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Milton Friedman-Economics

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Michael French

on 20 March 2013

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Transcript of Milton Friedman-Economics

Born in Brooklyn, New York in 1912 to a jewish immigrants Milton Friedman He was an author that taught at the University of Chicago for more than three decades and he retired from it in 1977. Then became a senior research fellow at the hoover institution at the Hoover Institution at Stanford University In 1976 he was awarded the Nobel Prize in economics for “his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.” Milton Friedman was a free-market activist and was also very active in public affairs. Milton Friedman has also wrote "Theory of the Consumption Function" Independent Professional Practice"and, "Capitalism and Freedom" on July 31 Which are arguably the most important economic books in the 1960's Friedman was recognized for monetarism, which emphasizes the role of government in controlling the amount of money in circulation. His book Monetary History of the United States claims that the Great Depression was the result of federal reserves ill-conceived monetary policies. Milton Friedman died on November 16th, 2006 in San Francisco of heart failure. He consistently opposed outlawing contracts that compel employees to pay dues to unions. He was also a supporter of the Keynesian theory, which was proposed by John Maynard Keynes He was a supporter of the Supply Side economics. Supply-side economics emphasizes economic growth achieved by tax and fiscal policy that creates incentives to produce goods and services. Keynesian economics is a theory of total spending in the economy (called aggregate demand) and its effects on output and inflation.
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