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Friedman's counterpart Keynes believed people would modify their household consumption expenditures to relate to their existing income levels. [65] Friedman's research introduced the term "permanent income" to the world, which was the average of a household's expected income over several years, and he also developed the permanent income ...
Capitalism and Freedom was published nearly two decades after World War II, a time when the Great Depression was still in collective memory.Under the Kennedy and preceding Eisenhower administrations, federal expenditures were growing at a quick pace in the areas of national defense, social welfare, and infrastructure.
In September 2020, 50 years after publishing "A Friedman Doctrine", The New York Times published 22 short responses to Friedman's essay written by 25 prominent people. [10] In November 2020, the Stigler Center of the University of Chicago Booth School of Business published a compendium of 28 articles on the legacy of Friedman. [11]
The Friedmans also argue that declining academic performance in the United States is the result of increasing government control of the American education system tracing back to the 1840s, but suggest a voucher system as a politically feasible solution.
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The government, Milton Friedman and others argued, told the poor: make more money and we will take away your free housing, food stamps, and income support. People are rational, Friedman said, so they will not work for long if they get nothing or next to nothing for it.
The Kentucky Center on Economic Policy recently concluded public schools could lose as much as $1.2 billion in funding and hundreds of jobs if Amendment 2 passes and vouchers are adopted.
What the welfare system and other kinds of governmental programs are doing is paying people to fail. In so far as they fail, they receive the money; in so far as they succeed, even to a moderate extent, the money is taken away. — Thomas Sowell during a discussion in Milton Friedman's "Free to Choose" television series in 1980