Who challenged the fundament assumption of profit maximization?

Question

Quizplus · Accepted Answer

John Galbraith challenged the fundamental assumption of profit maximization in his book "The Affluent Society" where he argued that contemporary society's needs and wants are constantly changing, and that instead of focusing on maximizing profits, businesses should focus on meeting the needs and wants of consumers through innovation and production of new goods and services. This challenged the traditional economic model that assumed profit maximization as the ultimate goal of businesses.

Who Challenged the Fundament Assumption of Profit Maximization