Here it is .
Prompt: Compare the statements and perspectives of Milton Friedman & Adam Smith from Chapter 2. Which do you support?
These are two very influential economists that have made a great impact on society and the way we look at things. Adam Smith was born in a time where things weren’t as complicated as they are today. His way of thinking was much more pure and biblical. When it came to the economy he felt that it was necessary to have a moral backing when making decisions. He explains that the “common good is associated with six psychological motives and that each individual has to produce for the common good” (Ferrell 2015 pg.40). He is more concerned about the common good then the beneficence of individuals, to him justice has a higher priority than wealth.
Milton Friedman on the other hand has a bit of a more modern way at looking at things. Being raised in the 20thcentury he has lived through the evolution of the economy and how much it has changed since the early 1900’s. He has stated “the basic mission of business is to produce goods and services at a profit while making its maximum contribution to society in line with being socially responsible” (Ferrell 2015 pg.40).Friedman preaches that the market is a better place to deter to than on the streets.
Where Adam Smith used business as a way to promote social responsibility Milton Friedman uses the morals of business as a tool and a resource to engage in maximum profits. I would have to say that I would support Milton Friedman because looking and this issue with a modern outlook it is very hard to be competitive in the market when you are not using all of your resources to your advantage. Unfortunately this is not the time of the renaissance anymore and being competitive in this world we live in is the only way to survive as a business.