Friedman wasn't the least bit sympathetic to non-management workers' plight. All he cared about was the owners. And executives usually own a disproportionate number of their company's shares.
Executives are not owners. They may not own anything. An owner could also be a plumber working for himself. That's not at all like Jack Welch.
To my limited understanding, Friedman's approach to workers was we should make it so competitors can spring up, as your best job security and working conditions and salaries come from the existence of other companies. And additionally that when companies do well, their customers (also most non-management workers for most companies) get better and/or cheaper products, as people are customers of other businesses as well as employees of their own company.
I'd be interested to see a clip of Milton Friedman saying that executives are the most valuable employees.
Friedman wasn't the least bit sympathetic to non-management workers' plight. All he cared about was the owners. And executives usually own a disproportionate number of their company's shares.
Executives are not owners. They may not own anything. An owner could also be a plumber working for himself. That's not at all like Jack Welch.
To my limited understanding, Friedman's approach to workers was we should make it so competitors can spring up, as your best job security and working conditions and salaries come from the existence of other companies. And additionally that when companies do well, their customers (also most non-management workers for most companies) get better and/or cheaper products, as people are customers of other businesses as well as employees of their own company.
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How about Adam Smith, Ludwig von Mises, Friedrich Hayek, Richard Nixon, Margaret Thatcher.
Smith has mostly been taken out of context and selectively quoted. I don't lump him in with the others.