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American economist Milton Friedman (1912–2006) was one of the 20th century's most significant figures in the subject of economics. He was a professor at the University of Chicago and a well-known supporter of monetarism and free-market economics.
In his economic views, Milton Friedman emphasized the value of individual liberty, free markets, and little government intervention. He made the case that markets are the most effective way to distribute resources and that limited government interference in the economy is necessary. He held that economic regulation and involvement by the government frequently had unforeseen consequences and inefficiency.
Friedman was a well-known proponent of monetarism, which holds that the amount of money in circulation is the primary factor influencing economic activity. In his view, the Federal Reserve should regulate the money supply in order to maintain economic stability because changes in the money supply can result in inflation or a downturn in the economy.
The concepts of Milton Friedman have an impact on global and American economic policy. He was an outspoken opponent of Keynesian economics, which promoted the use of government involvement in the economy during recessions. Friedman claimed that rather than restricting government participation to safeguard a stable monetary policy and defend individual rights, market forces should be permitted to work freely.
Another thing that made Friedman famous was his support for school vouchers, which would let parents use tax dollars to pay for private school tuition. He thought that school vouchers would raise educational standards and encourage school competition.
Friedman was a well-known writer and economic pundit in addition to his academic career. He wrote the well-regarded libertarian economic classic "Capitalism and Freedom" and contributed frequently to Newsweek and other publications.
