Question

Conduct additional research to determine which economic philosopher you believe has the most positive effect on the United States economy today. Analyze the importance of your chosen philosopher and the impact they have had on the U.S. free enterprise system. Select from: Friedreich Hayek, Milton Friedman, John Maynard Keynes, and Adam Smith. Provide clear support for your position, and cite your sources.

Answer 1

The American economist and statistician was a strong advocate of free-market capitalism. During his tenure as a professor at the University of Chicago, Friedman developed numerous free-market theories that opposed the views of traditional Keynesian economists. Friedman opposed Keynesian macroeconomic views that fiscal policy is more important than monetary policy, that government spending should be used to neutralize the volatility of the business cycle and that prices are inherently sticky with his own economic theory of free-market monetarism. He argued for deregulation in most areas of the economy, calling for a return to the free market wisdom of classic economists, such as Adam Smith