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Philosopher of Milton Friedman in business ethics
Milton friedman contribution economic thought
A short research paper on Milton Friedman
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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
Foner, Eric. "Chapter 9: The Market Revolution." Give Me Liberty!: An American History. Third ed. Vol. One. New York: W.W. Norton, 2012. 332-33. Print.
Viksnins, George J. "Reaganomics After Twenty Years." Georgetown.edu. Georgetown University, n.d. Web. 12 Nov. 2013.
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.
... David R. Henderson: The Library of Economics and Liberty. http://www.econlib.org/library/Enc1/Reaganomics.html. Peery, Michael. A. 2012.
After Ronald Reagan was voted into office in January of 1981, he had this vision of a new government. It was called Reaganomics. There were four points to Reagan's plan which included; reduce government spending, cut federal income tax, reduce government regulation, and to control the money supply in order to reduce spending. He also had a program he called the Reagan Revolution which was geared toward making the people of America less reliant on the government. I think Reaganomics was a good idea in theory because reducing deficits and cutting back taxes always seems like a great idea. There just always seems to be something else that goes wrong to make it all collapse.
Leuchtenburg, William. Franklin D. Roosevelt and the New Deal. New York: Harper and Row. 1963.
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
Gaynor Ellis, Elisabeth, and Anthony Esler. ""New Economic Thinking"" World History: The Modern Era. Prentice Hall. 186. Print.
Polanyi, Karl. "Societies and Economic Systems," "The Self Regulating Market and Fictitious Commodities: Labour, Land, and Money." "The Great Transformation. Boston: Beacon Press, 1957. pp. 43-55, 68-75
A change in strategy leads to new perspective over certain matters. During FDR’s tenure many new reforms were adopted as part of the New Deal. Some o...
Appleby, Joyce Oldham. The Relentless Revolution: a History of Capitalism. New York, NY: W.W. Norton &, 2010. Print.
In this essay we are taking a look at the famous Milton Friedman's essay "The Social Responsibility of Business is to Increase Profit ". The following paper is an attempt to critically evaluate the article in consideration of Freeman Stakeholder Theory.
---. "Man's Rights." Capitalism: The Unknown Ideal. New York: The New American Library, 1967. 286-94.
Ferguson, Niall. The Ascent of Money: a Financial History of the World. 1st ed. New York: Penguin, 2008. Print.