“In addition to his intellect, he had a strong work ethic, an engaging personality, and an excellent sense of humor” (Ebenstein 1). This is what Lanny Ebenstein said when writing his biography on Milton Friedman. For those of you who don’t know who that is, (which is probably all of you) Milton Friedman was a very well known economist in the 1900’s. For those of you who don’t know what an economist is, an economist is an expert in the world of economics. Along with being an economist, he taught as a professor at many universities and wrote many books on the free market. Some of his most notable achievements include, the Nobel Prize for Economics, the Presidential Medal of Freedom and the National Medal of Science for Behavioral and Social Sciences. …show more content…
He influenced people to think the way he thought without much difficulty. The way he could persuade people to adopt his new ideas on economics was amazing, “Rare theorist whose influence is best measured not by the devotion of his followers-which can be extreme- but by the extent to which his ideas have altered the thinking of his opponents” (Ebenstein 180-181). Although his supporters never thought against Friedman, his opponents who thought different became supporters. He was looked at as a role model to everyone and a hero to countries that he changed. “Friedman was a towering intellect, and in the end that is how he was remembered: for the insight he conveyed and his ability to make others think things from anew” (241). His enormity of intelligence was great, but how he used his intelligence to educate and influence others is awe-inspiring. Not only was his influence strong in the US, but he was talked about all throughout the world. As I said before his influence on the Chilean economy was magnificent. “Friedman's influence is not restricted to the English speaking world. His work has been translated into more than twenty foreign languages. He is among the few American intellectuals to enter the international lexicon both academically and popularly” (212). The books he wrote were so popular that they were translated into different languages to give this powerful insight on the monetary system to different speaking nations around the globe. His dedication to sticking to his ideas and endorsing them shows his hard work and determination, “Although his views were considered out of the mainstream when he first enunciated them half a century ago, now, if they do not represent the majority view, they are at least no longer the opinion of an isolated and beleaguered minority” (3). For example, his theories on inflation have become very popular nowadays
He made many great accomplishments during his time and probably his greatest was what he did for America in its hour of need. During the 1920's, the U.S. experienced a stock market crash of enormous proportions which crippled the economy for years. Keynes knew that to recover as soon as possible, the government had to intervene and put a decrease on taxes along with an increase in spending. By putting more money into the economy and allowing more Americans to keep what they earned, the economy soon recovered and once again became prosperous.
Since the birth of the country, there have been many influences on its development. The economy in particular has been an area of great importance. Many people have been factors in the growth of the United States’ economy. Perhaps the earliest and most influential of these was Alexander Hamilton. As shown in his effective policies, such as assumption of Revolutionary War debts, practical taxation, formation of the National Bank, and views on manufacturing, Hamilton was a dominant force from the beginning. During his term as secretary of the treasury, he acted with the power and commanding force of a Prime Minister. None of the other founding fathers contributed as much to the economy’s growth, and the shape of the country in general, as he did. Alexander Hamilton was the most influential of the United States’ early politicians on the development of the country’s economy.
William Graham Sumner came from a hard working family. He grew up in the environment where he was taught to respect Protestant economic virtues. Hard work and efficiently utilizing money leads to the result in success. After reading, Illustration of Political Economy written by Harriet Marti he became aware of the wage fund doctrine, and other theories associated with that. His understanding of capital, labor, money and trade were based upon the book, Illustration of Political Economy. He published books like Earth hunger, The Absurd Effort to Make the World Over, The Forgotten Man, Folkways and others. His intellectual ideas were passed through the columns of popular journals and from the lecture platform, he waged a holy war against reformism, protectionism, socialism, and government interventionism.
He was very liberal and at one point even joined the Communist Party. He used his writings to display to people from around the world the way that business and government used and betrayed the average citizen.
