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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]
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 ...
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]
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
In Friedman's words, "history suggests...that capitalism is a necessary condition for political freedom." [ 19 ] Macpherson counters that the 19th-century examples that Friedman uses actually show that political freedom came first and those who gained this freedom, mainly property owning elites, used this new political freedom for their own ...
The Friedman–Savage utility function is the utility function postulated in the theory that Milton Friedman and Leonard J. Savage put forth in their 1948 paper. [1] They argued that the curvature of an individual's utility function differs based upon the amount of wealth the individual has.
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]
As a term, right-libertarianism is used by some political analysts, academics and media sources, especially in the United States, to describe the libertarian philosophy which is supportive of free-market capitalism and strong right to property, in addition to supporting limited government and self-ownership, [61] being contrasted with left-wing ...