A Quote by Milton Friedman
There is one and only one social responsibility of business - to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
Related Quotes
There is one and only one responsibility of business: to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game.
So long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
Speeches by businessmen on social responsibility...may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked.... There is one and only one social responsibility of business-to...engage in open and free competition without deception or fraud.
What is the most fascinating kind of self-deception to me, and a kind that isn't necessarily unhealthy, is what Friedrich Nietzsche called "strategic self-deception." The kind of self-deception that you can engage in with your eyes wide open. You do it because you say, "There's things that I couldn't accomplish without this kind of self-deception."
A fish is free as long as it stays in the water. If it suddenly declares that it wants its freedom to fly in the air like a bird, disaster occurs. A train is free as long as it stays on the track. However, if it demands freedom to take off down a major highway, the result is destruction and devastation. We too can only experience true freedom in its fullest if we remain within the framework of freedom. Often this requires accepting responsibility and practicing discipline.
You can't have a market without government, because governments create the rules of competition and enforce fairness in the markets, and they build the institutions within which competition takes place.
The [liberals] consider profits as objectionable. The very existence of profits is in their eyes a proof that wage rates could be raised without harm to anybody. They speak of profit without dealing with loss. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities. A profitable enterprise tends to expand; an unprofitable one tends to shrink. The elimination of profit renders production rigid and abolishes the consumer's control.
On behalf of the newspaper industry I wish to announce some changes we're making to serve you better. When I say 'serve you better,'' I mean 'increase our profits.' We newspapers are very big on profits these days. We're a business, just like any other business, except that we employ English majors.
To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies- these tasks provide a wide and unquestioned field for state activity.
Growth is the mantra of our society because the economy can't remain healthy without growth.Impregnable monopolies aside (and these are few), profits are both the hallmark of capitalism and its Achilles heel, for no business can permanently maintain its prices much above its costs. There is only one way in which profits can be perpetuated; a business-or an entire economy-must grow.
Some people would argue the other side: that the business of business is business, and companies should only be focused on profits. But in today's world, I don't think corporations can only be focused on profits, because they are inextricably linked with the communities that they serve. I do not believe you can be a leader in your industry without being a leader in your community. It's a fundamental shift in how you think about business.
The Marxians love of democratic institutions was a stratagem only, a pious fraud for the deception of the masses. Within a socialist community there is no room left for freedom.
Organized business has assumed that greater profits would be pretty much of a cure-all, and it has to a major extent ignored the fact that the welfare of business rests upon the welfare of the consumers of a nation; that business or free enterprise will function in a democracy only so long as the democracy functions.
The only corporate social responsibility a company has is to maximize its profits.
Life exists without rules; games cannot exist without rules. So real religion is always without rules; only false religion has rules, because false religion is a game.
Interest in business ethics courses has surged, and student activities at leading business schools are more focused than ever before on making business serve long-term social values.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Craig Roberts Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist