Milton Friedman: The Father of Modern Economic Thinking

Milton Friedman was possibly the most impressive economist of the 20th century and perhaps the greatest economist of all time, achieving a status among scholars that few others have. He covers the areas of modern economic theory, public policy, and international economy with influence and impact in several ways. Whether one agrees or disagrees about his views, Friedman's work has irretrievably helped shape the way economists and policy thinkers approach problems of inflation, unemployment, and government intervention. The paper explains why Milton Friedman is viewed as a great economist through a look into his major contributions, his philosophy, and his lasting impact on the world.

Core of Friedman’s Economic Philosophy

Wrapped up in all that Friedman writes is a central dedication to free markets and personal freedom. His work is premised on the belief that the market, left largely unhampered by government intervention, is the most adept device for allocating resources and generating wealth. This confidence in market processes led Friedman to favor an economy with as little government interference as possible, making him quite different from many others during his time who favored the Keynesian policies of active government spending to control economic cycles.