Milton Friedman

DEFINITION of 'Milton Friedman'

An American economist and statistician best known for his strong belief in free-market capitalism. Milton Friedman strongly opposed the views of Keynesian economists, encouraging governments to minimize their involvement in the economy by reducing taxes and ceasing inflationary policies.

BREAKING DOWN 'Milton Friedman'

During his time as professor at the University of Chicago, Friedman developed numerous free-market theories that opposed the views of traditional Keynesian economists. In his book A Monetary History of the United States, Friedman illustrates the role of monetary policy in creating and arguably worsening the Great Depression. Friedman's work in the field of economics was recognized in 1976, when he was awarded the Nobel Prize in Economics.

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