Milton Friedman’s ideas where thought to be radical, but he was the most authoritative figure in the economics field in the 20th century, (Placeholder2) and was known most for his thoughts on free enterprise, classical liberalism and limited government. (Placeholder3) His views shaped modern capitalism. (Placeholder2) He was against government intervention and favored free markets (Placeholder6).
"If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand." – Milton Friedman
His contributions were many, to name a few:
• Monetary theory and policy
• Price theory
• Permanent Income
• Quantity Theory
• Consumption function and permanent-income hypothesis
• Friedman-Phelps Phillip’s Curve related macro-policy theorizing and findings
• International finance and exchange rate policy
• Negative Income Tax (became the Earned Income Tax Credit)
• School Vouchers to improve the education system.
Milton Friedman was ahead of his times and his views still shape capitalism today.
Milton Friedman was born in Brooklyn in 1912 to the parents of Jewish immigrants. He had three siblings. He went to Rutgers University, Chicago University and Columbia. He focused on mathematics and economies. (Placeholder6)
Milton Friedman enrolled at Rutgers University at 16 years old in 1928 and graduated college in 1932 during the great depression. As a young man, Friedman was not actively interest in economics and social policy. He was interested in mathematics and statistics and then economics. (Placeholder8) He graduated Rutgers with an economics major. He later enrolled in the University of Chicago’s graduate program in economics. He transferred to Columbia Universi...
... middle of paper ...
... 1-30. Retrieved April 16, 2014, from http://eds.b.ebscohost.com/eds/detail?sid=lfe3ea92-4b27-4010-aef6-1
Ip, G., & Whitehouse, M. (2006, November 17). How Milton Friedman Changed Economics, Policy and Markets. The Wall Street Journal, N/A, A1. Retrieved April 16, 2014, from http://online.wsj.com/news/articles/SB116369744597625238
(2014). Monetarism. In Ecyclopedia Britannica (Vol. N/A, p. N/A). N/A: Encylopedia Britannica. Retrieved April 17, 2014, from http://www.britannica.com/EBchecked/topic/389146/monetarism
Moore, S. (2012). The Man Who Saved Capitalism. The Wall Street Journal, N/A(N/A), N/A. Retrieved April 16, 2014, from http://online.wsj.com/news/articles/SB10000872396390444226904577558882802335216?mod=WSJ_Opinion_LEADTop&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10000872396390444226904577558882802335216.html%3Fmod%3DWSJ_Opinion_LEADTop
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- “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.... [tags: Milton Friedman, economy, ]
1687 words (4.8 pages)
- Before the introduction of Keynesian economics and Milton Friedman’s Monetarism theory, there was classical economics. These economists believed in self-adjusting market mechanisms, however with that the market needs perfect competition. Wages and prices in the market must be flexible. These economists believe that supply and demand pulls would always help the economy reach full employment. Full employment could be achieved by the market forces and with that changes the level of employment resulting in a fixed income and aggregate output.... [tags: Milton Friedman]
2621 words (7.5 pages)
- In a world where we are all hoping for instant gratification and constantly striving for more, it is necessary that there is something keeping us all from going absolutely insane. That is economics. From Smithians to Keynesians to Monetarists, we all have different opinions on government and the economy and how they go together, but we all can agree that no economist could ignore the interplay between the two. In New Ideas From Dead Economists, Todd G. Buchholz describes how various economists and their thoughts relate to today’s world and how these ideas originally came about.... [tags: Keynesian economics, Macroeconomics]
1327 words (3.8 pages)
- In a world where we all hope for instant gratification and constantly strive for more, it is necessary that there is something to keep us all from going absolutely insane. That is economics. From Smithians to Keynesians to Monetarists, all of us have different opinions on the government and the economy and how they go together, but we can agree that no human or economist could ignore the interplay between the two. In New Ideas From Dead Economists, Todd G. Buchholz describes how various economists and their thoughts contribute to today’s world and how these ideas originally came about.... [tags: Keynesian economics, Macroeconomics]
1351 words (3.9 pages)
- History and Background Before the introduction of Keynesian economics and Milton Friedman’s Monetarism theory, there was classical economics. These economists believed in self-adjusting market mechanisms, however with that the market needs perfect competition. Wages and prices in the market must be flexible. These economists believe that supply and demand pulls would always help the economy reach full employment. Full employment could be achieved by the market forces and with that changes the level of employment resulting in a fixed income and aggregate output.... [tags: Economics ]
2877 words (8.2 pages)
- Free to Choose: A Personal Statement by Milton and Rose Friedman is a book about the analysis of economics, which has an emphasis on the strong belief in free markets and capitalism. The focus of this belief is observed with three economic concepts: human freedom, economic freedom and equity. The power of the market is controlled by a system called the command principle which signifies that there is a large enough number of people to make the system work. In this type of system everyone receives commands from someone higher up than them and can work with anything from large corporations and small companies, to even families.... [tags: Capitalism, Economics, Market economy]
1786 words (5.1 pages)
- Milton Friedman believes America can still be the cooperative society in which citizens work together for individual benefit. The focus on his lecture relates to what he views as problematic areas. Friedman points to government and laws as an influence on ethics. Many people can profit from illegal activity such as smuggling immigrants into the country and selling drugs. Profiting from illegal acts sends a message to society that laws are to be disregarded. Unethical behavior and disregard for the legal system can be found in many examples in the corporate world.... [tags: government, laws, welfare]
607 words (1.7 pages)
- Political theorists build their ideas upon past theories. Jon Stuart Mill learned from Jeremy Bentham, the father of utilitarianism. Even though regarded highly revolutionary at the time, Mill derived his ideas from utilitarianism thinking. Milton Friedman, one of more prominent neo-liberalism thinkers, was no different. Friedman was largely inspired by Mill and other classical liberalism thinkers when he sought to develop the idea that would address the growth of New Deal policies. The language of Friedman differs from that of Mill because Friedman lived a century ahead of Mill; however, Friedman’s idea does not derive much from Mill’s in its basic principle.... [tags: political theorists]
1791 words (5.1 pages)
- Economics, commerce, money theory, production, business cycles, government intervention, credit/debit and many other things were paved with a heavy foundation involving these four economists. Each had their very own opinions in light to each other, which only gave way to new findings about our economies in whole. Along with ideas came great contributions to nations as well. Karl Marx was sort of the founder of modern communism, by merging politics and economics he gave way to new ideas involving the working class owning part of what they create.... [tags: Government, Monetary Policy]
1658 words (4.7 pages)
- New Ideas from Dead Economists Lukas Fricke In this class we constantly talked about the free market place and how it truly made a government different. How it made a country different. How it made a people different. Today, we are going to explore the ideas of economics and how the economic greats, Adam Smith, Thomas Malthus, David Ricardo, John Stuart Mill, Karl Marx, John Maynard Keyes, and Milton Friedman changed the ways we would forever do business. Let’s get started with Adam Smith and his second coming.... [tags: free market place, smith, marxs, friedman]
1150 words (3.3 pages)