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Friedman 50 Years Later

Friedman 50 Years Later

Shareholders Don’t Always Want to Maximize Shareholder Value

Oliver Hart
Oliver Hart, winner of the 2016 Nobel Prize for economics, reflects on how the world has changed since Milton Friedman published his famous essay...
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Corporate Governance

Does a CEO Have a Duty to Lobby?

Luigi Zingales
We need not only more disclosure, but also more work in alerting people in general (and students in particular) about the distortive effects of...
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Friedman 50 Years Later

Pursuing Stakeholder Capitalism Is an Impossible Task When Stakeholders Have Different Beliefs

Marc Painter
Can companies really attempt to benefit all stakeholders, when stakeholders rarely agree on the best course of action? A new study examines...
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Friedman 50 Years Later

What Stakeholder Capitalism Can Learn From Milton Friedman

Alex Edmans
Instead of ridiculing the Friedman doctrine and proclaiming its death, advocates of stakeholder capitalism and responsible investing, like me, can learn a...
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Friedman 50 Years Later

The Illusory Promise of “Stakeholderism”: Why Embracing Stakeholder Governance Would Fail Stakeholders

Lucian Bebchuk, Roberto Tallarita
Stakeholderism—granting corporate leaders discretion to give weight to the interest of all stakeholders—should not be expected to deliver its purported benefits to...
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Friedman 50 Years Later

Serving Shareholders Doesn’t Mean Putting Profit Above All Else

Oliver Hart, Luigi Zingales
The time has come for companies, economists, and society to abandon the argument that the only responsibility of business is to maximize profits. Editor’s note:...
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Friedman 50 Years Later

Diversifying Corporate Boards — the Best Way Toward a Balanced Shareholder/Stakeholder System of Corporate Governance

John C. Coffee, Jr.
Boards can recognize that their shareholders have needs beyond financial wealth maximization. Making corporate boards representative and diverse works better than co-determination...
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Friedman 50 Years Later

Friedman’s Principle, 50 Years Later

Luigi Zingales
In the mid-1980s, Milton Friedman’s view that the only social responsibility of business is to increase its profits became dominant in business...
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Antitrust and Competition

The Challenges to (Re)forming a Platform Economy for the People

Ariel Ezrachi, Gene Kimmelman
Measured antitrust enforcement and a more comprehensive regulatory regime can ensure that we continue to benefit from digital markets. In attempting to...
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News

Spectrum Auctions: There Is Elegance in the Mundane

Anthony Lee Zhang
As a student, Booth School Professor Anthony Lee Zhang was puzzled that Paul Milgrom chose to spend so much of his time...
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Antitrust and Competition

Antitrust as Economic Stimulus

Hal Singer, Marshall Steinbaum
By attacking power imbalances, competition policy can steer income to workers and independent merchants who are more inclined to spend than monopoly...
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Antitrust and Competition

The Monopolists and the Pandemic: What Covid-19 Teaches Us About Concentrated Power

Barry C. Lynn
In the preface of his new book Liberty from All Masters: The New American Autocracy vs. the Will of the People, Barry...
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Media

Bethany McLean’s Weekend Reading List: Insider Trading, Central Banking, and the Fall of the CDC

Bethany McLean
Corruption, lobbying, corporate malfeasance, and frauds: a weekly unconventional selection of must-read articles by investigative journalist Bethany McLean. 
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Antitrust and Competition

“Amazon Is Getting Richer by the Moment —But There’s a Limit to How Many People Jeff Bezos Can Buy”

Asher Schechter
In an interview with ProMarket, Barry Lynn discusses the current state of American antimonopoly, what the Covid-19 crisis has taught us about...
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News

Politics, Inconsistent Economic Policies, Destructive Dissatisfaction: The Roots of Hong Kong’s Malaise

Bernard Yeung
In 2019, proposed amendments to the Extradition Bill triggered social unrest that has lasted for more than a year. Moving forward, Hong...
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ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.

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