(July 31, 1912 – November 16, 2006) was an American economist, statistician and public intellectual, and a recipient of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
He is best known among scholars for his theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.[1] Over time, many governments followed his restatement of a political philosophy that insisted on minimizing the role of government in favor of the private sector. As a leader of the Chicago School of economics, based at the University of Chicago, he had a widespread influence in shaping the research agenda of the entire profession. Friedman's many monographs, books, scholarly articles, papers, magazine columns, television programs, videos and lectures cover a broad range of topics in microeconomics, macroeconomics, economic history, and public policy issues.
The Economist hailed him as "the most influential economist of the second half of the 20th century…possibly of all of it".
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What is the government's role when it comes to taking care of the poor and disadvantaged people? Watch how professor Milton Friedman answers this important question during the Q&A session at one of his lectures at Stanford University. This timeless recording was made at around late 1970's.
Who is responsible for the mistakes of the individual? The individual himself or the collective? Who is responsible for the education of the individual? His parents or the society as a whole? In the following video Milton Friedman explains the shift in views from individual responsibility in 19th century to collective responsibility in 20th century.
Milton Friedman talks about Adam Smith's well-known phrase "invisible hand," which was introduced in his famous book "The Wealth of Nations." In it, explains Friedman, Adam Smith explained how individuals doing productive work by pursuing only their own interests, are also ending up promoting interests of the society, as if they were lead by the "invisible hand."
What led to fall of Soviet Union and Yugoslavia? The same thing that is now destroying the United States: inflation - printing money out of thin air. That is a classic unlearned lesson in economics which is repeating itself since the Roman Empire. In this next video famous policy maker from former Yugoslavia Ante Marković comments:
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