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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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Antitrust and Competition

“An Offer We Can’t Refuse”: How We Gave Away Our Data and Made Big Tech What It Is Today

Tommaso Valletti
WhatsApp’s new terms of service should come as no surprise. For years, Big Tech has been offering its users these “take it...
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Antitrust and Competition

Paul Romer: “If You Think Moderation is Censorship, You’ve Got a Competition Problem”

Jana Kasperkevic
During a Stigler Center keynote webinar, Nobel laureate Paul Romer discussed concentration problems in the US and possible solutions, including a “pigouvian”...
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Digital Platforms

The “Next Frontier of Propaganda”: Micro-Influencers are Paid to Spread Political Messages, Disinformation

Jana Kasperkevic
Online influencers aren’t in the business of promoting just products anymore. New research finds that micro-influencers are increasingly used to spread political...
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Antitrust and Competition

Digital Markets Act: Policy Choices and Conditions for Success

Alexandre de Streel
Last month, the European Commission introduced an ambitious new set of rules for digital platforms, the Digital Markets Act. Here is what...
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Antitrust and Competition

The Silent Coup

Luigi Zingales
President Donald Trump's seditious actions are exposing the political power that Twitter, Amazon, Google, Apple, and Facebook enjoy. Banning him from their...
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Antitrust and Competition

How Will the Digital Markets Act Regulate Big Tech?

Cristina Caffarra, Fiona Scott Morton
While the recently introduced Digital Markets Act rules might change prior to final approval, there is a lot to consider already. What...
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Coronavirus

Covid-19 Aggravates Existing Income, Gender, and Race Inequalities, and Further Increases Political Divisions

Marianne Bertrand, Guglielmo Briscese, Maddalena Grignani, Salma Nassar
Seventy percent of Americans know someone who tested positive; one in five know someone who died from coronavirus, survey shows.
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