Milton Friedman holds and argues for the agent of capital view. Milton Friedman has a very traditional viewpoint in the role of business in society and feels strong about the Agent-of-capital view. ... Friedman stresses the nature of the relationship between shareholders and management, which is that of principal and agent. ... Friedman makes it clear that "the social responsibility of business is to increase its profits (Hoffman 141)". ... Milton Friedman believes in the free market system and the success of capitalism. ...

• Word Count: 1730
• Approx Pages: 7
• Grade Level: Undergraduate

The economic problem arises because the supply of resources is limited in relation to the wants of individuals. Wants are defined as human desires for goods and services, which satisfy demands. Wants are classified according to their nature, and range from basic wants, to collective wants, to luxury...

• Word Count: 523
• Approx Pages: 2
• Grade Level: Undergraduate

"We need to reawaken this giant." -Ronald Reagan. When Ronald Reagan entered office, the American economy was in a state of decline. Economists were doubting the American system of free enterprise, and some thought Russia's command economy was the answer. The Keynesian school of thought figured ...

• Word Count: 3958
• Approx Pages: 16
• Has Bibliography
• Grade Level: High School