Milton Friedman
Definition
Milton Friedman was a renowned American economist and statistician who strongly advocated for free-market capitalism. He is known for his theories on consumption analysis, monetary history and theory, as well as his demonstration of the complexity of stabilization policy.
Analogy
Think of Milton Friedman like the coach of a sports team who believes in letting the players (the market) play freely without too much interference from referees (the government). His strategies may not always prevent losses (economic downturns), but he believes they allow for the most victories (economic growth) in the long run.
Related terms
Monetarism: This is an economic theory that emphasizes the role of governments in controlling the amount of money in circulation. It was heavily influenced by Milton Friedman's work.
Chicago School of Economics: A school of thought favoring free-market principles that had many influential economists, including Milton Friedman, among its ranks.
Free Market Capitalism: An economic system where supply and demand are unregulated except by a country's competition policy and rights are typically owned privately. This system was strongly advocated by Milton Friedman.
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