Contrast the viewpoints for and against social responsibility. Which leading economist argued against social responsibility?

Question

What will be an ideal response?

Answer 1

Milton Friedman, a free-market economist, represents the view against social responsibility. He said, "The social responsibility of business is to make profits." That is, unless a company focuses on maximizing profits, it will become distracted and fail to provide goods and services, benefit the stockholders, create jobs, and expand economic growth—all of which are the real social justification for the firm's existence. In short, Friedman believed that the pursuit (and earning) of profit had great social value in and of itself.

The arguments in favor of corporate social responsibility includes the following:
Businesses have an ethical obligation to contribute to society's welfare.
Businesses create problems and should help solve those problems.
Businesses have resources to solve problems that other entities do not have.
Socially responsible behavior can create a favorable public image, which in turn makes the business more profitable.

Being socially responsible can help head off government regulation.