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[34] The result was what Friedman calls "The Great Contraction"—a period of falling income, prices, and employment caused by the choking effects of a restricted money supply. The mechanism suggested by Friedman and Schwartz was that people wanted to hold more money than the Federal Reserve was supplying. People thus hoarded money by consuming ...
That explains why only 4.5 agencies survived Friedman's scrutiny. When asked questions about specific cuts, Friedman grounded his argument in economic reasoning, revealing the unseen costs of ...
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]
Milton Friedman originally supported Nixon's proposal but eventually testified against it on account of its perverse labor incentive effects. [13] [14] Friedman was mainly opposed to the idea that Nixon's program would be combined with existing programs at that time, rather than replacing the existing programs as Friedman originally proposed. [2]
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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.
A new Friedman biography ably explores the economist's ideas but sidesteps the libertarian movement he was central to. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please ...