Question

Which of the following best describes the Friedman Doctrine devised by Milton Friedman?

A. An ethical theory applicable to business
B. An ethical dilemma in business
C. An incomplete and inappropriate straw man approach to ethics
D. A theory of social responsibility in business

Answer 1

The Friedman Doctrine devised by Milton Friedman can be described as a theory of social responsibility in business, where the focus is on maximizing profits for the benefit of shareholders.

Step-by-step explanation:

The Friedman Doctrine devised by Milton Friedman can be best described as option D - A theory of social responsibility in business. According to Milton Friedman, businesses have a moral responsibility to increase profits for the benefit of shareholders. He argued that businesses should focus on maximizing profits rather than engaging in social or ethical initiatives. This perspective emphasizes the importance of economic considerations in business decision-making and suggests that social issues are better addressed by government regulations.