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Milton Friedman - Paper

Milton Friedman


is known as one of the top economists in the world. He
has a Ph. D. from Columbia University, won a Noble Memorial Prize in economics
and has also been awarded many honorary degrees by other Universities in the
United States. As you can tell, has played a significant part in
helping to solve the economy problems of the world. You've probably heard all
about his accomplishments and awards he has received, but what about how Milton
Friedman played a very important role in helping us get into a huge national
debt? This paper will discuss how Milton Friedman played a negative role in our
economy.
When the Great Depression hit worldwide, it was up to the economists to
explain it and ...

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consumers confidence in the
economy. Worried consumers may then try to weather the coming economic hardship
by saving their money, but because my spending is part of your earnings, my
decision to hoard money makes things worse for you and you, responding to your
own difficult times, will start hoarding money too, making things even worse for
me. So actually, everything is related. People hoard money in difficult time s,
but times become more difficult when people hoard money. That was basically how
Keynes explained the recession. He also came up with a solution to it.
The cure for this, was for the central bank to expand the money supply.
Keynes said, "by putting more bills in people's hands, consumer confidence would
return, people would spend, and the circular flow of money would be
reestablished(Keynes, 232)." That was the cure and explanation to the recession,
but what about the depressions? Keynes believed that depressions were recessions
that had fallen into a ...

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Milton Friedman. (2004, October 11). Retrieved October 5, 2022, from http://www.essayworld.com/essays/Milton-Friedman/15729
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"Milton Friedman." Essayworld.com. October 11, 2004. Accessed October 5, 2022. http://www.essayworld.com/essays/Milton-Friedman/15729.
"Milton Friedman." Essayworld.com. October 11, 2004. Accessed October 5, 2022. http://www.essayworld.com/essays/Milton-Friedman/15729.
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PAPER DETAILS
Added: 10/11/2004 07:47:38 PM
Category: Economics
Type: Free Paper
Words: 1035
Pages: 4

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