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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]
Laissez-faire (/ ˌ l ɛ s eɪ ˈ f ɛər / LESS-ay-FAIR, from French: laissez faire [lɛse fɛːʁ] ⓘ, lit. ' let do ' ) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations ).
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 .
Milton Friedman, wrote in his early essay "Neo-liberalism and Its Prospects" that "Neo-liberalism would accept the nineteenth-century liberal emphasis on the fundamental importance of the individual, but it would substitute for the nineteenth century goal of laissez-faire as a means to this end, the goal of the competitive order", which ...
Friedman argued that the Great Depression had been caused by the Federal Reserve's policies through the 1920s and worsened in the 1930s. Friedman argued that laissez-faire government policy is more desirable than government intervention in the economy:
A new Friedman biography ably explores the economist's ideas but sidesteps the libertarian movement he was central to.
The Chicago Boys were a group of Chilean economists prominent around the 1970s and 1980s, the majority of whom were educated at the Department of Economics of the University of Chicago under Larry Sjaastad, Milton Friedman, and Arnold Harberger, or at its affiliate in the economics department at the Pontifical Catholic University of Chile.
The data on what returns cost retailers is staggering: In 2022, customers sent back around 17% of the merchandise they bought, worth $816 billion, per National Retail Federation data. "These ...