The late economist Milton Friedman is known for having suggested that a corporation’s social responsibility is to increase profits, with the proviso “so long as it stays within the rules of the game, which is to say engage in open and free competition without deception or fraud.”

Roy Cordato analyzed that argument during a Legacy of Freedom Lecture tied to Friedman’s 99th birthday, which the economist would have celebrated Sunday. Cordato focuses on one piece of Friedman’s proviso to set out a different standard for corporate social responsibility.

2:20 p.m. update: Click play below to watch the full 57:08 event.

You’ll find other John Locke Foundation video presentations here.