Question

What are the similarities between Friedman’s and Anderson’s accounts of freedom and markets? What are the central differences? Which account is most compelling? Defend your conclusion.

Answer 1

Introduction- Milton Friedman and Martin Anderson both are well known American economist, Friedman was best known for his strong belief in free-market.

Martin Anderson was famous economist and served long time in advisory board of President Reagan.

Similarities between Friedman and Anderson’s theory:

1-   Friedman and Anderson both served for American government and they both are supporter of capitalism, Friedman criticized the social security arguing that it had created welfare dependency.

2-   Anderson and Friedman, both were against the military conscription in the United States.

3-   Martin and Friedman was agree to transformation in agriculture and tax structure in the country, they worked for economic reforms.

Difference between Friedman and Anderson’s policies:

1-   Friedman advocate the free capitalism and free trade while Anderson opposed free trade.

2-   Anderson’s economic policies were based on balance between protectionism but Milton Friedman support the market efforts rather than government interfere and control over economy.

3-   Anderson worked for welfare in United States but Milton had proposed that more expenditure in public service can create the welfare dependency.

Conclusion- Anderson and Friedman have different, as well as same policies regarding economic development in the country and both worked for same purpose in different ways. Anderson had worked with traditional economic theory and Milton Friedman oppose the traditional approach in economy.