Milton Friedman
The Enduring Wisdom of Milton Friedman
Shareholder value maximization has been extremely successful globally in the way that matters most because, in many cases, maximizing shareholder value is in harmony...
Shareholders Don’t Always Want to Maximize Shareholder Value
Oliver Hart, winner of the 2016 Nobel Prize for economics, reflects on how the world has changed since Milton Friedman published his famous essay on the...
Serving Shareholders Doesn’t Mean Putting Profit Above All Else
The time has come for companies, economists, and society to abandon the argument that the only responsibility of business is to maximize profits.
Editor’s note:...
Friedman’s Principle, 50 Years Later
In the mid-1980s, Milton Friedman’s view that the only social responsibility of business is to increase its profits became dominant in business and academia....
A Fair Amount of Freedom for Everyone: Aaron Director Did Have Ideals
David Henderson of the Hoover Institution defends the legacy of Aaron Director, the most enigmatic among the founders of the so-called "Chicago School." Director, argues...
How Powerful Ideas Can Shape Society: Aaron Director and the Triumph of Nihilism
The rise of giants like Amazon and Facebook proves the long-lasting influence of Director's approach. His intellectual and political legacy is the transition of...
Aaron Director’s Legacy: The Beginning of Doubt is the Beginning of Wisdom
Aaron Director died 15 years ago. He published almost nothing, but his ideas influenced a generation of economists and intellectuals. Professor Stephen Stigler remembers...
