Search results
Results from the WOW.Com Content Network
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 .
Friedman advocated for free markets which undermined "political centralization and political control". [ 208 ] Because of his involvement with the government of Chile, which was a dictatorship at the time of his visit, there were international protests, spanning from Sweden to America when Friedman was awarded the Nobel Memorial Prize in 1976.
A free market does not directly require the existence of competition; however, it does require a framework that freely allows new market entrants. Hence, competition in a free market is a consequence of the conditions of a free market, including that market participants not be obstructed from following their profit motive.
[1] p. 493 Within mainstream economics, the rise of monetarism started with Milton Friedman's 1956 restatement of the quantity theory of money. Friedman argued that the demand for money could be described as depending on a small number of economic variables. [12]
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]
[3]: 116 Friedman argued that free markets and liberal democracy are inseparable, that the market guarantees basic political freedoms by ensuring that alternatives are always available (e.g. alternative employment options or alternative goods), guarantees equality by divorcing economic activities from anything unrelated to an individual's ...
However, if the late Nobel Prize-winning economist Milton Friedman, renowned for his work on monetary policy and free-market principles, was still alive, he’d certainly have a more ...
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.