To Serve the Public, Seek Profits

Former hedge fund manager Andy Kessler provides a compelling application of Milton Friedman’s thesis (that the social responsibility of business is to seek profits) by comparing and contrasting so-called “stakeholder capitalism” with “shareholder capitalism” in today’s Wall Street Journal. Students who plan to take advantage of this Wednesday’s (extra credit) UT-Austin panel discussion should also consider reading Kessler’s WSJ op-ed alongside Friedman’s famous essay in preparation for the panel discussion.
“Producers capture only 4% of the value they create, and all of society enjoys the rest.”

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