Milton Friedman 's Positive Economics Essay

821 Words Sep 27th, 2014 4 Pages
Thoughts on Milton Friedman’s Positive Economics
A Critical Review on Monetarism
Milton Friedman, “one of the most gifted economists of the 20th century” as recognized by the Encyclopedia of World Biography, is one of the most significant American economist. Born in Brooklyn, New York in 1912 Friedman was a revolutionary man with many different positions hold during his life, such as university teacher, journal writer, and research economist. He was a non-stop person who loved his career, and even more to cooperate to the world economy with his reviews and strong believes about the economic systems and government interventions. He was a strongly believer of non-government intervention on economic related issues, a courageous position which he openly sustained and specially expressed on his writings. Moreover, his widely known research work and economic system reviews took him to earn divers awards and power positions for example, The John Bates Clark Medal, The Paul Snowden Rusell Distinguished Service Chair position, and the most recognized The Nobel Prize in Economics for his economic ideas on inflation “Monetarism”. His work left a print in our government which we can observe in the historic setting of monetary growth aims by the FED in 1979 when the Federal Reserve implanted policies which took into account the inflation and control of the money, ideas of Friedman (Encyclopedia). Furthermore, the free market economic system was one of Friedman’s most advocated theme on…

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