Milton Friedman- Economics Essay Example | Topics and Well Written Essays - 1000 words

Milton Friedman- Economics - Essay ExampleAll of these policies generated dangerous wealth and opportunity. They certainly werent perfect, but nothing in life is perfect. These were policies that were championed by one of the cracking economists in the history of the world Milton Friedman. Today, as the world again plunges into economic crisis and the American government tries to enlighten all of the worlds problems by itself, Friedmans lessons are more important than ever before. He has in no way been proven wrong, and those that signal he has have a very poor understanding of economics and of history.For a long time the world was divided between people who believed in free marketplaces and those who wanted the government to control everything. During this battle both of these ideas became more and more focused. In the get together States, one of the main advocates of free markets were those belonging to the Chicago School of Economics. This group was led by Milton Friedman w ho believed that market economies are stable if left to themselves and can engender much more prosperity and freedom than either other system of government. Problems, he believed, only really occur when governments intervene. Friedman took a lot of the basic principles determine forth by Adam Smith and he modernized them in a way. But if he saw President Obamas bailout packages and the Trouble Asset Relief Program today he would be shocked. Buying up failing companies and giving money to many more, is the opposite of free market economics. The problem, he would probably say, is that too many companies were allowed to get too large and to have too much stock over the American economy. The solution, however, would not be government intervention on the massive scale that is suggest the solution would be to manage the failure of failing companies, so that the economy as a alone does not collapse. The auto companies for example have for decades refused to adapt to changing market cir cumstances while simulteanously crush