what does friedman see as the essential rol of government in a free society? what does...

what does friedman see as the essential rol of government in a free society?

what does friedman see as the essential role of government in a free society?

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Expert Solution

Milton Friedman is an American economist and advocated for free market economy. He is a well known monetarist.

According to Milton Friedman, government has some essential role to play.To protect our nation from foreign attacks, protection of private property, policing, maintance of law and order. These are the common legitimate functions of our government. But most important thing is that government should try to provide a substitute for voluntary cooperation when it appears very difficult to achieve and to provide irresponsible people in the society.

In a free society, people are capable of taking risk, but not able to give compensation and to pay other for the consequences. Friedman argued in a free society private individuals can earn profit for their self interest. But for the self protection government is inevitable. Economic freedom protects the minorities from discriminations since the market is helpless.

In short, private dominated free society provides some essential role to the government. It is called the minimum functions of the state.

Rahul Sunny answered 1 year ago

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