Write a brief essay answering one of the questions below.
Friedman distinguishes between the two concepts that
(a) businesses really do act in ways to maximize profit and
(b) businesses have a moral responsibility (or, as he puts it, a social responsibility) to act to maximize profit. How does he defend the latter position? (See both the Friedman and Sandbu readings)
From the Sandbu article, Sandbu quotes Adam Smith as saying that we get our dinner from the self-interest of the butcher, baker and brewer. What does he mean by this? How does this observation lead to Adam Smith’s concept of the “invisible hand?”