman’s Legacy: From Doctrine to Theorem

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

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

Colin Mayer, Leo E. Strine, Jr, Jaap Winter
Claims that a stakeholder-focused system of corporate governance cannot succeed in the US are perverse because they take as given that corporations...
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Friedman 50 Years Later

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

Eyub Yegen
A new study looks into the social costs associated with private prisons to show that privatization may come with social trade-offs when...
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Friedman 50 Years Later

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

J.S. Nelson
Fifty years ago, Friedman compellingly presented his argument for shareholder primacy. But as currently implemented, shareholder primacy threatens the unifying purposes that...
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Friedman 50 Years Later

Milton Friedman and the Need for Justice

Anat Admati
Milton Friedman predicated his shareholder value maximization credo on the strong implicit and explicit assumptions that the rules of society protect stakeholders...
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Friedman 50 Years Later

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

Martin Wolf
Milton Friedman believed that corporations have a social responsibility to play within the rules of the game. But corporations aren’t just players...
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Friedman 50 Years Later

Strength in Numbers: Using Data to Track Diversity and Inclusion

Marianne Bertrand, Caroline Grossman, Mekala Krishnan
Recent protests against racism and police brutality, along with the #MeToo movement, have increased pressure on businesses to measure and improve their...
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Friedman 50 Years Later

Shareholder Value and Social Responsibility Are Not At Odds

Mary K. Bush
Being socially responsible can, and frequently does, make good business sense. There are plenty of opportunities for companies to do well by...
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Friedman 50 Years Later

A Challenge for Stakeholder Capitalism: Solving the Paradoxes of Voting

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

Antitrust and Rule by Judges

Paul Tucker
The early-1980s Posner-Stigler memorandum to incoming president Reagan’s transition team is interesting for a host of reasons, but most of all in...
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Antitrust and Competition

Should the European Union Require Tech Firms to Adopt a Common Charger?

Federico Innocenti, Martin Peitz
According to a new European Commission directive expected to be approved in the next few months, tech firms will have to use...
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News

Chart of the Week: Economists Don’t Think Congress Should Make Price Gouging Illegal

Brooke Fox
Most economists disagree with a new bill in the US that would set limits on "unconscionably excessive prices," according to a recent...
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Antitrust and Competition

Neoliberal Economists Are Giving Biden Bad Advice on Inflation

Hal Singer
To spare the economy from the pain of further interest rate hikes, the President should aggressively pursue anticompetitive conduct by companies in...
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Antitrust and Competition

How Would the Big Tech Self-Preferencing Bill Affect Users? 

Randy Picker
The Senate looks to be nearing a vote on the American Innovation and Choice Online Act, which would prohibit gatekeeping digital platforms...
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News

New eBook Revisits George Stigler’s Theory of Regulatory Capture 50 Years Later

Filippo Lancieri, Luigi Zingales
To mark the 50-year anniversary of George Stigler’s seminal piece, “The Theory of Economic Regulation” we are publishing a new eBook examining...
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News

Firms Gerrymander Ownership of Polluting Plants to Reap Public and Regulatory Benefits

Janet Gao, Ran Duchin, Qiping Xu
New research has discovered that many companies who appear to sell, or ‘divest,’ their toxic plants, actually retain relationships with their buyers....
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