Question

The idea that the mission of business is to produce goods and services at a profit, thus maximizing its contribution to society is associated with

a. Adam Smith.
b. Theodore Levitt.
c. Norman Bowie.
d. Herman Miller
e. Milton Friedman.

Answer 1

The mission of business to maximize profits and thereby contribute to society is a view famously associated with economist Milton Friedman.

Step-by-step explanation:

The idea that the mission of business is to produce goods and services at a profit, thus maximizing its contribution to society, is closely associated with Milton Friedman. In 1970, Friedman wrote a significant essay for The New York Times where he emphasized that business's profits should be the foremost concern of a company, and that directing efforts towards profit maximization is in line with fulfilling a moral responsibility to society. Friedman posited that while companies should be driven by the desire to maximize their profits, the control and regulation to ensure they do not cause societal harm falls under the duties of the government.