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Essay on The Life and Work of Milton Friedman

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“A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.” (Milton Friedman). One of the most significant economists in the world is considered to be Milton Friedman. Milton Friedman, born on July 31, 1912, in New York, to a working-class family of Jewish Hungarian immigrants, was educated at Rutgers University and at the University of Chicago. Friedman is mostly known for his support for free markets, advocacy of capitalism, and as one of the most influential American economists of the twentieth century. He was also a statistician and a public intellectual, and became a professor of Economics at Chicago University. For several years, countless economists, politicians and regular people believed that governments should play the key role in preparation of how a nation’s economy should work. Friedman showed that government’s involvement usually produces less economic growth, less stability and creates greater limits on citizens’ freedoms. Throughout his theories and ideas he showed how a government can help better itself and provide its’ citizens more freedom. Some of his theories include the theory of monetarism, the quantity theory of money, privatization, and deregulation. His contributions, such as a government’s floating exchange rate and military, still have a great influence on many countries. Throughout Friedman’s career, he had a huge affect on the economy and will continue to.
Throughout his career, Milton Friedman had come up with many different ideas that would assist the economy. His main thought to improve the society was to get the government less involved with the economy. His main goal was to exclude the government from interfering...


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...ea of the float exchange rate and his many other theories, is being used by most governments today. Friedman had a huge contribution in the scientific studies of economics and changed many views of people on the role of the government and the free market system. He presented his ideas through his books, interviews, and by becoming a politician. With a capitalist society the citizens are given many more advantages and freedom than a communist economy. The former advisor of President Reagan, Martin Anderson, had once stated, “If you step back and look at all the sweeping political and economic changes in the United States and even in other countries, a lot of people have had an important effect. But if you had to say one person who had the most impact, it’s Milton Friedman.” Milton Friedman has had a great influence on the world and will continue to in the long-run.


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