2 ms·
> “short-sighted and muddle-headed” in matters of public import. vs > Many business executives realized that wage and price controls would serve their busines
by donatj 7y ago
> “short-sighted and muddle-headed” in matters of public import.
vs
> Many business executives realized that wage and price controls would serve their business interest (no doubt by holding down the cost of labor and other inputs) and didn’t care whether they harmed the economy at large.
Those are the same thing. They were short sighted because price controls would serve their business interest in the short term.
- btomtom5 7y agoYea, I also took issue with this point initially, but I think the author was pointing out that Friedman's complaint of CEOs "short-sightedness" at its core was asking CEOs to exhibit a sort of social responsibility--the very same responsibility that he criticizes.