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Milton Friedman (/ ˈ f r iː d m ən / ⓘ; July 31, 1912 – November 16, 2006) was an American economist and statistician 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. [4]
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
The effects of Capitalism and Freedom were great yet varied in the realm of political economics. Some of Friedman's suggestions are being tested and implemented in many places, such as the flat income tax in Estonia (since 1994) and Slovakia (since 2004), a floating exchange rate which has almost fully replaced the Bretton Woods system, and ...
A further significant branching of Chicago thought was dubbed by George Stigler as "Chicago political economy". Inspired by the Coasian view that institutions evolve to maximize the Pareto efficiency, Chicago political economy came to the surprising and controversial view that politics tends towards efficiency and that policy advice is irrelevant.
Essay VII of the Essays in Retrieval was titled "Elegant Tombstones: A Note on Friedman's Freedom" and was a direct challenge to certain assumptions of "freedom" made by Milton Friedman in Capitalism and Freedom. For Macpherson, capitalism was discordant with freedom. Part of the disagreement can be found in the differing interpretations of ...
Its critics however, had by then long pointed out the flaw in Friedman's reasoning: by shielding assumptions from the requirement of realism, Friedman admits falsehoods as part of his theory. He defends against this by requiring only certain phenomena of interest to be explained, but as Samuelson pointed out, this can lead to unscientific ...
Political philosopher Alasdair MacIntyre theorized freedom in terms of our social interdependence with other people. [11] Economist Milton Friedman argues in his book Capitalism and Freedom that there are two types of freedom, namely political freedom and economic freedom, and that without economic freedom there cannot be political freedom. [12]
Price theory was a significant aspect of his legacy as a teacher, and he taught the subject from 1946 to 1964 and again from 1972 to 1976. Notable economists who took Friedman's price theory course include James M. Buchanan, Gary Becker, and Robert Lucas Jr., all of whom later became Nobel laureates. [1]