Milton Friedman (1912-2006)

Milton Friedman (1912-2006) is a person.

• Context:
  • They can range from being a Chicago Economist to being a Free Market Icon, depending on the historical period.
  • They can range from being a Monetary Theorist to being a Political Advisor, based on policy impact.
  • ...
  • They can be known for Milton Friedman Publications, such as: "Capitalism and Freedom", "Free to Choose", "A Monetary History of the United States".
  • They can be known for Milton Friedman Quotes, such as:
    • "If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand." which illustrates his critique of government inefficiency.
    • "The government solution to a problem is usually as bad as the problem." which reflects his skepticism of government intervention.
    • "Inflation is taxation without legislation." which expresses his view on monetary policy.
    • "Nothing is so permanent as a temporary government program." which highlights his criticism of government expansion.
    • "The most important single central fact about a free market is that no exchange takes place unless both parties benefit." which emphasizes his defense of free markets.
  • ...
• Example(s):
  • Friedman, 1950s, when he developed the permanent income hypothesis and monetarist theory.
  • Friedman, 1960s, during which he challenged Keynesian economics and predicted stagflation.
  • Friedman, 1970s, when he won the Nobel Prize and influenced monetary policy.
  • Friedman, 1980s, as his ideas shaped the policies of Reagan and Thatcher.
  • Friedman, 1990s, when his influence on free market economics reached global scale.
  • ...
• Counter-Example(s):
  • John Maynard Keynes (1883-1946).
  • Paul Samuelson (1915-2009).
  • John Kenneth Galbraith (1908-2006).
  • Joseph Stiglitz (1943-present).
  • Paul Krugman (1953-present).
• See: Monetarism, Chicago School, Free Market, Monetary Theory, Stagflation, Consumption Function.

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References

2016

• (Wikipedia, 2016) ⇒ https://en.wikipedia.org/wiki/Milton_Friedman Retrieved:2016-12-14.
  • Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas, Jr. Friedman's challenges to what he later called "naive Keynesian” theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies, and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. He theorized that there existed a "natural" rate of unemployment, and argued that employment above this rate would cause inflation to accelerate. He argued that the Phillips curve was, in the long run, vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted an alternative macroeconomic viewpoint known as “monetarism", and argued that a steady, small expansion of the money supply was the preferred policy. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis of 2007–08. Friedman was an advisor to Republican U.S. President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and school vouchers. His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice. Milton Friedman's works include many monographs, books, scholarly articles, papers, magazine columns, television programs, and lectures, and cover a broad range of economic topics and public policy issues. His books and essays have had an international influence, including in former communist states. A survey of economists ranked Friedman as the second most popular economist of the twentieth century after John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it."

1982

• (Friedman & Schwartz) ⇒ Milton Friedman, and Anna J. Schwartz. (1982). “The Role of Money.” In: Monetary Trends in the United States and United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867-1975, University of Chicago Press.

1980

• (Friedman & Friedman, 1980) ⇒ Milton Friedman, and Rose Friedman. (1980). “Free to Choose: A personal statement." Houghton Mifflin Harcourt.

1970

• (Friedman, 1970) ⇒ Milton Friedman(1970). “The Social Responsibility of Business is to Increase its Profits." In" The New Yorks Times Magazine
  • QUOTE: … In a free-enterprise, private-property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible while conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom. Of course, in some cases his employers may have a different objective. A group of persons might establish a corporation for an eleemosynary purpose – for example, a hospital or a school. The manager of such a corporation will not have money profit as his objective but the rendering of certain services. ...

1963

• (Friedman & Schwartz) ⇒ Milton Friedman, and Anna J. Schwartz. (1963). “A monetary history of the United States, 1867-1960." Princeton University Press.

1962

• (Friedman, 1962) ⇒ Milton Friedman. (1962). “Capitalism and Freedom." University of Chicago Press.
  • QUOTE: … 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. ...

1957

• (Friedman, 1957) ⇒ Milton Friedman. (1957). “A Theory of the Consumption Function". Princeton university press.

1953

• (Friedman, 1953) ⇒ Milton Friedman. (1953). “The methodology of positive economics." Essays in positive economics 3, no. 8 (1953).

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