Answer to Question #3773 in Microeconomics for ashrita

Question

According to Milton Friedman, “Business has only one social responsibility – to make
profits (as long as it stays within the legal and moral rules of the game established by
society). Few trends could so thoroughly undermine the very foundations of our society
as the acceptance by corporate officials of a social responsibility other than to make as
much money for their stockholders as possible.” Explain why you agree or disagree with
such a statement.