ABSTRACT
In the 18th century, Adam Smith, the Scottish philosopher considered to be the father of modern economics, developed an economic theory that was to be influential in centuries to come, too. In recent years, some economists and scholars have used sound arguments to openly criticise the narrow utilitarian vision, which has finally created a real opening within utilitarian absolutism for alternative theories and concepts. The most recent and significant argument has been put forward by Amartya K. Sen, Nobel prize winner, who fiercely and convincingly criticised a canonical interpretation of Smithsonian thinking on ethics applied to economics. Milton Friedman took part in the debate on ethics in economics with "The Social Responsibility of Business is to Increase its Profits", an article that caused quite a stir, particularly amongst contemporary economists. Although Milton Friedman is a staunch enemy of corporate social responsibility, he himself specified that it has nothing to do with the notion of ethics.
