Milton Friedman Quotes about Responsibility

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The only corporate social responsibility a company has is to maximize its profits.

The only corporate social responsibility a company has is to maximize its profits.

Milton Friedman

Responsibility, Social, Profit

Why have we had such a decline in moral climate? I submit to you that a major factor has been a change in the philosophy which has been dominant, a change from belief in individual responsibility to belief in social responsibility. If you adopt the view that a man is not responsible for his own behavior, that somehow society is responsible, why should he seek to make his behavior good?

Milton Friedman

Philosophy, Responsibility, Men

Milton Friedman, William Richard Allen (1983). “Bright promises, dismal performance: an economist's protest”, Harcourt Brace Jovanovich Inc.

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.

Milton Friedman

Business, Responsibility, Games

Milton Friedman (2009). “Capitalism and Freedom: Fortieth Anniversary Edition”, p.133, University of Chicago Press

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.

Milton Friedman

Responsibility, Social, Increase

"The Social Responsibility of Business is to Increase its Profits By Milton Friedman". James Duffy, Original article from the New York Times Magazine, www.morethanaccountants.co.uk. September 13, 1970.

The free man will ask neither what his country can do for him nor what he can do for his country. He will ask rather 'What can I and my compatriots do through government' to help us discharge our individual responsibilities, to achieve our several goals and purposes, and above all, to protect our freedom?

Milton Friedman

Country, Responsibility, Men

Milton Friedman (2009). “Capitalism and Freedom: Fortieth Anniversary Edition”, p.2, University of Chicago Press

So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not.

Milton Friedman

Responsibility, Law, Answers

Milton Friedman (1975). “There's no such thing as a free lunch”, Open Court Pub Co

What does it mean to say that government might have a responsibility? Government can't have a responsibility any more than the business can. The only entities which can have responsibilities are people.

Milton Friedman

Mean, Responsibility, Government

Milton Friedman (1975). “There's no such thing as a free lunch”, Open Court Publishing Company

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.

Milton Friedman

Running, Responsibility, Views

Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible.

Milton Friedman

Responsibility, Acceptance, Foundation

Milton Friedman (2009). “Capitalism and Freedom: Fortieth Anniversary Edition”, p.133, University of Chicago Press