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Capitalism and Freedom is a book by Milton Friedman originally published in 1962 by the University of Chicago Press which discusses the role of economic capitalism in liberal society. It has sold more than half a million copies since 1962 and has been translated into eighteen languages. [1]
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 ...
The Friedman doctrine is controversial, [1] with critics variously saying it is wrong on financial, economic, legal, social, or moral grounds. [14] [15] It has been criticized by proponents of the stakeholder theory, who believe the Friedman doctrine is inconsistent with the idea of corporate social responsibility to a variety of stakeholders. [16]
His work partly inspired the popular economics book Freakonomics. In June 2011, the Becker Friedman Institute for Research in Economics was established at the University of Chicago in honor of Gary Becker and Milton Friedman. [55]
[5] [6] In scholarly use, the term is often left undefined or used to describe a multitude of phenomena; [7] [8] [9] however, it is primarily employed to delineate the societal transformation resulting from market-based reforms. [10] Neoliberalism is an economic philosophy that originated among European liberal scholars during the 1930s.
Not So Free to Choose: The Political Economy of Milton Friedman and Ronald Reagan Praeger, 1987; attacks Friedman's policies from the left online version Roy, Subroto, "Milton Friedman, A Man of Reason (1912–2006)", Obituary in The Statesman newspaper Perspective Page, www.thestatesman.net, November 22, 2006, also available at http ...
Milton Friedman (United States, 1912–2006), winner of a Nobel Prize in Economics and a self-identified Classical Liberal and libertarian, [50] was known for the Friedman rule, Friedman's k-percent rule, and the Friedman test. Some literature: Capitalism and Freedom, 1962; A Monetary History of the United States, 1963; Free to Choose, 1980
Friedman asserted that actively trying to stabilize demand through monetary policy changes can have negative unintended consequences. [5]: 511–512 In part he based this view on the historical analysis of monetary policy, A Monetary History of the United States, 1867–1960, which he coauthored with Anna Schwartz in 1963. The book attributed ...