Previously a fringe view, the publication of a New York Times op-edby Milton Friedman in 1970 – “The Social Responsibility of Business Is to Increase Its Profits” – moved this perspective toward the mainstream. It gained further momentum within academia following a number of articles by Harvard Business School’s Michael Jensen, who offered theoretical and empirical support for Friedman’s doctrine. For example, in one influential paper, Jensen and Kevin Murphy of the University of Southern California estimated that the average CEO’s pay increased by only $3.25 for every $1,000 of value he created, pointing to the need for an even tighter link between executive compensation and shareholder value.