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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 ...
A further significant branching of Chicago thought was dubbed by George Stigler as "Chicago political economy". Inspired by the Coasian view that institutions evolve to maximize the Pareto efficiency, Chicago political economy came to the surprising and controversial view that politics tends towards efficiency and that policy advice is irrelevant.
Friedman asserted that actively trying to stabilize demand through monetary policy changes can have negative unintended consequences. [5]: 511–512 In part he based this view on the historical analysis of monetary policy, A Monetary History of the United States, 1867–1960, which he coauthored with Anna Schwartz in 1963. The book attributed ...
Many neoliberal thinkers advance the view that economic and political freedom are inextricably linked. Milton Friedman argued in his book Capitalism and Freedom that economic freedom , while itself an extremely important component of absolute freedom , is also a necessary condition for political freedom .
Essay VII of the Essays in Retrieval was titled "Elegant Tombstones: A Note on Friedman's Freedom" and was a direct challenge to certain assumptions of "freedom" made by Milton Friedman in Capitalism and Freedom. For Macpherson, capitalism was discordant with freedom. Part of the disagreement can be found in the differing interpretations of ...
More than 60 years ago, Nobel Prize-winning economist Milton Friedman wrote that he knew of no “society that has been marked by a large measure of political freedom, and that has not also used ...
The Political-Economic Transformation of Late Twentieth Century Capitalism. Cambridge, MA: Blackwell Publishers. ISBN 0-631-16294-1. Hayek, Friedrich A. (1975). The Pure Theory of Capital. Chicago: University of Chicago Press. ISBN 0-226-32081-2. Hayek, Friedrich A. (1963). Capitalism and the Historians. Chicago: University of Chicago Press.