Milton Friedman, 1970

Milton Friedman, 1970

There is one and only one social responsibility of business -to use its resources and engage in activities designed to increase its

profit so long as it stays within the rules ofthe game….” (Milton Friedman, 1970)

A. From an accounting perspective, what are the ‘rules ofthe game’ that businesses must follow?

B. In the current environment, is Friedman’s statement as relevant in 2013 as it may have been in 1970?

Specific reference: Birt, J. Chalmers, K. Byrne, 8. Brooks, A. & Oliver, J. (2012). Accounting: business reporting for decision making Old, Australia: Wiley
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