...Milton Friedman Jordan Locke Economics 10 April, 2013 Jordan C. Locke 10 April, 2013 Period: 2 Ms. House Milton Friedman Milton Friedman once said, "If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand”. Due to Friedman's many accomplishments and published works in the Economics field, I felt that he would be a great economist to write about. Milton Friedman was born in 1912, to two Jewish immigrant parents that lived in New York City. He earned his Bachelor's degree at Rutgers University at the age of twenty. He then went to the University of Chicago in 1933 to earn his Masters. In 1946, he earned his Doctorate at the Columbia University. He received the John Bates Clark Medal, honoring economists that had achieved the most outstanding levels of achievement by the age of Forty. He received the Nobel Peace Prize for his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. He served as an adviser for President Richard Nixon, and he was the president of the American Economic Association in 1967. He retired from the University of Chicago in 1977, and became the senior researcher at the Hoover Institute at Stanford University. He was the premier spokesman for the monetarist school of economics and a pioneer in promoting the value of free market economics, when the position was not popular. Milton Friedman was...
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...ADVANCE MACRO-ECONOMICS Topic: Milton Friedman Submitted to: Ms Zubaira Hassan Submitted by: Meeran Haque Semester: 5 Major: Economics Dated: 28th Oct 2015 ID: F13BECO 008 MILTON FRIEDMAN Introduction Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who got the 1976 Nobel Memorial Prize in Economic Sciences for his examination on utilization investigation, money related history and hypothesis and the intricacy of adjustment policy. Milton Friedman's works incorporate numerous monographs, books, academic articles, papers, magazine segments, TV projects, and addresses, and cover a wide scope of financial subjects and open arrangement issues. His books and papers have had a universal impact, incorporating...
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...The purpose of this research paper is to investigate whether Corporate Social Responsibility (CSR) is becoming a common standard in the Caribbean corporate financial community and the associated benefits as it relates to the business strategy and financial performance. Historically, corporations were expected to serve some public purpose as justification for the benefits and privileges they receive. However, since the 1970s, the view has become widespread that corporations exist solely to maximize profits and to increase shareholder’s wealth and for no other purpose Bartlett (2015). In a capitalist society it is rare to hear that one has gone into business for reasons other than to make as much money as possible. Based on this capitalistic...
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...Abstract The purpose of this week’s assignment was to read three peer reviewed/scholarly journals and compare and contrast each author’s ethical perspective. The articles were: What is Business Ethics by Peter F. Drucker, 1981, The Social Responsibility of Business is to Increase its Profits by Milton Friedman, 1970 and The Relevance of Responsibility to Ethical Business Decisions by Patrick E. Murphy, 2010. Ethical Perspectives of Friedman, Drucker and Murphy Peter F. Drucker is known as the man who invented management. Drucker wrote many books on management and influenced the way business and industry thinks about management. “Peter F. Drucker was a writer, professor, management consultant and self-described ‘social ecologist,’ who explored the way human beings organize themselves and interact much the way an ecologist would observe and analyze the biological world (Drucker Institute, 2013).” Drucker’s paper from 1981, or 32 years ago, was trying to answer the same questions which today’s business society and government are trying to answer: What is business ethics/social responsibility and who is responsible for both? These are difficult questions to answer and questions which Drucker sets out to answer in Casuist, Ethics of Prudence and Confucianism. “Business ethics undoubtedly is a close parallel to casuistry. Its origin is political, as was that of casuistry. Its basic thesis, that ethics for the ruler, and especially...
