Economic Freedom, By John Milton Friedman By Milton Friedman

Milton Friedman Milton Friedman is known as one of the top economists in the world. He has a Ph. D. from Columbia University, won a Noble Memorial Prize in economics and has also been awarded many honorary degrees by other Universities in the United States. As you can tell, Milton Friedman has played a significant part in helping to solve the economy problems of the world. You've probably heard all about his accomplishments and awards he has received, but what about how Milton Friedman played a very important role in helping us get into a huge national debt? This paper will discuss how Milton Friedman played a negative role in our economy.

Inspired by lectures given in 1956 and compiled for publication in 1962, Milton Friedman’s Capitalism and Freedom addresses important modern economic issues ranging from the distribution of income to the role of government in education (Friedman vii). According to The Times Literary Supplement, Capitalism and Freedom was “one of the most influential books published since the war” (TLS). In the seventh chapter of Capitalism and Freedom, Friedman addresses the role capitalism and economic freedom plays in the reduction of discrimination against individuals belonging to particular religious, social, and racial minority groups (Friedman 108). Friedman’s argument concerning the power of capitalism and economic power is supported particularly in the increased mobility of African Americans following World War I and II despite the “temporary interruption” displayed by collectivist trends following 1945 (Friedman 11). African Americans, with newfound economic power, were able to curtail coercive political power held by whites. However, Friedman fails to properly address the chain of events which allowed for the establishment political freedom in the African American community. Despite economic freedom granted following emancipation, African Americans were unable to translate economic freedom to political freedom because laws in place to protect civil liberties were not enforced. World War I provided unprecedented economic opportunities for African Americans. Labor shortages provide

Before the introduction of Keynesian economics and Milton Friedman’s Monetarism theory, there was classical economics. These economists believed in self-adjusting market mechanisms, however with that the market needs perfect competition. Wages and prices in the market must be flexible. These economists believe that supply and demand pulls would always help the economy reach full employment.

Milton Friedman believed a free-market system, in which goods and services are exchanged and controlled by individuals and privately-owned businesses without government authority, was the only way to achieve personal freedom. Adam Smith, a 18th century philosopher and economist, held the belief that in a free society, the role of government should be limited to the protection of the people, the administration of justice through the court system, and the maintenance of all public resources. Adam Smith developed the concept of the “invisible hand” theory, which says within a society that is free of government interference, individuals can pursue actions out of their own self-interest, and the collective result of this

Mr. Friedman was influenced by Fredrich von Hayek a free-market thinker and believed that the government should stay out of peoples affairs whenever possible letting and that market could solve economic problems more efficiently than government officials could. This idea became known as the “Chicago School” of economics, a concept of free-market capitalism. (Placeholder2)

A major factor of the 2012 Presidential Election was the supposed "War on Women" being waged by the Republican Party. A major piece of the "War" was the gender pay gap, which is the difference between male and female earning. President Obama and many other leading Democrats brought up the statistic that female workers only make seventy seven cents on the dollar. When I heard that I thought that could not possibly be true, but when I looked into it I found out it was true. I asked my father if he knew anything about the gap and he told me to read Free to Choose by Milton Friedman. His logical explanation of the gender gap was tantalizing. Friedman's rationale was that it is extremely unlikely that there is a countrywide conspiracy to hold back

Now, take the other example of money and poverty. Berlin feels that the poverty can be defined in several ways. But, we need to analyse the human influence, without personal disability in order to truly consider an infringement upon freedom. Money limits freedom as it creates strain and economic inequality which in turn, leads to poverty and limits the person’s freedom to make choices. Adhering to a strict sense of the concept of negative freedom, money does impose upon the inhabitants who cannot obtain the capital to thrive in a barter-free society. John T Bookman provides a vivid picture in that sense. He explain that money opened the doors to an emergence of economic classes, which “strain relations among people” and that “human relations in the state of nature have been strained by economic inequality, and a desire to protect property is a major reason for quitting the state of nature and instituting civil society” (Bookman, 364). Now, it is evident that the notion of negative freedom comes with the cavet that it is impossible to create a fine line from which a truly free society can be established. Berlin states, “we cannot remain absolutely free, and must give up some

America is known both conventionally and historically as 'the land of the free'... but is that really the case? In his article titled Freedom and Money, G. A. Cohen addresses this question through the relationship between freedom and money, or more specifically the lack thereof: poverty. As Cohen shows, experts all along the political spectrum agree that the poor are entitled to far less opportunities than their wealthier counterparts. The controversy with the subject thus lies, instead, in the ambiguity of the term "freedom" and what it implies, as well as to what exactly it's beneficiaries are permitted. The political left believes that because the impoverished are financially unable to exercise many of their freedoms, their economic status

Hayek argues that individual freedom is best secured through a free market. Explain his argument.

