Lesson Overview

Milton Friedman’s 1970 article is often reduced to a headline: “The social responsibility of business is to increase its profits.” But the piece is more layered — and more relevant — than most give it credit for.

In this short lesson, we explore the real argument Friedman made, including:

• 📜 Why “within the rules of the game” is a critical caveat
• 🎭 The problem he saw with virtue signalling
• 🏛️ His concern that misleading narratives could undermine the free market

We also reflect on how this argument sits in today’s context — where the line between long-term value and stakeholder responsibility continues to blur.

The goal isn’t to settle the debate — it’s to better understand the thinking that still shapes it.