08-class notes

08-class notes - TODAY Class 8 Social Responsibility of...

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9/22/2009 1 TODAY: Class 8 • Social Responsibility of Business – Friedman, Arrow; – Brander (4; pp 73-76 – business ethics) Mid-term exam – Thursday evening – Oct 15 – Please see the class website for some typical questions and other information concerning the mid- term exam. – There is also some information at the end of today’s Comm. 394 – Barbara Spencer There is also some information at the end of today s lecture notes. NEXT CLASS • Lottery to allocate debate topics to teams. Before next class (Mon Sept 28) teams must • Before next class (Mon. Sept 28), teams must – determine their rankings of topics PRO and CON so as to be ready to choose a debate when their number is called – See course outline and debate instructions – web ct. • Readings: – Brander (4, pp 50-55 - Fairness, moral relativism) • Bogle, “A crisis of ethic proportions” • Gage, “The Most corrupt countries” Comm. 394 – Barbara Spencer
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9/22/2009 2 Social Responsibility of Business? • Milton Friedman: – "There is one and only one social responsibility of business - to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud". Comm. 394 – Barbara Spencer Milton Friedman: 1912-2006 Comm. 394 – Barbara Spencer
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9/22/2009 3 Friedman’s view • Since executives are employees (agents) of the owners (e.g. shareholders), it is wrong for them to do anything other than act in accordance with to do anything other than act in accordance with the desires of owners – i.e. typically to maximize profits. • An executive that reduces profits by undertaking
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This note was uploaded on 02/14/2010 for the course COMM 296 taught by Professor Dasgupta during the Fall '08 term at UBC.

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08-class notes - TODAY Class 8 Social Responsibility of...

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