Final answer:
Milton Friedman advocated for the responsibility of businesses to maximize profits, a concept aligned with free-market capitalism and the Monetarist view which suggests minimal governmental interference in economic affairs.
Step-by-step explanation:
Milton Friedman, a renowned economist, argued that businesses have a sole responsibility to increase profits. This doctrine, known for its emphasis on profit maximization and free-market capitalism, suggests that individuals making decisions for a company should focus on actions that maximize corporate profits for shareholders. According to Friedman, it should be under the purview of the government to set regulations that prevent businesses from harming society in their pursuit of profit.
Friedman's views were set against a backdrop of the belief that the government's role in the economy should be minimal. He supported the Monetarist view, advocating for a steady growth of the money supply in tandem with the economy, without active interference from the Federal Reserve Bank. Friedman's theories gained traction because they were seen as mechanisms that effectively increase the payment received for work, thereby benefiting the economy as a whole.