Pages

Showing posts with label Milton Friedman. Show all posts
Showing posts with label Milton Friedman. Show all posts

Thursday, March 13, 2025

Professor Robert MacCulloch: Would Elon Musk get a fail in Monetary Economics by Milton Friedman?


As much as I admire much of what Elon Musk stands for, amusingly he's now getting into economics in a big way. Seems its a hobby for him, when he's not launching rockets. Its related to his new role as boss of the Department of Government Efficiency (or "Doge"). On that note, with President Trump sitting next to him, he gives us a mini-lecture on monetary economics. It starts off, "Provided the economy grows faster than the money supply .. and the output of real useful goods and services exceeds the increase in the money supply .. then you have no inflation". Is this correct?

Friday, September 26, 2014

Richard Epstein from the US: The Vogue of "Social Responsibility"


In September 1970, the late Milton Friedman published a bold manifesto entitled “The Social Responsibility of Business is to Increase its Profits” in the New York Times Magazine, where he argued that businesses do not need to engage in various charitable or public-spirited activities, even those that generally meet with approval from shareholders. 

The best defense of the Friedman thesis is that any discrete corporate effort to advance collateral ends will not enjoy the unanimous consent of all corporate shareholders, so that the contribution operates like an implicit tax on dissenting shareholders.