It was the essay heard round the world. Milton Friedman's " The Social Responsibility of Business Is to Increase Its Profits " laid out arguably the most consequential economic idea of the latter half of the 20th century. The essay, published in The New York Times Magazine on Sept. 13, 1970, was a call to arms for free market capitalism that influenced a generation of executives and political leaders, most notably Ronald Reagan and Margaret Thatcher.
We wanted to mark the occasion by stirring a series of discussions and debates, so we assembled more than 20 experts — including C.E.O.s, Nobel laureates and other top thinkers — and asked them to respond to the essay. Some addressed specific passages, and others took on the entire argument. A selection of their responses is below; you can read extended versions online and see all of the annotations in the context of the full original essay in print.
Many things are taking place:
Baton Rouge, New Orleans area people in Business for Sept. 13, 2020 | Business | theadvocate.com
The LSU School of Veterinary Medicine has promoted Jenifer Godfrey to assistant dean of admissions and recruitment.
Matthew Holmes , the fourth-generation owner of Holmes Building Materials in Baton Rouge, was recently named one of the independent hardware industry's seven 2020 Young Retailer of the Year honorees by the North American Retail Hardware Association .
The award recognizes individual achievement by industry retailers age 35 and younger throughout the U.S. and Canada. It is based on professional milestones, community engagement, continuing hardware industry education and extracurricular activities. Holmes took over as president of the company from his father in 2018. He started in the family business sweeping floors and stocking and by high school worked part-time at the store.
Chattanooga-area business groups support mask mandate to prevent spread of coronavirus |
Although Gov. Bill Lee has not imposed a state mask mandate for all of Tennessee, Chattanooga area business groups are supporting Hamilton County's requirement that all persons wear masks in public spaces until at least early October.
The government order to require facial coverings in stores, bars and restaurants has drawn protests against the government requiring citizens to have face coverings in private businesses.
But Chattanooga's biggest business groups, including the Chattanooga Area Chamber of Commerce, the Chattanooga Tourism Co., Associated General Contractors of East Tennessee, the Home Builders Association of Greater Chattanooga, Greater Chattanooga REALTORS and the Chattanooga Regional Manufacturers Association, all voiced support for extending the Hamilton County mask mandate.
Real estate transactions for Sunday, September 134, 2020 | Business & Economy | qctimes.com
Kuffel, Dalton; Chandra J. and Brenda A., to Kuffel, Kayla R., 609 William Street, Kewanee; $40,000.
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Lewis, Dawn and Anderson , Angela, to Ince, Brandon and Sarah; 947 Kent Street, Kewanee; $115,000.
Price, Duane G. and Torri N., to Pronschinske, Bradley E. and Angela L., 1403 Mary Drive, Kewanee; $162,000.
Miller, Jeffrey L. and Jean L., to Nimrick, Jeffrey L. II and Elizabeth T., 1031 Knox Street, Kewanee; $180,000.
In case you are keeping track:
Black Business Spotlight: Lip Esteem
Offering a bit of luxury in a tube
St. Paul native Tameka Jones is the proud owner of Lip Esteem, an online business launched in July 2020. "It's an esteem builder. That's why it's called Lip Esteem," said Jones.
The mission and focus of the Lip Esteem brand is geared toward building self-esteem. "I'm a Black business owner, but I'm able to touch people from all cultures and all ages," said Jones. The unique rich, smooth lipsticks are meant to help customers feel confident as soon as it's applied. Lip Esteem may serve as a mood booster, especially in the pandemic when self-care seems to be a top priority.
Concord entrepreneur Ahmad Aissa strives to reinvent his bakery's business model
As the coronavirus pandemic continues to spread across the country into areas once untouched, national news stories highlight a grim economic fact: An unprecedented number of small businesses across the country have become casualties. The closures contributed to the nearly 33% drop in GDP, the biggest decline in American history.
As of mid-July, nearly 55% of the 132,500 pandemic-era closures seen on Yelp are now permanent, according to the review site's statistics.
Local San Antonio bar hopes fundraiser helps save business | kens5.com
"We had three managers we kept on through the COVID-19 times, and in July we finally had to let them go. We couldn't support them anymore," owner John Eguia said.
The bar, like hundreds of other business in the city and state, was forced to shut down because of the novel coronavirus. But if things don't change soon for Eguia, the signs may not be coming back on at all.
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The pandemic has forced the business to get a little creative. Before, they were selling merchandise just to be able to keep up with the bills. But come next week, they'll be selling barbecue plates and holding a raffle fundraiser to help bring in some much-needed money.
People, process and performance focus of consulting business | SteamboatToday.com
The two longtime friends and Steamboat Springs residents created the development and improvement company that helps organizations achieve excellence in all areas: people, processes and performance.
Martyn said the consulting business offers executive retreats, public and in-house workshops, facilitation and coaching to organizations of any size.
"It may seem like a challenging time to launch a new business, but we are finding this to be an especially critical time for organizations to improve all aspects of their business — reducing their costs while making sure they have the best processes and people to survive and flourish," Martyn said, "Like all businesses during this time, we also had to pivot."
Happening on Twitter
A day that will be remembered in infamy. Tomorrow is the 50th anniversary of Milton Friedman's shareholder value ma… https://t.co/SjMvN9i71H tom_peters (from MD18/NY5/DC4/CA25/VT20/MA5) Sat Sep 12 13:35:55 +0000 2020
Milton Friedman's famous aphorism does not survive two seconds of thought about organized crime https://t.co/HpWoyDQjVW ryanlcooper (from Philly) Sat Sep 12 14:53:12 +0000 2020
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