Milton Friedman

Paper Summary:

This paper discusses Milton Friedman, an American economist who contributed to the field of macroeconomics and microeconomics, while promoting free markets and laissez-faire capitalism.This paper critically analyzes a few of Milton Friedman's investigations and works and their applicability as well as importance in today's time.

From the Paper:

"In Capitalism and Freedom, Friedman makes the case for economic freedom as a precondition for political freedom. Friedman says that government has three primary functions. Government should provide for military defense of the nation, should enforce contracts between individuals and should protect citizens against crimes against themselves or their property. Ceteris paribus, a government that plays a limited role in the business and economic arena is more likely to allow for advancements in the business world and to allow for economic development. In essence, Thomas Jefferson's popular saying, "Government is best that governs least" appears to have influenced this particular theory of Milton Friedman. ".

Sample of Sources Used:

• Friedman, Milton. Capitalism and Freedom. United States: University of Chicago Press, Second Edition, 1982.
• Friedman, Milton & Friedman, Rose D. Two Lucky People. United States: University of Chicago Press, 1998.
• "Special Report: Friedman - Heavyweight Champ, at Five Foot Two" The Economist: - November 25th - December 1st, 2006: 79.
• Espereti, Robert, Renno Peterson, Richard Sarner and Eric Witlin. Giving: Philanthropy For Everyone. United States: Quantum Press, 2003.
• Libert, Ron. "How to Be a Microfinancier" Wall Street Journal. October, 2006: D1

More papers on Milton Friedman:

• Essay # 89951 : "Milton Friedman and Monetarism"
• Essay # 93979 : "Milton Friedman and the Rise of Monetarism"
• Essay # 50996 : "Milton Friedman's "Money Mischief"

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