Milton Friedman (July 31, 1912-November 16, 2006) was awarded the 1976 Nobel Prize in Economics for his work on consumption analysis, currency history and theory, and the complexity of stabilization policies. He was an economist and a statistician. Friedman, along with George Stigler and others, was one of the intellectual leaders in neoclassical economics related to the undergraduate work at the University of Chicago, and Keynes supported monetarists up to the new classical macroeconomics until the mid-1970s. I opposed the principle. He is largely based on the concept of rational expectations. Several students, junior professors, and scholars hired or taught by Friedman in Chicago have become major economists, including Gary Becker, Robert Fogel, Thomas Sowell, and Robert Lucas Jr. Milton Friedman was a 1976 Nobel Prize in Economics freelance economist and adviser to President Ronald Reagan and Prime Minister Margaret Thatcher.
According to economists, he is considered “the most influential economist of the second half of the 20th century”. Friedman’s work and ideas, including monetary policy, privatization, deregulation, and taxation, influenced government influence, the Federal Reserve’s response to the 2007-2008 financial crisis. Friedman’s work includes numerous books, newspapers, magazines, columns, and monographs. Academic articles, article magazines, lectures, and even TV appearances.
So here are some best books by Milton Friedman:-
Friedman was an excellent communicator who was able to influence politicians, economists, and readers of his books through his economic and political theory. Decades after publication, his wife and economist Rose Friedman wrote “Free to Choose: A Personal Statement,” an extraordinary book for political rights. Friedman’s criticism of the Fed in the 1980s would argue that he was basically in favor of easing, but how much quantitative easing would he insist? Friedman’s view is that the Great Depression was due to the Federal Reserve’s failure to cope with the depreciation of the dollar circulating in the economy. This book also discusses deflation in the 1930s. Great Depression and government failure. Inflation in the 1970s and government price and wage management. The fact that certain interests and group interests can undermine the political system. Great government and its economic impact.
Friedman`s book, Free to Choose, changed into a worldwide bestseller withinside the 80s. Its message impacted international leaders, which included Margaret Thatcher and Ronald Reagan. In that book, Friedman discusses how a loose marketplace encourages human beings to make the fine out in their aims and talents. In The Tyranny of the Status Quo, Friedman explores the political phenomenon that the authorities have a tendency to opposite declared guidelines irrespective of celebration affiliation. Following the election of Ronal Reagan and Margaret Thatcher, who initiated large changes, they have become pissed off via way of means of the “Iron Triangle,” which preserves the repute quo. This triangle is the beneficiaries of legal guidelines and the bureaucrats who power and thrive on them, and the politicians who are trying to find votes.
In the June 1965 issue of the Economic Journal, Harry G. Johnson wrote about a review of US financial history 1867-1960: Friedman and Schwartz use vast amounts of historical data and analysis to argue that monetary policy influences the way the money supply is managed. In this book, Friedman and Schwartz deal with the Greenback era. Silver policy and long-term decline in prices from 1879 to 1897. Gold inflation and banking reform in 1897-1914. Early Federal Reserve System 1914-1921. Flood of the Federal Reserve System from 1921 to 1929. Great contraction of 1929-1933. Cyclic changes from 1933-1941. Inflation of World War II from 1939-1948. And the era of postwar speed. This book is bright and powerful in understanding the history of US currencies.
Friedman’s program for financial stability describes the current credit and financial structure and sees how it works. It also considers the role of the state and how much it should play in the role of economic and monetary policy. And how much guidance to those who have been given currency approval. This logical and simple book is a powerful theoretical proposal for economic and monetary stability.
Milton Friedman’s “Why Government Is a Problem” is a book about major social issues in the United States. Friedman discusses issues such as education, lawlessness, crime, the collapse of family values, homelessness, and the health crisis that Friedman sees as a result of government action. Part of the answer comes from the power of stakeholder groups that benefit from government actions. Friedman discusses the greater fundamental difference between the personal self-interest when he is in the private sector and the self-interest of the same person when he is in government. Friedman points out the consequences of the government are described as a government “for the people, bureaucrats, and bureaucrats,” no longer as a government “for the people, the people, and the people.” A very compelling book about Friedman’s thoughts on why the government is at stake.
Milton Friedman’s Money Mischief: In an episode of the history of money, Friedman discusses the creation of value: from stones to feathers to gold. Friedman reveals that the mischief of historical events can lead to an understanding of the monetary system. And no one is immune to the influence of the economic, monetary system and its practices and theories. Friedman does a great job of immersing you until the last chapter. There are many wonderful things in this book. It begins with the concept of stone coins on Yap Island, through the analogy of throwing money from a helicopter into the community, the story of silver and gold.
7. Price Theory
In Milton Friedman’s price theory, the economy can be divided into two parts: the normative economy and the positive economics. The former deals with how to solve economic problems, and the latter deals with how to solve problems within the economy. Price effects on rent management and income distribution are positive economic issues. But the desirability of income distribution is normative economics. Friedman further investigates that prices convey information, encourage owners to follow the information, and encourage users to be guided by that information. Moreover, economics is not just about economic issues; it is also a social science. Price theory is not only about economic problems but also about how society solves these economic problems. Friedman’s book provides a rationale for understanding prices.
In American Monetary History, 1867-1960, published in 1963, is considered one of the most influential books on economics in the 20th century. Chapter. It deals with the major economic events of the Great Depression. The Great Depression, 1929-1933, was published as an independent paperback in 1965, claiming that the Federal Reserve failed to play its role in monetary policy, which reflects the seriousness of the Great Depression. The book clearly identifies a school of thought that emphasizes the importance of the money supply in the economy.
When Capital and Freedom was first published (1962), the book was despised and hated by the intellectual community for decades. Once in the 1960s, Friedman was charged by liberals during the debate simply by reciting his view of what he believed was the right role for the government. The logger continued until he expressed his view of resistance to drafting, thus attracting unexpected cheers from college students. Many of Friedman’s ideas have been controversial since his book was published. Still, the impact on the world remains strong to this day. In this book, Friedman explores the idea of political support to the government to control the economy that resulted from the Great Depression. He also advocates that his parents receive a voucher for taking their children to the school they want. Friedman argues against the idea that social security is nothing more than a government-mandated contribution to public pension funds. And FCC’s control of television and radio is economically poor and limits freedom of expression. Friedman also states that corporate social responsibility is to act within the limits of the law to make a profit. Friedman also explained that the Federal Reserve has significantly reduced the money supply in response to the 1929 stock market plunge.
When he died in the fall of 2006, Milton Friedman was hailed as the “Grandmaster of Postwar Free Market Theory.” With the New York Times? The most influential economist of the second half of the 20th century? From an economist. Friedman, who won the Nobel Prize in Economics in 1976, is a highly respected economist, prominent intellectual, and leader of the economic and political thought revolution that actively advocated the virtues of free markets and free politics. Milton Friedman on Economics: The selected paper is a collection of Friedman’s various articles on economics originally published in the Journal of Political Economy. Beginning with Friedman’s 1977 Nobel Lecture, this volume spans almost the entire career and contains essays from 1948 to 1990.