Milton Friedman said managers are solely responsible for making a profit for their shareholders, who agrees?

Question

Milton Friedman once said that managers are solely responsible for making a profit for their shareholders and should not consider the wider ethical implications of their actions other than keeping within the law. Can anyone think of any writers or influential people or companies who agree with this statement?

Thanks!

Answer 1

Don't be silly - it's no longer PC to claim you are focused only on Profit ..

Of course, many Companies might well put profit first, but they all have PR Managers who ensure they project a 'cuddly / green' image.

Answer 2

I have to say you didn't understand properly what he said. It seems he wanted managers to be more risk takers than risk averse to the extent of forfeiting some of the ethics involved in doing business. In this sense all over the world there are many company managers who follow this dictum and risk the companies and stake holder's well being. Enron is an example where this was pushes beyond reasonable limits. Worldcom, Globalcrossing, Tyco are others.