Milton Friedman's advocacy for free markets and limited government intervention influenced generations of economists from "summary" of The Worldly Philosophers by Robert L. Heilbroner
Milton Friedman, a prominent economist of the 20th century, left a lasting impact on the field of economics through his advocacy for free markets and limited government intervention. His ideas have reverberated through generations of economists, shaping the way they approach economic theory and policy. Friedman's belief in the power of free markets to allocate resources efficiently was rooted in his deep-seated commitment to individual freedom and choice. He argued that when individuals are free to make their own economic decisions without interference from the government, the resulting competition and innovation lead to greater prosperity for society as a whole. This emphasis on the importance of individual agency and self-interest set Friedman apart from his contemporaries and laid the foundation for what would become known as the Chicago School of economics. Central to Friedman's philosophy was his skepticism of government intervention in the economy. He believed that attempts by the government to regulate prices, wages, or production would inevitably lead to unintended consequences and distortions in the market....
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