Report on Ilton Friedman

In: People

Submitted By bradnisbett
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Pages 3
Milton Friedman once said “The government solution to a problem is usually as bad as the problem” (1975). His extensive collection of books, articles, and lectures echoed his theory of free markets and a reduction in the size of government’s role in them. Whether the topic was public education, government spending or regulation, economic stability, or monetary policy, Milton Friedman viewed government control and regulation as the source of many of the nation’s woes. His works focus on the disadvantages that an extensive, controlling federal government asserts on its citizens. After all, "The strongest argument for free enterprise is that it prevents anybody from having too much power” (1980). Milton knew that “The most important single central fact about a free market is that no exchange takes place unless both parties benefit” (1980). He advocated that a free market economy (with very minimal government intervention) was the cause and effect to the U.S.’s historical economical booms and depressions throughout the years. He even went on to propose that Hong Kong’s government was an ideal example of a free market economy and that the U.S. could learn from it and improve our nation’s economic standing and health. Milton saw mass unemployment (and the ensuing depressions) as a result of this government oversight. This could have been avoided by adopting a free market economy void of unchecked government rule. He insisted “The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.” He believed that government involvement and control of the currency markets, money supply and anything dealing with fiscal policies, should also be severely limited. The governments’ administration of the Federal Reserve had caused the U.S. currency to often be…...

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