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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 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]
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 ...
Milton Friedman, winner of the Nobel Memorial Prize in Economic Sciences in 1976, member of the Chicago school of economics and a well-known opponent of socialism. Economist Milton Friedman argued that socialism, by which he meant state ownership over the means of production, impedes technological progress due to competition being stifled. He ...
The Friedmans also argue that declining academic performance in the United States is the result of increasing government control of the American education system tracing back to the 1840s, but suggest a voucher system as a politically feasible solution.
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).
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 made a restatement of the theory in 1956 and made it into a cornerstone of monetarist thinking. The theory is often stated in terms of the equation M V = P Y , where M is the money supply, V is the velocity of money , and P Y is the nominal value of output or nominal GDP ( P itself being a price index and Y the amount of real ...