How does Friedman explain the importance of philanthropy and social responsibility in the business?

Asked on 25.09.2018 in All Questions.
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Focusing on the economic responsibility alone can backfire to a huge loss of profits instead. Additionally, in order for theories and assumptions to be valid, empirical evidence is needed  and a recent report by the S&P 500 companies shows an increase of sustainability and CSR projects reported from 20% to 82% in 2011 to 2016, indicating that stockholders view CSR as an opportunity. It is no longer seen as additional work for the company but its guide, which can be Frederiksen`s hybrid approach of ethical and instrumental. Though philanthropy is voluntary, it is an investment that...
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