Question

 

Research Milton Friedman. Topics should include history of who he is, his experience relating to the economy of his time period, and his contributions to economics. You should place the most emphasis on his beliefs and contributions to economics.

 

Answer 1

Milton friedman was an American economist and stastistician best known for his strong belief in free market capitalism.During his time as a professor in the university of Chicago, Friedman developed numerous free market theories that opposed the views of keynesian economist.In his book, ''A Monitary History of the United States 1867-1960''.Freidman illustrated the role of monitary policy in creating and argubly worsening the Great depression.

Friedman's first breakthrough in the in economics was his theory of the

consumpion function in 1957.This theory championed a the idea that a persons consumption and savings decisions are more greatly impacted by permanent changes to income rather than changes in income that are percieved as ephemeral.This theory produced the PERMANENT INCOME HYPOTHESIS.

Freidman opposed the microeconomic Keynesian views with his own ecnomic

theory of free market monitarism.Trough this theory Friedman expressed the importance of monitary policy and pointed out that money supply have real short term and long term effects.Specifically the money supply affects price levels.These were the contributions of Milton Friedman to economics.