Milton Friedman: Profiled People in Economics and Banking
Executive Summary
- Milton Friedman is the second most quoted economist after Adam Smith and a tool for private banking interests.
Introduction
Friedman was one of the best-known economists of the 20th century. He won a Nobel Prize for monetarism, which proposed balanced budgets and pegging the money supply to the expected economic growth. This is explained in the following quotation.
“Milton Friedman, led another school of thought known as the “monetarists.” The monetarists believe the federal government should always keep the budget in balance and use what they called “monetary policy” to regulate the economy. Initially that meant keeping the “money supply” growing slowly and steadily to control inflation, and letting the economy do what it may. However they never could come up with a measure of money supply that did the trick nor could the Federal Reserve ever find a way to actually control the measures of money they experimented with.” – Warren Mosler
Source: Mosler Economics
After winning his Nobel Prize, he had a long career in promoting neoliberal policies that did not have anything to do with monetarism and dovetailed with work by Ayn Rand where the focus is on the individual and companies profit-maximizing.