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Capitalism and Freedom was published nearly two decades after World War II, a time when the Great Depression was still in collective memory.Under the Kennedy and preceding Eisenhower administrations, federal expenditures were growing at a quick pace in the areas of national defense, social welfare, and infrastructure.
Friedman's counterpart Keynes believed people would modify their household consumption expenditures to relate to their existing income levels. [65] Friedman's research introduced the term "permanent income" to the world, which was the average of a household's expected income over several years, and he also developed the permanent income ...
Friedman states that the fractional reserve system has two defects: the excessive government intervention in the banks’ lending and investment decisions associated with the deposit insurance; and its inherent instability in the sense that the amount of reserves depends on the public's decisions about the form of holding money (currency versus ...
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 concluded that governments do have a role in the monetary system, [10] he was critical of the Federal Reserve due to its poor performance and felt it should be abolished. [ 11 ] [ 12 ] Friedman believed that the Federal Reserve System should ultimately be replaced with a computer program . [ 9 ]
The post also caught the eye of Tesla CEO Elon Musk, who reposted it, along with a “100%” emoji to signal his full agreement with Friedman’s message. Hedging against inflation
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).
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