The Friedman Doctrine and Social Responsibility

The Friedman Doctrine and Social Responsibility Author’s Name: Institution: Date: The Friedman Doctrine and Social Responsibility Friedman's educational background Milton was formally living in Brooklyn, New York before they moved to Rahway, New Jersey when he was only a year old. In 1928, when he was sixteen years old, Friedman had finished his high school studies from Rahway school (Chow and Friedman, 1970). He won a scholarship which enabled him to earn a bachelors' degree in economics and mathematics at the Rutgers University. In 1933, Friedman advanced his studies in economics at the University of Chicago. He earned his Ph.D. in946 in economics at the University of Colombia. At Chicago, Friedman was given a chance to teach courses in monetary economics and price theories. In1953 he built up the Banking Workshop, which served as a significant platform for employees and graduates doing dissertations and periodic outside guests (Ferrero, 2015). The workshop became so famous for critical appraisal and presentation of examination of papers in economic aspects. Friedman's school of thought Friedman school of thought is associated with monetarism, which emphasizes the function of governments in regulating the cash flow circulating in the country. He advocated for monetary policy in place of the traditional theory of fiscal policy as put forth by Keynes. (Nelson, 2009). Milton, together with Ann Schwartz, wrote a monetary history book of the united states which stated that inflation was present in every state with the assumption of prevailing financial transactions (Chow and Friedman, 1970). Additionally, Friedman advocated for the central bank policy, which was aimed to continue growing the money supply at a reasonable rate to improve productivity levels according to the demand of products and services. Friedman opposed the theoretical perspectives of Keynesian economists. For instance, he argued against regulation of the economy calling for a free market operation of the economy. Concepts attributed to him (Friedman doctrine must be explained in detail) Friedman doctrine on the idea of social responsibility is associated with his approach to the view of shareholders as the engines of economy in a firm. He states that a company’s focus in society is to make profits for the stakeholders and itself while remaining viable within the business (N...