Friedman a person that was raised of changing the status quo and thinking differently took the inspiration of many past economics such as Keynes, and challenged them. Most notably was Friedman’s view on the free market system and the choices we have today. Friedman was a strong supporter of riding ourselves of drafts, governmental regulation of markets, the healthcare and education industries; this list go on forever in what Milton Friedman thought was wrong for the US and many other countries. Though Friedman was a pioneer in opening up and showing the free market to those that were willing to listen, many didn’t full understand the hold that not moving to a free market can have on a
He was an advocate for the ratification of the Constitution and established a prestigious law career. He then served as the nation’s first Secretary of the Treasury. Hamilton was always one step ahead, his leadership skills and intelligence demonstrated to be valuable in his political path.
Keyen’s is also the author of one of the famous economic books called The General Theory Of Employment, Interest And Money. Milton Friedman, a supporter of the free market, was born in 1912 in New York. 4th child of a Jewish family that had emigrated from Ukraine. Although he was interested in pursuing mathematics after graduation, the horrible stare of the national income motivated him to take economics instead. Friedman attended Rutgers University and earned numerous degrees from the University of Chicago and Columbia University.... ...
The past few years the United States has seen some rough economic times. The unemployment rate is extremely high and many people have lost their homes and businesses. Because there are so many factors in an economy, it is hard to find the right people to blame. The protest group “Occupy Wall Street” has come to the conclusion that corporations are making us poor through taking advantage of us and the governmental system. The share of income going to the top one percent of Americans has increased dramatically over the past few years and “Occupy Wall Street” is outraged. They are calling for increased governmental regulation so that the lower quintile Americans can gain some equality (Cesca). I wonder who is actually at fault. Is it actually this top one percent who have been hurting us or some other factor? Maybe the government has created the problem.
Classical economics as postulated by the 19th century British economist David Ricardo states – in modern economic terms – that an economy will achieve its natural levels of employment (full employment) and reach its potential output on its own without any government intervention. While the economy may undergo periods of less than natural levels of employment or not yet reach its potential output, it will, in the long run do so. If Mr. Ricardo was still alive, his favorite album would be The Long Run by The Eagles (1979). Using modern economic terms to further describe classical economics, an economy will tend to operate at a level given by the long run aggregate supply curve. While many believe that the concepts of classical economics are for
The current issues that have been created by the market have trapped our political system in a never-ending cycle that has no solution but remains salient. There is constant argument as to the right way to handle the market, the appropriate regulatory measures, and what steps should be taken to protect those that fail to be competitive in the market. As the ideological spectrum splits on the issue and refuses to come to a meaningful compromise, it gets trapped in the policy cycle and in turn traps the cycle. Other issues fail to be handled as officials drag the market into every issue area and forum as a tool to direct and control the discussion. Charles Lindblom sees this as an issue that any society that allows the market to control government will face from the outset of his work.
...lows for the economy to flow and move product better, literally. His ideas on investing on education are also another great idea. Professor Galbraith is genius enough to put together these areas and show a realistic problem. Books like these were unheard of at the time. To reach down and grab at these facts and make them work is pretty awesome. Now I think maybe some of his personal beliefs are showing a negative light on some areas, but at least he is putting light to the problem. This book does a good job of showing the beginnings of the wealth gap that is now today. I don’t think Professor Galbraith had any idea that these theories would stand today. One has to approve the remarkable intelligence the man has, to point out these different topics in order to show a greater problem. His idea on investing in the highway system is probably one of my favorite ideas.
helped create the new economy of capitalism with his book, "The Wealth of Nations", countries
Bernays was very beneficial to society and many of the things that Larry Tye said about him have very strong support. As relayed by Larry Tye, Edward Bernay’s genius is undeniable. He is able to correlate ideas and concepts with products and services in order to expand business. When Tye writes of how Bernays acquired his first real “CEO” job as co-president of two medical papers that his friends father had given to them.
Friedman, Milton. An Economist's Protest: Columns in Political Economy. Glen Ridge] N.J.: T. Horton, 1972. 6-7. Print.
Lord Lionel Robbins was born in 1898, and was one of the many great economists of our time. Robbins was known for his contributions to economic policy, methodology, and the history of ideas, but made his name as a theorist. Robbins was made famous for his definition of economics, "Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses." (The Concise Encyclopedia of Economics 2007) Robbins was able to change the Anglo-Saxon thought economics off its Marshallian process and onto the Continental train of thought.