Milton Friedman

Milton Friedman and John Keynes are two world renowned economist, with many similar and contrasting views that have helped set the foundation of our economy. Friedman 's ideology on subjects such as the Monetary Policy, Gold Standard, and the Theory of the consumption function are what made him a extremely impactful economist. Keynes has made his impact on the modern day world as well in many aspects. Both of these economists have helped pave the way to a better, more efficient economy.

If the US economy were experiencing a market failure like under provision of public transport or education, the government would be advised to increase expenditure on these areas. In the end, this may lead to a rise in productivity, which in future, it will cause a high economic growth rate and increased tax revenues. Nevertheless, government spending does not necessarily cause a rise in productivity. The US government has promised to increase expenditure on NHS that is expected to orchestrate a rise in the economy. However, this sort of extended spending is uncertain to increase the rate of economic growth (Boyes & Melvin, 2008).

John Maynard Keynes was born in 5th of June 1883 and died at the age of 62 on the 21st of April 1946. His work in economics and his ideas fundamentally changed the practice and theory of modern macroeconomics as well as the economic policies of governments. Keynes is very well known for his exceptional work on the implications and causes of the business cycles and is also regarded as the founder of modern macroeconomics. The school of thought also known as ‘Keynesian economics’ as well as the various offshoots have his ideas as foundation.

Government is “a branch or service of the supreme authority of a state or nation, taken as representing the whole.” The government was a system that was ordained by God in order to maintain liberties that God has granted us and also punish those who disobey God commands. One of the roles given to the government is to promote economic progress by protecting the rights of individuals and allowing for the free market economy of the laws of supply and demand to free take place. One epidemic that has surfaced over the years would be the The American Taxpayer Relief Act of 2012. The law allows for many of the “Bush tax cuts” to retain while those who have a higher income are taxed at a higher rate.

“Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them” (Paul,1). Despite Paul Samuelson’s accomplishments, his life growing up was not as ideal as a child would like. Paul was born in Gary, Indiana on May 15, 1915 to parents Frank and Ella Samuelson. Frank Samuelson was a pharmacist, who had financial difficulties after WWI. Thus, the family was forced to move to Chicago, Illinois. Enrolling at the early age of 16 to the University of Chicago, on his first day of college he claimed he was “Born as an

In the article titled, “My Choice for President? None of the Above”, Thomas L. Friedman expresses his opinion regarding Democrats and Republicans. He begins his article with his call to action, which says that Democrats and Republicans should work together to resolve several of the nations conflicts. As a result of this belief, Friedman’s thesis exaggerates what will occur if the two parties cannot work together. Friedman’s thesis states “It means that the hybrid/centrist blends that on many issues can create the most resilient solutions are ‘off the table.’ As long as that’s the case, there is little chance you will pass the American dream to your kids” (Friedman 1). By mentioning the American

Many critics of government involvement in the economy would claim that by subsidizing and creating jobs they are giving government friendly corporations and individuals and unfair advantage in the business world and thus controlling the economy to provide the most benefits for the government but this classical liberal way of thinking would be untrue. Subscribing to the ideas of supply-side economics commonly known as reaganomics or trickle-down theory puts all the wealth in the power of wealthy corporate ceos and influential individuals and the majority of the populace is suppose to rely on these greedy and corporate individuals to provide them with opportunity and a paycheck and yet this events occur at a much lower rate with on average

Milton Friedman was a very intelligent economist and classical liberal. He was awarded a nobel prize in economics in 1976. He said “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both” This quote by Milton Friedman is smart because of the fact that if you take people’s freedoms away to get equality it will not work. This is how Lenin, Stalin and all of the other communist leaders ran their countries and failed.

John Maynard Keyne born on June 5, 1883 was born into a well-educated family. His father was an economist as well as philosopher and his mother was the town’s first female mayor. His education was at Eton and Cambridge University majoring in mathematics. In addition, as the article states, “Following the outbreak of World War One, Keynes joined the treasury, and in the wake of the Versailles peace treaty, he published “The Economic Consequences of the Peace” in which he criticized the exorbitant war reparation demanded from a defeated Germany and prophetically predicted that it would foster a desire for revenge among Germans. This best-selling book made him world famous.” (BBC, 2014, P.1) Moreover, he was also

Economy is determined by the worth and prosperity of the land. It is recognized all over the world by the welfare of people, and is arguably, one of the most critical subjects a government can control. One person who understands this better than anyone is Author and Nobel Prize winner Milton Friedman. He was born in Brooklyn, New York on July 31st, 1912 to two lower class Jewish immigrants (Nobel). With his free market approach to economy, he made influential arguments that inflation or government regulations could have caused or worsened the Great Depression (Milton 2008). He also argued with Keynesian theorists that economic success does not involve government intervention, but rather, it comes from the markets which can eventually help the

The American economist, Milton Friedman supported the free markets in short of government guideline influence, inevitable that most of the government will privatize most of its state corporations. Global Public Square (2011). The management when brought before the house committee, they confessed that the government did not interfere with the running of the corporation. The Ethical Structure that could have assisted the corporation remained in the influences of the government officials (Anderson, 2012). The government did not have to link the specific subdivision to start the corporations, in this like a project entrepreneurial that only has a role in the substances of energy to create ethical framework.

Some changes inside the government are totally necessary to stabilize an economy when things do not go as planned. Some government purchases of goods and services, when possible, need to be cut off. If this service is a public utility service, or it provides life quality to citizens, this service should keep existing in order to maintain the order inside the state. If it’s a relative spent, that will not make a huge difference if cut, sometimes needs to be reconsidered for a while.

Friedman was born in Brooklyn on July 31st, 1912. His parents were Jewish immigrants from the Kingdom of Hungary. After a few years in Brooklyn, his family moved to New Jersey. Friedman was a smart student, and graduated from Rahway High School. He graduated high school before he even turned 16. In 1932, Milton graduated from Rutgers University, where he mainly studied Maths and Economics. He was offered a scholarship for each subject. Mathematics at Brown University and Economics at University of Chicago. He chose the latter, and graduated with a degree.

Good afternoon, ladies and gentlemen. Today, will be a small step for man, but a second great step for mankind. As you all know, today, the Nobel Prize for Economic Sciences will be given out. I am Spandan Goel, a student who is always on the latest for science, math, and economics. When Alfred Nobel established the Nobel Prize for Economic Sciences, he envisioned a person who not only donates to the needy, but also helps the economy in drastic ways. A person who is also known for helping humanity progress through the challenges of science in the upcoming future. Think, how much the human civilization will be benefited by such a thoughtful person. Think of the advantages to the economy, and not only, think of a beautiful world with less pollution, with better convenience, and faster travel. Born in South Africa, he was interested in space and computers from the start. He was always bullied by other students in his childhood, according to Entrepreneur.com,but his persistence and intelligence kept him going. At the age of 12, he taught himself computer programming, and then sold a game for 500 dollars that he made himself. When he moved to the US, he graduated from the University of Pennsylvania and went to Stanford to study physics.

When referring to the subject of International Political Economy the main focus of study in this field looks at analyzing and finding reasons for the problems that arise or are affected from the interaction of international political decision, international economics, international trade, as well as different social systems and societal groups. Over the course and development of these systems prominent figures of economic theory and government interaction have emerged throughout the years. Two of the most influential theorist that have come to the fore front have been John Maynard Keyes, with his theory of Keynesian economics and Milton Friedman with his idea of monetarism. While both economists have had major influence on modern day economic policies, both theorist have contradicting ideas, this paper will aim to take a look at both Keynes and Friedman’s theories respectively and look at the application of these theories in the real world.