What Milton Friedman Got Wrong

First, Friedman in praise of greed or “economic self interest”.*

Oliver Hart and Luigi Zingales on what Friedman and his fellow free market true believers got and get wrong:

“. . . the conclusion is that this idea, which seems to have taken hold that companies should be all about making money and that indeed managers, the CEO, they have a fiduciary duty to their shareholders to be concerned only with the bottom line. We think this is wrong — a serious mistake. Actually if they want to act — be loyal to their shareholders — which is what fiduciary duty means, they should actually ask them what they want. That’s the loyal thing to do. Rather than just assume that it’s making money at the expense of all else.

* Seriously underrated. . . Phil Donahue’s hair.