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Essay / Research Paper Abstract
A 6 page paper that discusses some of Friedman’s economic theories, including monetarism and consumption theories. The writer comments on what Friedman would think about today’s economic policies. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: ME12_PGmfrdmn.rtf
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Unformatted sample text from the term paper:
doctors. He proposed a flat tax rate and criticized the contribution structure of the Social Security System. He opposed the system of foreign exchange rates and believed the rates should
be determined by supply and demand. He even proposed school vouchers. He strongly opposed government interference and advocated a small government, an idea both President Ronald Reagan and Prime Minister
Margaret Thatcher took to heart. In 1976, Friedman won the Nobel Prize for Economics "for his achievements in the field of consumption analysis, monetary history and theory, and for
his demonstration of the complexity of stabilization policy" (Liberty Fund, 2008). At the center of his economic and political theories was a free market. Milton Friedmans theories were proven
valid. Friedmans Theories Friedman believed in capitalism and free trade. He did not think the government was capable of providing services for anyone and once said: "If you
put the federal government in charge of the Sahara desert, in five years thered be a shortage of sand" (Taylor, 2009). Most of us would probably agree with that assessment.
His ideas about less government were not well-received because he began promoting this premise right after the Great Depression and World War II when the public wanted the government to
take a stronger role in the economy (Taylor, 2009). Decades later, many other economists as well as state leaders would agree with him. Freidmans work in consumption theory was
a groundbreaker. He introduced the term permanent income and stated that peoples consumption was a function of their permanent income, which referred to the average amount of income people expect
to have over a period of a few years (Liberty Fund, 2008). This theory opposed the Keynesian view that people adjust their consumption based on their current income. He
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