Friday, June 8, 2007

A Long Term Investment

Business is often criticized for dwelling on short-term results. When the criticism comes from an important intellectual defender of free markets like Milton Friedman, business should pay attention.

"I have been impressed time and again by the schizophrenic character of many businessmen. They are capable of being extremely far-sighted and clear-headed in matters that are internal to their businesses. They are incredibly short-sighted and muddle-headed in matters that are outside their businesses but affect the possible survival of business in general."

Milton Friedman
"The Social Responsibility of Business is to Increase its Profits"
The New York Times Magazine
September 13, 1970

If business people do not invest in the long-term ideas that make business success possible, who will?

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