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“Education geared to industry demands has also got into the trap of producing commercial technologists for corporations. These corporations are not built for social responsibility in free-market capitalism. Milton Friedman said the biggest and only responsibility of a corporation is to increase shareholders’ wealth. If these corporations do research and find a vaccine eventually that costs $1,000, then those who are not able to afford it would be regarded by mainstream economists as having less willingness to pay. For the poor, it is not a choice, but a helpless situation. But, poor having less budget for essential needs is a problem that we do not start our economics textbooks with.” — Salman Ahmed Shaikh
Education geared to industry demands has also got into the trap of producing commercial technologists for corporations. These corporations are not built for social responsibility in free-market capitalism. Milton Friedman said the biggest and only responsibility of a corporation is to increase shareholders’ wealth. If these corporations do research and find a vaccine eventually that costs $1,000, then those who are not able to afford it would be regarded by mainstream economists as having less willingness to pay. For the poor, it is not a choice, but a helpless situation. But, poor having less budget for essential needs is a problem that we do not start our economics textbooks with.