Ethics and Economics Education
Moral foundations, economic principles, & critical thinking
What duties do businesses have toward others, apart from refraining from violating their rights or otherwise treating them poorly? Do they have a responsibility to help solve social problems? Milton Friedman answered this question in a famous 1970 essay, “The Social Responsibility of Business,” with a resounding “No!” Was he right? Friedman says that managers of businesses owe their jobs […]
Read moreIn the wake of Hurricane Sandy, New Jersey governor Chris Christie enforced price controls on a wide range of goods, with disastrous consequences. Because the prices of gasoline and lumber were not allowed to rise, people around the world holding onto stocks of lumber and gasoline had no incentive to send them to New Jersey rather than other places. And […]
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