Find Three Flaws in Friedman's Argument That the Only Social

question 72

Essay

Find three flaws in Friedman's argument that the only social responsibility of a business is to increase its profits.

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Definitions:

Economic Theory

A set of principles and frameworks that seek to explain how economies work, covering areas like market dynamics, production, and distribution.

Relative Scarcity

The comparison of the scarcity of one resource, good, or service in relation to another, influencing its price and availability.

Empirical Evidence

Information obtained through observation and documentation of patterns and behaviors, serving as a basis for forming conclusions.

Proved Reserves

Quantities of natural resources, such as oil or natural gas, that geological and engineering data demonstrate with reasonable certainty to be recoverable under existing economic and operating conditions.