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| Tekijä: | Wagner-Tsukamoto, S. |
| Otsikko: | Moral agency, profits and the firm: economic revisions to the Friedman theorem |
| Lehti: | Journal of Business Ethics
2007 : JAN II, VOL. 70:2, p. 209-220 |
| Asiasana: | corporate responsibility economic analysis PROFIT |
| Vapaa asiasana: | Friedman theorem |
| Kieli: | eng |
| Tiivistelmä: | This article discusses in economic terms Friedman's theorem that the only social responsibility of firms is to increase their profits while staying within legal and ethical rules. A model of three levels of moral conduct is attributed to the firm: (1) self-interested engagement in the market process itself, which reflects according classical and neoclassical economics an ethical ideal; (2) the obeying of "the rules of the game", largely legal ones; and (3) the creation of ethical capital, which allows moral conduct to enter the market process beyond the rules of the game. |
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