Milton Friedman and Economics Term Paper by ABCs

A discussion of Milton Friedman's position on various aspects of economics.
# 111942 | 1,228 words | 10 sources | APA | 2009 | US
Published on Feb 05, 2009 in Economics (General)

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Chosen as a "Paper of the Week":

Paper of the week
One of the most famous and influential economists of the 20th century, Milton Friedman was born July 31, 1912.  Friedman contributed significantly to the research in the field of economics, authored several books on economics, was a leader of the Chicago School of Economics, and was an advisor to US President Ronald Reagan.  Whether or not you agree with his economic theories, his brilliance and influence in economics is unquestioned.  For this reason, paper #111942, “Milton Friedman and Economics” was chosen for this week’s Paper of the Week on AcaDemon.  This paper summarizes, explains and analyzes the key idea’s seen in Friedman’s work and in so doing, provides the reader with a deeper and better understanding of Milton Friedman’s contributions to economic theory.


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."

Sample of Sources Used:

  • Friedman, M. and S. Kuznets. 1945. Income from Independent Professional Practice. NewYork: National Bureau of Economic Research
  • Friedman, M. and G. Stigler. 1946. Roofs of Ceilings? The Current Housing Problem. Irvington-on-Hudson, NY: Foundation for Economic Education
  • Friedman, M. with the assistance of R. D. Friedman. 1962. Capitalism and Freedom. Chicago: University of Chicago Press
  • Friedman, M. 1968. Inflation: Causes and Consequences [1963]; Why the American Economy is Depression-Proof [1954]. In Dollars and Deficits, ed. M. Friedman. Englewood Cliffs, NJ: Prentice-Hall
  • Friedman, M. and R. D. Friedman. 1980. Free to Choose: A Personal Statement. New York: Harcourt Brace Jovanovich

Cite this Term Paper:

APA Format

Milton Friedman and Economics (2009, February 05) Retrieved February 05, 2023, from

MLA Format

"Milton Friedman and Economics" 05 February 2009. Web. 05 February. 2023. <>