PETER SCHIFF

PETER SCHIFF

Sunday, February 28, 2010

Milton Friedman on Why Socialism Fails

Milton Friedman Tells Phil Donahue Why Socialism Fails




Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and a recipient of the Nobel Memorial Prize in Economics. He is best known among scholars for his theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.[1] He was an economic advisor to U.S. President Ronald Reagan. Over time, many governments practiced his restatement of a political philosophy that extolled the virtues of a free market economic system with little intervention by government. As a professor of the Chicago School of Economics, based at the University of Chicago, he had great influence in determining the research agenda of the entire profession. Friedman's many monographs, books, scholarly articles, papers, magazine columns, television programs, videos and lectures cover a broad range of topics of microeconomics, macroeconomics, economic history, and public policy issues. The Economist magazine praised him as "the most influential economist of the second half of the 20th century…possibly of all of it".[2]

Originally a Keynesian supporter of the New Deal and advocate of government intervention in the economy, during the 1950s his reinterpretation of the Keynesian consumption function challenged the basic Keynesian model. At the University of Chicago, Friedman became the main advocate for opposing Keynesianism.[3] During the 1960s he promoted an alternative macroeconomic policy known as "monetarism".

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