summary on the power of the market by milton friedman

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Milton Friedman has been described as the most influential economist of the second half of the 20th century, and also the one of the most colorful and controversial characters in the history of United States economics. The price system that naturally regulate the market in three approaches are information transmutation, price efficiency incentivizes and income distribution. He emphasized minimal oversight by government of the economy; and accepts capitalism as an effective political system because provides the highest degree of individual freedom. The producers of commodities and services in free markets respond to signals they receive from customers in the marketplace. They important production to their understanding of what consumers are willing to buy and using this information, they decide what to produce and in what quantity. Thus competitive forces in free markets lead to efficiency. Moreover the economic freedom and individual freedom are tightly linked; and hence the free market system promotes progress of economic, however also buttresses the cherished individual freedoms

Rahul Sunny answered 1 year ago

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