Milton Friedman's Ideas Essay

Milton Friedman's Ideas Essay

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INTRODUCTION
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.


EARLY LIFE
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...


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... 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


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