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social responsibility and economic efficiency Kenneth J arrow arrows article is addressing an issue that weve previously encountered in the course but it also is describing a limit to economics or the relationship between economic theory and morality so what arrow is doing initially is looking at the idealized assumptions that are made by economists so we see at the beginning of this excerpt from his work is the idea that economic efficiency that businesses do good for society by simply doing business so weve encountered this before weve encountered this idea with Milton Friedman that a the idea that what business does best is to maximize profits and so what we should be doing is just simply allowing businesses to do that because when they maximize profits then all of us benefit so the social good is not done by attempting to regulate businesses nor is it done by trying to make them do morally good acts what we should simply do is let business do what business does best now this ide
