Write a Debate Between Friedman and Arrow on Social Responsibility

question 24

Essay

Write a debate between Friedman and Arrow on social responsibility and economic efficiency. What would Friedman think of Arrow's proposal that businesses could be made more efficient by following moral codes (such as the moral codes followed in other professions like medicine and the law)?

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Definitions:

Common Stock

Equity security representing ownership interest in a corporation, with holders entitled to vote at company meetings and receive dividends.

Distribution

The process of delivering products or services from the production or service delivery point to the end consumer.

Statement of Stockholders' Equity

A financial document that outlines the changes in the equity section of the balance sheet over a reporting period.

GAAP

Stands for Generally Accepted Accounting Principles, which are a common set of accounting principles, standards, and procedures that companies must follow when compiling their financial statements.