Milton Friedman


Milton Friedman was a monetarist. Monetarists are economists who believe that the major economic objectives of High and sustained economic growth, high employment, and low inflation can be achieved by manipulating the money supply.An advocate of laissez-faire economic policy, Milton Friedman became a Nobel laureate economist in 1976. He is famous for his is contributions in consumption analysis and monetary policy and its history. Milton Friedman is regarded by many as the most influential economist of the latter half of the 21st century. In his book Capitalism and Freedom (1962), Milton freedom promoted free enterprise, individual choice, less regulation, and limited government intervention. Social freedom was top most on Milton’s list. His controversial advise on drug legalization and the privatization of schools continue to generate heated debates. Milton Friedman’s views on monetary policy, taxation, privatization and deregulation were internationally recognized, even when illegal. (His teachings became taboo in the former USSR and, as a result, were only circulated underground.) In the 1980’s when deregulation flamed in Great Britain under Margaret Thatcher, and reducing taxes torched the hall of congress in the US under Ronald Reagan, Milton Friedman’s works soared well. The classical economic approach that Ronald Reagan took in order to lower unemployment and inflation brought Friedman’s Quantity Theory of Money back into focus. Milton Friedman was a great American intellectual that kept evolving over the ages.

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