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Milton Friedman, Capitalism and Freedom (1962)
ilton Friedman and the term "free market" are nearly synonymous. As an adviser to both Ronald Reagan and Margaret Thatcher during the 1980s, Friedman's views on trade, monetary policy, and taxation reigned supreme. The idea that the best government is the most minimal government was central to his economic theories. Many of Friedman's ideas, such as an all-volunteer military, free-floating currency, and school vouchers have seen varying degrees of implementation. However, his beliefs that doctors should not have to be licensed and that corporate income tax should be abolished have few advocates. Friedman, the 1976 winner of the Nobel Memorial Prize in Economic Sciences, was one of the leading voices in the Chicago school of economics, which rejects the Keynesian theory that government intervention in the economy is desirable and often necessary. |