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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]
Free to Choose: A Personal Statement is a 1980 book by economists Milton and Rose D. Friedman, accompanied by a ten-part series broadcast on public television, that advocates free market principles. It was primarily a response to an earlier landmark book and television series The Age of Uncertainty , by the noted economist John Kenneth Galbraith .
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]
Friedman argues for economic freedom as a precondition for political freedom. He defines "liberal" in European Enlightenment terms, contrasting with an American usage that he believes has been corrupted since the Great Depression. The book identifies several places in which a free market can be
In her 2007 book The Shock Doctrine, she argues that neoliberal free market policies (as advocated by the economist Milton Friedman) have risen to prominence globally because of a strategy of "shock therapy". [127]
Milton Friedman (1912–2006) stands as one of the most influential economists of the late twentieth century. A student of Frank Knight , he was awarded the Nobel Prize in Economics in 1976 for, among other things, A Monetary History of the United States (1963).
Although laissez-faire has been commonly associated with capitalism, there is a similar economic theory associated with socialism called left-wing or socialist laissez-faire, also known as free-market anarchism, free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism.
Friedman's book Price Theory: A Provisional Text, originally based on lecture notes taken by David I. Fand and Warren J. Gustus in 1951–52. These notes were popular among graduate students and eventually prompted Friedman to work on their publication. The revised edition was prepared when Friedman resumed teaching price theory in the early 1970s.