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Milton Friedman's research changed how economists ... In a 1962 essay that builds on arguments made by A. V. Dicey, Friedman argued that a "free society" would ...
The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman that holds that the social responsibility of business is to increase its profits. [1]
The Friedman rule is a monetary policy rule proposed by Milton Friedman. [1] Friedman advocated monetary policy that would result in the nominal interest rate being at or very near zero. His rationale was that the opportunity cost of holding money faced by private agents should equal the social cost of creating additional fiat money .
A new Friedman biography ably explores the economist's ideas but sidesteps the libertarian movement he was central to.
Capitalism and Freedom, along with much of Friedman's writing, has influenced the movement of libertarian philosophy in America. Friedman's philosophy of economic and individual freedom has coincided with the emergence of political parties that have declared alignment with Friedman's ideas, such as the Libertarian Party. [6]
Free to Choose: A Personal Statement is a 1980 book by economists Milton and Rose D. Friedman, accompanied by a ten-part series broadcast on public television, that advocates free market principles. It was primarily a response to an earlier landmark book and television series The Age of Uncertainty , by the noted economist John Kenneth Galbraith .
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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 ]