The villain of the film "Wall Street" started a speech with the word "Greed is good". The most charitable explanation of this statement was that it was a reaffirmation of Adam Smith's economic philosophy. Smith argued that the pursuit of self interest in a competitive market would ensure the common good. However, it is a doubtful case for the villain of "Wall Street", because he ruthlessly sought power and wealth and was prepared to trample on anyone who got in his way.
Should self interest be the sole objective of business or should there be an acceptance of organisation's responsibility to society? Economists like Adam Smith or Milton Friedman reject the notion about a business organisation's responsibility to the community. They argued that all we should expect from them is efficient profitable production, creating jobs and providing goods and services at the price and quality that the customers desire.
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