A discussion of Milton Friedman's position on various aspects of economics.
Written in 2009; 1,228 words; 10 sources; APA; $ 41.95
Paper Summary:
The paper discusses three key ideas in Milton Friedman's work, namely that free competitive markets represent the optimal way of organizing production and exchange, that government intervention to rectify market failure usually lead to even worse outcomes and finally, the mix of free markets and the equality of opportunity increase the individual's chance to reach a standard of living that wouldn't seem likely otherwise. The paper also looks at the opposing viewpoint of Robert Kuttner on monetarism, currency markets, the natural rate of unemployment and education.
From the Paper:
"In his book "Capitalism and Freedom", Milton Friedman dedicated a whole chapter to the relationship between economic and political freedom. Over the years, a third type of freedom became obvious in the same equation, namely civil freedom, which the author himself mentioned as important in his last years of work (Winne, 2004). Friedman contends there is a close relationship between the freedom of the individual from a business stand point and that of the society. Thus, when the role of the state is reduced together and its activities are limited (e.g. regulate employment), the freedom of the society is increased and implicitly the political and economic freedom on the individual. The author notes that the state's role should focus on regulating the money volume in circulation."
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