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...Ethics Paper Bonnie L. Perry MGMT/498 Strategic Management Dulcelina Stahl August 27, 2012 The Role of Ethics and Social Responsibility in Developing a Strategic Plan Private corporations have a responsibility to society to do more than merely become a profitable organization. The strategic decisions of organizations are not made for the the benefit of the organization alone. Strategic decisions are also made to impact the community, consumers, and workforce of the corporation in a positive way. The strategic decisions made by a corporation are carefully made to reflect the mission and vision of the organization. Every decision includes the appropriateness of how the organization serves the community by keeping their needs and expectations in mind. The ethical interests of the organization must be well defined and all conflicts of interest or legal occurrences must be dealt with in a completely ethical manner. The stakeholder’s have the expectation of transparency from the organization so that their needs are taken into consideration during the course of developing the strategic plan for the organization. The question of what the ethical social responsibility requirements of an organization are can be answered in different ways depending on the view of the corporation. Milton Friedman and Archie Carroll have very different ideas of corporate responsibilities to society. Friedman believes...
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...and Financial Performance: Does it Pay to Be Good?" (2012). CMC Senior Theses. Paper 529. http://scholarship.claremont.edu/cmc_theses/529 This Open Access Senior Thesis is brought to you by Scholarship@Claremont. It has been accepted for inclusion in this collection by an authorized administrator. For more information, please contact scholarship@cuc.claremont.edu. CLAREMONT McKENNA COLLEGE CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: DOES IT PAY TO BE GOOD? SUBMITTED TO PROFESSOR MATTHEW MAGILKE AND DEAN GREGORY HESS BY HARMONY J. PALMER FOR SENIOR THESIS FALL 2012 DECEMBER 3, 2012 Acknowledgements I have many people to thank for their help with this study. First and foremost, I want to thank my thesis reader, Professor Magilke, for all his help. This study would have be quite difference without his constant guidance and our numerous meetings and e-mail exchanges. Second, I would like to thank Mary Martin, the Reference & Instruction Librarian for Business and Law, at the Claremont Colleges Library. Obtaining the CSR data would not have been possible without her help and the library’s funding. Third, I want to thank the Kravis Leadership Institute for awarding me the Kravis Leadership Institute Leadership Thesis Fellowship to help fund my thesis research. Fourth, I thank Professor Massoud, Professor Orr, and Professor Wallace for providing me with valuable research resources. Fifth, I want to thank Greyson Blue for tutoring me in STATA. Lastly...
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...NORTHCENTRAL UNIVERSITY ASSIGNMENT COVER SHEET Learner: | | MGT7019 | Stephanie Lyncheski | | | Ethics in Business | Assignment 1 Paper- Ethical perspectives: Friedman vs. Drucker, Murphy | | | ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Faculty Use Only ------------------------------------------------- <Faculty comments here> ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- <Faculty Name> <Grade Earned> <Writing Score> <Date Graded> Running head: ETHICAL PERSPECTIVES Assignment 1 - Ethical Perspectives Friedman vs. Drucker, Murphy Northcentral university MGT7019-8 Ethics in Business 05/20/2012 With no clear definition of what business ethics are, it becomes the responsibility of the beholder to discern or reach a plausible conclusion of what constitutes ethical behavior. When looking at business ethics from a global perspective the water only gets muddier. Studies and perspectives on the subject provide no clear definition and when western and eastern social values are added in the mix, the gap between doing what is ethical and doing what is right stretches the abyss even further. Doing what...
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...Ethical Perspectives: Friedman vs. Drucker, Murphy In this paper we will be comparing and contrasting ethical perspectives on business ethics of Milton Friedman, Patrick Murphy, and Peter Drucker. Their methods are drastically different, but the goal is to explain and better understand “business ethics” in today’s world. Milton Friedman “A corporation is an artificial person and in this sense may have artificial responsibilities, but ‘business’ as a whole cannot be said to have responsibilities, even in this vague sense.” (Friedman, 1970). M. Friedman believes that only the individual has social responsibilities. Business as an artificial entity cannot have “social conscience” and think of ethics before its interests or profits. According to Friedman, the primary responsibility of a businessman is to make happy the business owner with profits, and the primary task for the business owner is to make sure there are enough profits to: a. Sustain the business b. Have a stable growth c. Have the ability and means to compete on the market d. Keep happy the parties involved: customers, stockholders and investors. (Friedman, 1970). Furthermore, Friedman discusses the relationship between “social responsibilities of a business” and “socialism” and stresses the idea that if a business or a large corporation is forced to perform its “social responsibility”, example donate a large amount of money to social programs or local schools, business acts irresponsibly towards...
