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Friedman 50 Years Later

Friedman 50 Years Later

The Enduring Wisdom of Milton Friedman

Steven Kaplan
Shareholder value maximization has been extremely successful globally in the way that matters most because, in many cases, maximizing shareholder value is...
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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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News

Stigler’s Interest-Group Theory of Regulation: A Skeptical Note

Cass Sunstein
As a rule, regulation is not acquired by “the industry,” and it is not designed and operated primarily for its benefit. The...
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Antitrust and Competition

The Durable Impact of Stigler’s Theory of Economic Regulation

Sam Peltzman
George Stigler’s “The Theory of Economic Regulation” was an early application of public choice reasoning to a practical problem—the work of regulatory...
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News

Economic Regulation After George Stigler

Filippo Maria Lancieri, Luigi Zingales
George Stigler’s “The Theory of Economic Regulation” has left a lasting impact on the academic and real-world practice of regulatory policy. Fifty...
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Coronavirus

Female Academics Are Disproportionately Affected By Covid-19 Disruptions In Childcare

Tatyana Deryugina, Olga Shurchkov, Jenna Stearns
A new paper finds that academics who are parents to young children, and especially mothers, have lost a significant amount of research...
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Antitrust and Competition

Rethinking Competition: From Market Failures to Ecosystem Failures

Michael G Jacobides, Ioannis Lianos
Despite the overwhelming importance of digital platforms, and the chatter around their recent rise, our understanding of digital ecosystems is still limited....
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Corporate Governance

A Famed Economist’s Public Company U-Turn

Brian Cheffins
Michael Jensen, a leading late 20th century economist, pivoted from praising public companies in the 1970s to assailing public company governance in...
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Antitrust and Competition

Chinese Antitrust 2.0: Why Is China Going After Its Big Tech?

Jana Kasperkevic
In an interview with ProMarket, Angela Huyue Zhang, author of a new book Chinese Antitrust Exceptionalism, discusses the motivations behind the recent...
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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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