I'm sorry but I will not be able to Publish content on a regular basis as I have done in the past for the next few weeks. You can however take a look at previous articles or even better, write something original for me to publish.



Tuesday, 1 January 2013

The Greatest Economist to ever live (greater than Adam Smith = FACT)

Milton Friedman

I wanted to spend New Years Day writing about the most "influential", amazing and most importantly CORRECT, Milton Friedman. Milton Friedman was seen as a  macroeconomist, who wrote technical works on topics such as inflation, unemployment and consumer behaviour. He was also seen by many as an ideologist, a complete "freemarketeer" (my contribution to economics). But most of all he, was seen as the answer to all our economic problems. The only problem was, that only a small group of people believed that he had the answer, and so he was sadly ignored. (The Economist supported Friedmans' view on the free-market).

He is notably famous as the "Leader" of the Chicago School of Economic thought. They believed that government policies tend to do greater harm than good, regardless of their kind intentions.

The reason that I find him to be so great, is not necessarily for his Economic works, but for what he believed and the way that he expresses his opinions. He believed in a country where success should be rewarded, not punished like it is now. He believed in a country free from government regulation, with the exception of monetary policy. He believed in the legalisation of drugs (good for some of you out there). Friedman seems to come across as a bit of a socialist doesn't he. Well, there was one thing that definitely separates him from the lazy socialists, and that was his belief in a free-market economy. An example of this, and one he frequently used, was Hong Kong. The fact that average wages had quadrupled in less than 20 years is clearly evidence that a free-market works very well. The biggest problem is, that it requires politicians to nothing and if politicians do nothing, they're not going to get elected, so unlucky for most this world, they will never experience a truly free market economy :(

His significant contribution to Economics was probably through "Capitalism and Freedom". Here he talks about two of my favourite things, and obviously a lot more than that, and his ideas/thoughts seem to make a lot of sense.

Other key works:

-Free to Choose
-Milton Friedman Speaks
-The Power of Choice

-Free to Choose : A Personal Statement
-Capitalism and Freedom
-A monetary History of the USA
-The role of Monetary Policy
-Inflation and Unemployment

Sorry for a mediocre post, as I want to post it at 00:00 on the 1st of January 2013!!!