Friedman, Milton

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Related to Milton Friedman: John Maynard Keynes

Friedman, Milton

(1912-) an American economist who advocates the virtues of the free market system and the need to minimize government regulations of markets in his book, Capitalism and Freedom (1962).

Friedman has attacked Keynesian policies of government fine-tuning of AGGREGATE DEMAND, arguing that such policies accentuate business uncertainty and can destabilize the economy. Instead, he suggests that governments should gradually expand the MONEY SUPPLY at a rate equal to the long-run increase in national output in order to eliminate inflationary tendencies in the economy. In an economy experiencing a high inflation rate, Friedman acknowledges that a sharp reduction in the rate of growth of money supply would deflate demand and cause unemployment to rise. He argues, however, that such a rise in unemployment would be temporary, for once people lower their expectations about future inflation rates, full employment can be restored. Friedman's monetarist ideas had considerable influence among governments in the 1980s.

Friedman also looked at the relationship between consumption and income, rejecting the Keynesian idea that as peoples’ incomes rise they will spend a smaller proportion of them and save a larger share. Instead, he argued that consumption is a constant fraction of the consumer's PERMANENT INCOME and that as long-term income rises the proportion of it spent remains the same. See MONETARISM.

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In Milton Friedman on Freedom, editors Robert Leeson and Charles Palm, both of the Hoover Institution, have assembled many of his most important articles and chapters that make his case for freedom.
Krugman nodded reverently, but insisted, "If Milton Friedman were alive today, he would be anathema to the Tea Party Republicans because he would have favored easy money to end this crisis.
Milton Friedman, now, there was a bad guy He was a good economist and he won the Nobel Memorial Prize in Economic Science in 1976.
One interesting fact that emerges from this survey is that, although the Nobel-Prize-winning scholar is clearly prefigured in the brilliant graduate student and young professional, nothing about the "early" Milton Friedman would have led us to anticipate that he would also one day rise to prominence as a leading spokesman for free-market economics.
Milton Friedman attended the founding meeting as a representative of the United States.
Established in 2002 and presented every two years, the Milton Friedman Prize for Advancing Liberty is named for Nobel Laureate economist Milton Friedman.
Schwartz, "The Impact of Milton Friedman on Modern Monetary Economics: Setting the Record Straight on Paul Krugman's "Who was Milton Friedman?
As Millmow shows, Milton Friedman got the better of Joan Robinson in this critical year for Australian macroeconomic policy, and the consequences of his victory are still being felt.
In 1970 Milton Friedman wrote that "there is one and only one social responsibility of business--to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
Schwartz, who won fame as an economist in 1965 as a coauthor with Milton Friedman of A Monetary History of the United States, continues, at age 92, her scholarly work at the National Bureau of Economic Research, where she has worked for the past seven decades.
Both Catholic social teachings and the different ways health care is organized around the world are discussed as preliminaries, followed by critical examination of the market-based approaches to health care advocated by Milton Friedman, Regina Herzlinger, Mark Pauly, and Alain Einthoven.
121) argue that Milton Friedman did not judge 1950s monetary policy favorably.

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