Marc Le Menestrel
Home > Teaching > Master Level > UPF - BSM: Rationality and Ethical (...) > Business, Ethics and Profit: Economic

Business, Ethics and Profit: Economic Approaches (Group work & Discussion) Friday 19th of April 2013

Save this article in PDF

by Marc Le Menestrel (9/10/2011)

Nobel Prize laureate Milton Friedman argues that the sole social responsibility of companies is to maximise profits. Using group work and discussion we identify the foundations of the argument, its practical implications in business situations, its historical context and its current relevance. Building on the work of Nobel Prize laureate Amartya Sen, we then discuss how economic approaches have progressively separated economics from ethics.

Required readings

Friedman, Milton, “The Social Responsibility of Business is to Increase its Profit”, New York Times Magazine (September 13, 1970).

Sen, Amartya. “Moral Codes and Economic Success”, in Brittan, S. & Hamlin, A. (eds) Market Capitalism and Moral Values, Aldershot UK: Edward Elgar, 1993, pp. 23-34.

Question to prepare: After having read Sen’s article, re-read Friedman’s article and identify whether it (the Friedman’s article) pertains to science, ideology or propaganda.
Note that you can use the definitions proposed on slide #19.


Next Session

Back to the course

titre documents joints

This section's pages

Creative Commons License This creation is licensed under a Creative Commons Attribution License.