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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 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]
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.
A new Friedman biography ably explores the economist's ideas but sidesteps the libertarian movement he was central to.
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).
A new Friedman biography ably explores the economist's ideas but sidesteps the libertarian movement he was central to.
"We are all Keynesians now" is a famous phrase attributed to Milton Friedman and later rephrased by U.S. president Richard Nixon.It is popularly associated with the reluctant embrace in a time of financial crisis of Keynesian economics, for example, fiscal stimulus, by individuals such as Nixon who had formerly favored less interventionist policies.
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