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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 exogenous money supply theory has been deeply criticized by British Post-Keynesian economist Nicholas Kaldor in the 1970s. While Friedman and monetarist economists claimed that the money supply was exogenously created by a powerful central bank, Kaldor claimed that the money was created by second-tier banks through the distribution ...
Friedman's argument, which challenged the use of fiscal policy in smoothing out business cycles, [17] was challenged by stressing the relation between consumption and disposable income still follows (more or less) the mechanism supposed by Keynes. [2] [18] Friedman starts elaborating his theory under the assumption of complete certainty.
The World Is Flat: A Brief History of the Twenty-First Century is a 2005 book by American political commentator Thomas L. Friedman.It analyzes globalization in the early 21st century, suggesting that the world has a level playing field where countries, companies, and individuals need to remain competitive in a global market.
The slogan that "money matters" has come to be associated with Friedman, but Friedman had also leveled harsh criticism of his ideological opponents. Referring to Thorstein Veblen 's assertion that economics unrealistically models people as "lightning calculator[s] of pleasure and pain", Friedman wrote: [ 41 ]
Monetarism is mainly associated with the work of Milton Friedman, who was an influential opponent of Keynesian economics, criticising Keynes's theory of fighting economic downturns using fiscal policy (e.g. government spending).
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]
Following the primary show, Friedman would engage in discussion moderated by Robert McKenzie with a number of selected debaters drawn from trade unions, academy and the business community, such as Donald Rumsfeld (then of G.D. Searle & Company) and Frances Fox Piven of City University of New York. The interlocutors would offer objections to or ...