Milton Friedman and his Contribution to the Economic Science Cover Image

Milton Friedman a jeho prínos do ekonomickej vedy
Milton Friedman and his Contribution to the Economic Science

Author(s): Vladimír Gonda
Subject(s): Economy
Published by: Ekonomický ústav SAV a Prognostický ústav SAV
Keywords: Milton Friedman; the Chicago School; monetarism; liberalism; market; money demand; money supply; money rule; the Phillips curve; consumption function; permanent income

Summary/Abstract: The article focuses on Milton Friedman’s contribution to the economic science. Milton Friedman belongs to the outstanding economists of the past cen-tury, he was one of the founders of the Chicago School, the symbol of monetar-ism and the leader of the contemporary economic liberalism. Milton Friedman considered free market as the most efficient form for the economy. His contribution to the economic science development is extraordinary. It concerns not only the pure theory and methodology of economic analysis but also empirical analysis, economic policy and the area of basic issues on comparative economic systems. The core of Friedman’s input to the pure economic theory is first of all his monetary theory – the money-demand and money-supply conceptions, inflation, as well as the mutual relations between inflation and unemployment.

  • Issue Year: 55/2007
  • Issue No: 03
  • Page Range: 250-266
  • Page Count: 17
  • Language: Slovak