Quick Definition

Milton Friedman was an influential American economist known for his strong belief in free-market capitalism and his significant contributions to economic theory and policy.

Examples

• 1Friedman's advocacy for a volunteer military in the U.S., moving away from the draft.
• 2His support for the abolition of the U.S. conscription system, which led to the establishment of an all-volunteer army.
• 3His role in the development of the Permanent Income Hypothesis, which suggests that individuals base their consumption patterns not just on their current income, but also on their expected future income.
• 4His influence on the policy of monetarism which emphasizes the role of governments in controlling the amount of money in circulation.

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