50 Years of Blaming Milton Friedman. Here’s Another Idea.
Read the article following the link https://www.nytimes.com/2020/09/18/opinion/milton-friedman-essay.html and answer the following questions.
1. What is the main idea of Milton Friedman's theory? Do you agree with it? Why/why not?
2. What arguments do Milton Friedman and his allies provide?
3. What is the result of the implementation of Milton Friedman's theory?
4. According to the author, what is the way out of this situation?
5. What is the deficiency of Milton Friedman's theory?
1. the main idea of Milton Fredman's theory is corporations have not social responsibility, except the scared. I am not, because even they need to maximize their profit but the most important is human rights and right to work to their workers because without them corporations could not work but unfortunately there is more corporations do not respect.
ОтветитьУдалить2. the arguments that Milton Friedman and his allies provide are if corporations focused on making money, and government got out of the way, the economy would grow and everyone would benefit.
3. the result of the implementation of Milton Friedman's Theory was that the government slashed taxes, sought to undermine unions and reduce some kinds of regulation, notably in financial markets.
4. the way out of this situation, according to the author, the government should:
- to create stronger incentives for good behavior and laws against bad behavior,
- instead of pleading with McDonald's to raise wages, raise the federal minimum wage
- instead to urging power companies to burn less fossil fuel, tax carbon emissions.
- instead to shaming Amazon for squeezing small business, enforce antitrust laws.
5. the deficiency of Milton Friedman's theory is growth has slowed, and much of the available gain have been pocketed by a small minority of very Americans
ОтветитьУдалить1. Is the main idea of Milton Friedman, that corporations should not go beyond the letter of the law to combat discrimination or reduce pollution or maintain community institutions. Corporations, he said, have no social responsibilities except the sacred responsibility to make money.
2. The arguments that provide Friedman and his intellectual allies is if corporations focused on making money, and government got out of the way, the economy would grow and everyone would benefit.
3. For decades, policymakers have embraced his advice. It’s been an experiment on a grand scale, and the results are depressingly clear. The result of the implementation of Milton Friedman's Theory was Growth has slowed, and much of the available gains have been pocketed by a small minority of very wealthy Americans. The shareholding class keeps getting richer; the rest of the nation is falling behind.
4. The way out of this situation, according to the author, the necessary solution is to create stronger incentives for good behavior and laws against bad behavior. Instead of urging power companies to burn less fossil fuel, tax carbon emissions. Instead of pleading with McDonald’s to raise wages, raise the federal minimum wage. Instead of shaming Amazon for squeezing small business, enforce antitrust laws. Government also needs to do more to support economic growth. Friedman’s negative vision of government has helped to obscure the ways the public sector can help the private sector, for example by investing in education, infrastructure and research.
5. The deficiency of Milton Friedman's theory is the missing part is the role of government in ensuring that those profits do not come at the expense of society.