Essay The Economic Theories of Milton Friedman - 795 Words

The Economic Theories of Milton Friedman Milton Friedman, like so many great life stories, was the product of a very tough childhood. He was son to a couple of poor immigrants, born on 31 July 1912, in New York, America. At the age of fifteen, Friedmans father died. Despite this, he won a scholarship to both Rutgers University and the University of Chicago, where he achieved a Bachelor of the Arts degree in economics. The very next year he received an MA at Chicago University. He then worked for the National Bureau of Economic Research (from 1937) while teaching at many universities, but it was only at Chicago in 1946 that he was given the title of professor of economics. Thirty years later, in 1976, he was awarded the Nobel Prize†¦show more content†¦Friedman argued however, that this intervention was destabilising, and that what was needed was a steady money flow to create a basic framework for the economy; the rest should be left up to individual competition. This school of thought goes along the lines of It is in the best interest of the producer to satisfy the consumers wishes. By doing this, they are also acting in their own interest, therefore competition is working to the benefit of the whole economy. In order for this competition to be present, there needs to be freedom of the individual. He boldly stated that this can only be created by minimal government regulation of the economy, which allows power to be concentrated and wielded by only a few individuals, rather than dispersed. After all, competition can only be present between companies that are on equal grounds in relation to the amount of power behind each. The controversy surrounding Friedmans views is that he promotes complete private ownership of nearly everything. He particularly supported private schools and thought that the government should subsidise fees for any school chosen by the parents, rather than providing government owned schools. He strongly promotes a flat rate for personal income tax and the abolition of company taxation. He promises that this would create a society in which everyone is given an equal opportunity in the business world. I disagree withShow MoreRelatedMilton Friedmans Ideas Essay1646 Words   |  7 PagesINTRODUCTION Milton Friedman’s ideas where thought to be radical, but he was the most authoritative figure in the economics field in the 20th century, (Placeholder2) and was known most for his thoughts on free enterprise, classical liberalism and limited government. (Placeholder3) His views shaped modern capitalism. (Placeholder2) He was against government intervention and favored free markets (Placeholder6). If you put the federal government in charge of the Sahara Desert, in 5 years theredRead MoreMilton Friedman Vs. Monetarism1580 Words   |  7 Pages Milton Friedman and Monetarism Tomas M. 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