Milton Friedman, back in 1970, exposed how Stakeholder Economics was inefficient and stupid. He laid out that such a role was that of government, not corporations, whose #1 fiduciary obligation was to its shareholder.
— Armstrong Economics (@StrongEconomics) August 3, 2022
Under Schwab, I could say, “OK I will go public; everyone sends in money. I will give you shares in return and then say OMG, there are people starving in Africa!” So, I decide to give 50% to them and not my investors. This is Stakeholder Economics.
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