1) Briefly in your own words, explain the views of profit-maximization of Milton Friedman and Michael Strong and John Mackey? What are the differences and similarities in their views of the firm? 2)...

Briefly in your own words, explain the views of profit-maximization of Milton Friedman and Michael Strong and John Mackey? What are the differences and similarities in their views of the firm?
Answer: Milton Freidman was an American economist who believed in the process of capitalism in the free market economy. He was of the opinion that profit motive of the capitalist economy is the only way the economy can move towards the path of long run growth and development. Furthermore, Milton Freidman was of the opinion that the only and primary job of an entrepreneurship is to engage the factors of production namely, land, labor, capital and entrepreneur is to work with utmost efficiency and target optimum returns, production and profits for the firm. If all the factors of...