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[2] [3] The free-market economist Milton Friedman also increased its exposure and use [1] by paraphrasing it as the title of a 1975 book, [4] and it is used in economics literature to describe opportunity cost. [5] Campbell McConnell writes that the idea is "at the core of economics". [6]
Neoliberalism. Milton Friedman ( / ˈfriːdmən / ⓘ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. [ 4] With George Stigler ...
Portrait of Milton Friedman. The Friedman doctrine, also called shareholder theory, is a normativetheory of business ethicsadvanced by economist Milton Friedmanwhich holds that the social responsibility of business is to increase its profits.[1] This shareholder primacyapproach views shareholders as the economic engine of the organization and ...
Capitalism and Freedom. Capitalism and Freedom is a book by Milton Friedman originally published in 1962 by the University of Chicago Press which discusses the role of economic capitalism in liberal society. It has sold more than half a million copies since 1962 and has been translated into eighteen languages.
Liberalism. The invisible hand is a metaphor inspired by the Scottish moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to act unintentionally in the public interest. Smith originally mentioned the term in two specific, but different, economic examples.
First edition. (publ. University of Chicago Press) Milton Friedman 's book Essays in Positive Economics (1953) is a collection of earlier articles by the author with as its lead an original essay "The Methodology of Positive Economics." This essay posits Friedman's famous, but controversial, [citation needed] principle (called the F-Twist by ...
"We are all Keynesians now" is a famous phrase attributed to Milton Friedman and later rephrased by U.S. president Richard Nixon.It is popularly associated with the reluctant embrace in a time of financial crisis of Keynesian economics, for example, fiscal stimulus, by individuals such as Nixon who had formerly favored less interventionist policies.
Milton Friedman, the Nobel Prize-winning economist known for his groundbreaking work on monetary policy and free-market principles, would argue that inflation has a similar effect.