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...Research Paper DOES CORPORATE RESPONSIBILITY TO STAKEHOLDERS MAXIMIZE FIRM’S VALUE? DOES CORPORATE RESPONSIBILITY TO STAKEHOLDERS MAXIMIZE FIRM’S VALUE? Topic: This paper seeks to explore the economic mechanisms behind corporate responsibility based on a microeconomic perspective of the firm. The ultimate objective is to ruminate on the effects of corporate responsibility of firms to stakeholders. That is how corporate responsibility to stakeholders can help maximize or minimize the firm’s value. In this research paper, I am going to explain the principle of stakeholder and the corporate social Responsibility that corporation owes to its stakeholders. The fact that corporations are entitled to its stakeholders and the environment within its scope of business has been a controversial issue. At the beginning, I will give a clear understanding of what Corporate Responsibility by firms to its stakeholders is. Later, I will make an argument in favor and against Corporate Responsibility by the firm to its stakeholders. Lastly, I will come to a conclusion on how firm’s value is maximized. That is what corporation should do for its stakeholder. According to rigorous research, each person has his or her personal responsibility that needs to be performed in order to maintain a good image in the society. Just as humans are faced with responsibilities, so as Corporations, since they are seen as a group of individuals working together to accomplish a goal, that goal being making...
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...| The Abuse of Keynes’ Theory of Government Spending | And Why Government Spending Needs to Stop | | Chase Cooper | 12/13/2012 | Political Economy Dr.Ramos Abstract: The goal of my research paper is to analyze and present how John Maynard Keynes’ theory on government spending is being abused by the American government insofar that the American government is not following the guidelines and foundations that premised Keynes’ theory, and instead are picking the parts of the theory that allow them to spend at unsustainable levels, creating problems that, one way or another, eventually have to be resolved. My research will prove how the American government is conducting fiscal policy in a way that abuses Keynes’ theory on government spending, and, as a result, why Keynes would not support the American government in their spending endeavors, despite using his theory as their justification. I will be critiquing the application of Keynes’ theory from the Austrian, specifically the works of Friedrich A. Hayek, and Monetarist perspectives, supported by arguments given by Milton Friedman. Section 1: Keynes’ Theory on Government Spending John Maynard Keynes published his famous work, The General Theory of Employment, Interest, and Money, in 1936, during the Great Depression. Economies all over the world were suffering severely from the Great Depression, and there was little hope of economic recovery in the near future. Keynes agreed with the classical economist’s notion...
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...BUSINESS ETHICS: COMPARE AND CONTRAST PAPER By: Karla Powell North Central University What is business ethics? The word business can mean different things, but in this context it means a commercial or industrial endeavor to make/sell products or services. The word ethics is defined as a set of principles of right conduct or a system of moral values. So what does business ethics mean? Used together it means for a commercial/industrial endeavor to form a set of principles or rules to follow while they are making or selling products or services. The word business ethics is frequently heard as it relates to social responsibility. According to the dictionary social responsibility is “an ethical ideology or theory that an entity, be it an organization or individual has an obligation to act to benefit society at large” (the freedictionary.com). Three notable management authorities: Patrick Murphy, Milton Friedman, and Peter Drucker, have different opinions on what business ethics and social responsibility are and what is should mean to the business world. According to Patrick Murphy (2009) responsibility is a key principle of business ethics which implies a moral obligation to act. The word act is used as a verb and means to “do something.” Murphy points out that one is to not only act but to act in a certain way based on the persons extent of the freedom they have, meaning the bigger the space of freedom the bigger the obligation or responsibility one has. So, the higher...
