Milton Friedman let business leaders off the hook

Milton Friedman, Nobel economist, wrote a New York Times article in 1970 declaring a singular focus of business: “There’s only one social responsibility of a business, to use its resources… to increase profits…”

Friedman completely separates business and people. The Nobel economist has let business leaders off the hook to care about people.

At its core, a business is a group of people. (not resources)

We as leaders, have a much larger responsibility than solely profits.

People might spend 1 hour at church each week then spend 40 hours at work.

If someone spends an hour at church each week, then we as leaders get at least 40X more opportunity to positively influence the lives of our teammates.

We have an opportunity in business to send people home as better parents, better spouses, and better citizens.

The opportunity and responsibility to steward the precious lives of those who work alongside us is so very real. 40x real!

I think the businesses that win the trust of their team and build the team up will happen to win the profit game too.

Onward,

Matt