The view has been gaining widespread acceptance that corporate officials and labor leaders have a "social responsibility"... beyond serving the interests of their stockholders or their members. This view shows a fundamental misconception of the character of a free economy. In such an economy 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 fraud. Similarly, the "social responsibility" of labor leaders is to serve the interests of the members of their unions. It is the responsibility of the rest of us to establish a framework of law such that an individual... is, to quote Adam Smith... "led by an invisible hand... I have never known much good done by those who affected to trade for the public good."
Milton FriedmanRelated topics
adam beyond character corporate done free fundamental game good increase known labor law led misconception open public rest serve trade use view profits stays RulesRelated quotes
A remarkable challenge to Milosevic unfolded in the street of Belgrade in December [1996], led by three politicians who banded together in a movement called Zajedno, or the Together Movement. For weeks, hundreds of thousands of Belgrade citizens braved subfreezing weather to call for democracy. But Washington missed a chance to affect events; except for one ineffectual trip to Washington, Zajedno had no contact with senior American government officials, and the Administrations sent no senior officials to Belgrade for fear that their visits would be used by Milosevic to show support. For the first time in eighteen months, Milosevic felt no significant American pressure, and turned back towards the extreme nationalists, including Karadzic, for support. His tactical skills saved him again, and within weeks, the Together Movement was together no more, as its leaders split among themselves.
Richard Holbrooke
What do we mean by "understanding” something? We can imagine that this complicated array of moving things which constitutes "the world” is something like a great chess game being played by the gods, and we are observers of the game. We do not know what the rules of the game are; all we are allowed to do is to watch the playing. Of course, if we watch long enough, we may eventually catch on to a few of the rules. The rules of the game are what we mean by fundamental physics. Even if we knew every rule, however, we might not be able to understand why a particular move is made in the game, merely because it is too complicated and our minds are limited. If you play chess you must know that it is easy to learn all the rules, and yet it is often very hard to select the best move or to understand why a player moves as he does. So it is in nature, only much more so.
Richard Feynman
The particular conception of ideology operates primarily with a psychology of interests, while the total conception uses a more formal functional analysis, without any reference to motivations, confining itself to an objective description of the structural differences in minds operating in different social settings. The former assumes that this or that interest is the cause of a given lie or deception. The latter presupposes simply that there is a correspondence between a given social situation and a given perspective, point of view, or apperception mass. In this case, while an analysis of constellations of interests may often be necessary it is not to establish causal connections but to characterize the total situation. Thus interest psychology tends to be displaced by an analysis of the correspondence between the situation to be known and the forms of knowledge.
Karl Mannheim
In introducing the personal computer to the classroom, we shall be breaking a four-hundred year-old truce between the gregariousness and openness fostered by orality and the introspection and isolation fostered by the printed word. Orality stresses group learning, cooperation, and a sense of social responsibility... Print stresses individualized learning, competition, and personal autonomy. Over four centuries, teachers, while emphasizing print, have allowed orality its place in the classroom, and have therefore achieved a kind of pedagogical peace between these two forms of learning, so that what is valuable in each can be maximized. Now comes the computer, carrying anew the banner of private learning and individual problem-solving. Will the widespread use of computers in the classroom defeat once and for all the claims of communal speech? Will the computer raise egocentrism to the status of a virtue?
Neil Postman
The proposition that markets drive economic efficiency is central to much of economics. Adam Smith illustrated that the "invisible hand” of the market drives efficient allocation of resources in a system of division of labor. Friedrich Hayek illustrated the central importance of the price system as an information processing mechanism more powerful than any centrally planned system could ever be. Kenneth Arrow and Gerard Debreu illustrated that complete and perfect markets deliver a Pareto-efficient equilibrium, in which no one person can be made better off without making someone else worse off. And the development of the efficient- market and rational- expectations hypotheses suggested that financial markets are in fact efficient, and that the conditions required for efficiency and for rational and stable equilibria apply even in contracts between the present and the future, which financial markets provide.
Adair Turner, Baron Turner of Ecchinswell