Milton Friedman is a prominent economist who lived between July 31, 1912 and November 16, 2006. Milton Friedman was awarded the Nobel Prize in Economics in 1976. The famous economist, who died at the age of 94, has worked on macroeconomic consumption analysis, money supply history and theory, stabilization policy complexity, free market economy and monetratism. Detailed information about Milton Friedman and his economic view is in rest of the article. You can browse here for financial news.
Milton Friedman and his economic view
Milton Friedman is an important name who played a major role in the formation and promotion of “monetarism”. He explained the basic concepts of monetarism in his book “Studies on the Quantity Theory of Money” published in 1976. Friedman, when he said “There is no such thing as a free lunch” during the discussions on giving free lunch in public schools in America, has been the axis of discussion for those who believe in monetarist economics. The words of Friedman when he received the Nobel Prize in Economics in 1976 describe the tight relationship between monetary expansion and inflation. “Inflation has been a monetary phenomenon everywhere and at all times,” when Friedman received the award he said.
Milton Friedman thought to somehow dispel the Keynesian notion that “money is not paid”. Because Friedman thinks that in times of economic depression or recession, a dynamic aggressive money supply expansion in the style of “holding the strings” would not be correct and effective. Milton Friedman and Schwartz, who adopted the idea of monetarism, showed that monetary policy was effective in expansion and contraction.
Friedman’s work on money gained importance in the 1960s and 1970s when the danger of inflation increased and its applicability increased. Milton Friedman thinks that the main reason for the economic crisis that started especially in developed countries after the 1970s is the conjuncture policies inspired by the Keynesian economy. Business policies are based on high levels of employment. Therefore, according to Friedman, conjuncture policies, with the effect of their loose policy, cause an increase in instability by taking the economy out of the way.
For details: https://en.wikipedia.org/wiki/Milton_Friedman