Milton Friedman realized the importance of the common man’s freedom. He believed that the government had more power over the people and maintained all control over them. He knew that in ordered for the political and economic freedom to work was to have a mutual agreement between these parties. They had to come to an agreement, which would allow for mutual benefits. The Hollywood Blacklist was an example given by Friedman to show the unfair treatment the government enforced. Actors, musicians, directors, screenwriters and others who were part of the entertainment business, were all denied jobs because they were accused to being part of the communist party. By allowing individuals to freely chose other markets, suppliers or even make the good themselves, individuals would ultimately be part of a free market. This social justice impelled states to have political freedom because individuals were no longer scrutinized for their beliefs in order to find jobs.

Throughout history, we have seen many societies come and go regardless of how powerful or stable they were at one point. Is it possible to have a society which is ideal for all of it’s members, or is society only capable of being beneficial to some and not to everyone? I do believe an ideal society could be achieved, but our current society would have to undertake a substantial overhaul. In today’s society, there are more opinions and beliefs about the way it should be ran than there have ever been. An ideal society could be achieved through it’s members treating their neighbors in a more religious way, a change in the way our current economy is operated, and by improving

How do you decide what is and isn't fair? Many countries have policies based on equality of opportunity. These are policies that result in a transfer of wealth from the rich to the poor. In spite of this, these policies do not result in greater equality. Nations of the world are characterized by a disparity between the rich and the poor. The prevailing myth is that this disparity results from capitalism and the use of free markets. The facts are that the disparity is greater in societies that don't use free markets. Soviet Russia had two distinct classes. The upper class was comprised of the bureaucrats and the rest of population constituted the lower class. This disparity also exists in China. This is another way of saying that there is no middle class. Brazil is another country with a very marked disparity between the rich and the poor. Societies cannot have equality as a higher priority than freedom.

In economics, some classical liberals believe that ‘’an unfettered market’’ is the most efficient mechanism to satisfy human needs and channel resources to their most productive uses. The minimal government advocacy of an ‘’unregulated free market’’ is founded on an ‘’assumption about individuals being rational, self-interested and methodical in the pursuit of their goals. Adam Smith was not an advocate of pure capitalism. Adam Smith allowed for many exceptions to a strictly free-market economy. The classical liberals advocated policies to increase liberty and prosperity. They sought to empower the commercial class politically. They abolish royal charters, monopolies and the protectionist policies of mercantilism to encourage

Friedman’s position we can see it as a theory for short term investment and businesses, while Freeman’s theory targets businesses that are planning to stay for a longer term. Also I believe that Friedman’s theory affects society in an inefficient way when costs are not really paid, as for example pollution, traffic congestion, no taxes, and poorly educated workforce. Another problem with Friedman’s position is that it assumes that forces of competition are sufficiently vigorous, but they are not. In addition the distribution of income that results from profit maximization is very

Although Milton Friedman might be an expert on economic theory, his libertarian views on capitalism, the role of government, and discrimination would leave victims of religious, color, and race discrimination (particularly black Americans) struggling for individual freedom and to escape poverty and isolation. In his book Capitalism and Freedom, Milton Friedman states that “there is an intimate connection between economics and politics” and that “economic freedom is also an indispensable means toward the achievement of political freedom.” Central to his thesis is that individual political and economic freedom is essential, and this freedom is achieved through limiting the scope of government involvement. Friedman’s theory regarding discrimination (using his discriminators of race, religion, color) is fundamentally flawed because he ignores the costs to society and individuals resulting from discrimination, the loss of individual freedom of the person being discriminated against, and he believes that government involvement is not necessary to ensure individual freedom for the victims of discrimination.