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...UI400 Philosophy Paper Methodology. The method of argumentation and (sometimes) proof used in philosophy is derived from and is essentially a refinement of the so-called Socratic Method, also known as Platonic dialectic (derived from Plato’s dialogues & refined over the centuries). It consists not merely in reporting on what others have said or argued, but in examining their claims to test them for validity, truth, soundness, and reliability of generalization and so on. It involves deductive methods, reductio ad absurdum or the selective application of relevant counterexamples, analogical and inductive procedures. It requires the examination of ideas, reasons, arguments and experience, and evidence drawn from various sources. It even involves experimental reasoning in the form of thought experiments. The overall format is that of the hypothetical-deductive method of developing a thesis by proposing a hypothesis, deducing the consequences that logically follow from that hypothesis and then testing them against other well-established beliefs, experience, data, and the results of the analyses and interpretations of a thesis by other scholars (secondary sources). Below follows a brief outline of some key steps to follow in executing a genuine philosophical analysis of a thesis and it argument(s). First a flow chart: 1. Thesis statement – a brief statement of the problem, why you think it’s a problem, & how you plan to approach it (these elements...
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...Ethical perspectives: Friedman vs. Drucker, Murphy North Central University Summary of Perspectives Peter F. Drucker In Drucker (1981), he takes us through a journey of evolution of Business Ethics and represents several controversial positions. While explaining the ethics in Western Culture he states that there was agreement on the following statement: “There are only one ethics, one set of rules of morality, one code, that of individual behavior in which the same rules apply to everyone alike” (Drucker, 1981, Page 19). He discusses the examples of "a poor mother", "nepotism in China" and "paid extortion" to articulated the impact of social, economical and cultural norms on implementing this on everyone. He considers practices of questionable morality under different circumstances as ethical. Casuistry (Drucker, 1981, Page 22) was the first attempt to think about social responsibility and embed it in a set of distinctive ethics for people in power. According to Drucker, ethics for people in social responsibility is a cross-benefit calculation involving demand of individual conscience and position. For then, demand of ethics can be excepted if actions result in benefit for other people. Drucker then moves on to introduce The Ethics of Prudence (Drucker, 1981, Page 27) as other major tradition in the West. He proposes that Ethics of Prudence appropriate to a society of organizations. Prudence, the consciousness not to do the wrong thing will enable the leader to exhibit...
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...Spectator ACLU Forbes Harpers Stanford Review CBS Rush Limbaugh New York Times FOX News NBC (especially MSNBC) The American Conservative Mostly Centrist with Occasional Slant Libertarian CNN ACLU CSPAN (just shows the event) Ludwig Von Mises Reuters Reason Magazine PBS CATO Institute Real Clear Politics (both perspectives) Ayn Rand Foundation John Stossel, Reporter Milton Friedman,Economics Respected Think Tanks Always check their mission statement for bias or perspective, but these are known for accuracy in research even if they do cardstack and/or research from a biased perspective. They are helpful in stacking your case with relevant facts. Conservative Heritage Foundation Citizens Against Government Waste Media Research Center TownHall.com (A branch of Heritage Foundation) Republican National Committee National Federation of Republican Women American Enterprise Institute Hoover Institution Family Research Council Manhattan Institute Hudson Institute Washington...
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...Research and analyze the Great Depression, and answer the following questions in a paper: • What were the root causes/events that led to the Great Depression? 10 points The Great Depression was a worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world. Although the Depression originated in the United States, it resulted in drastic declines in output, severe unemployment, and acute deflation in almost every country of the globe. But its social and cultural effects were no less staggering, especially in the United States, where the Great Depression ranks second only to the Civil War as the gravest crisis in American history (Great Depression, 2013). The fundamental cause of the Great Depression in the United States was a decline in spending (sometimes referred to as aggregate demand), which led to a decline in production as manufacturers and merchandisers noticed an unintended rise in inventories. The sources of the contraction in spending in the United States varied over the course of the Depression, but they cumulated into a monumental decline in aggregate demand. The American decline was transmitted to the rest of the world largely through the gold standard. However, a variety of other factors also influenced the downturn in various countries. The most prolonged departure from the normal stability of U.S. long-term growth occurred during the...
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