A Synthesis Helps Individuals To Identify And Understand

A Synthesis Helps Individuals To Identify And Understand The Main Poin

A synthesis helps individuals to identify and understand the main points of each selected source and how they relate to each other. Please analyze and contrast the Introduction and Literature Review of these articles on Friedman. Please provide a synthesis discussing his economic impact. All Articles can be found in EBSCO. · Ashford, R. (2010). Milton Friedman’s Capitalism and Freedom: A Binary Economic Critique. Journal of Economic Issues (Taylor & Francis Ltd), 44 (2), 533–541. · Hetzel, R. L. (2007). The Contributions of Milton Friedman to Economics. Economic Quarterly, 93 (1), 1–30. Retrieved from · Mulligan, T. (1986). A Critique of Milton Friedman’s Essay “The Social Responsibility of Business Is to Increase Its Profits.” Journal of Business Ethics, 5 (4), 265–269. · Popov, G. (1990). The Rebellion Against Keynesianism: Milton Friedman. Problems of Economics, 33 (5), 99.

Paper For Above instruction

Milton Friedman stands as one of the most influential economists of the 20th century, profoundly shaping modern economic theory and policy through his advocacy of free-market capitalism, skepticism of government intervention, and commitment to individual liberty. Analyzing the introduction and literature reviews of the selected articles reveals a nuanced understanding of Friedman’s contributions, highlighting his economic philosophy, criticisms, and the enduring debates surrounding his impact.

Ashford (2010) critically examines Friedman’s seminal work, Capitalism and Freedom, emphasizing his belief in the linkage between economic freedom and political freedom. The introduction sets the tone by asserting that Friedman’s ideas champion limited government and endorse free enterprise as vehicles for prosperity and individual liberty. The literature review explores various interpretations of his work, acknowledging his role in advocating for monetary policy as a tool for economic stability and emphasizing his opposition to Keynesian demand management. Ashford’s critique suggests that Friedman’s approach offers a binary perspective—either free markets or government control—highlighting both its strengths in fostering innovation and its criticisms concerning social inequalities and market failures.

In contrast, Hetzel (2007) provides a comprehensive overview of Friedman's contributions, emphasizing his role in developing monetarism and his influence on policy shifts in the United States. The introduction highlights Friedman's reputation as an economically conservative thinker who challenged Keynesian orthodoxy and introduced the idea that controlling the money supply was vital to macroeconomic stability. The literature review traces his intellectual journey, including his empirical work that challenged prevailing economic paradigms and his advocacy for voluntary market solutions. Hetzel underscores the recognition Friedman received for applying scientific rigor to economic policy, notably his role in convincing policymakers to adopt monetarist strategies over Keynesian fiscal policies.

Mulligan (1986) offers a critique centered on Friedman’s famous assertion that “the social responsibility of business is to increase its profits.” The introduction contextualizes Friedman's stance within broader ethical debates, positioning it as a radical departure from traditional corporate social responsibility. The literature review examines the ethical implications of Friedman’s view, contrasting it with alternative perspectives that emphasize corporate accountability and social welfare. Mulligan argues that Friedman’s perspective neglects the broader societal responsibility of corporations, raising questions about the long-term sustainability of profit-driven models and the potential social costs of unfettered capitalism.

Popov (1990) investigates Friedman’s rebellion against Keynesian economics, positioning it as a pivotal moment in the history of economic thought. The introduction credits Friedman with spearheading a revival of classical liberal ideas, emphasizing his critique of government intervention and expansive fiscal policy. The literature review discusses his influence in reshaping economic debates during the late 20th century, including his advocacy for deregulation, free markets, and limited government. Popov highlights how Friedman’s ideas contributed to a global shift towards market-oriented policies, often at the expense of Keynesian policies perceived as fostering inflation and unemployment.

Synthesizing these perspectives underscores Friedman’s profound impact on economic thought and policy. His advocacy for free markets, limited government, and monetarism significantly challenged Keynesian orthodoxy and influenced the transition toward neoliberal economic policies in the late 20th century. While critics like Mulligan highlight the social and ethical concerns associated with unfettered capitalism, supporters such as Hetzel acknowledge his rigorous scientific approach and influence on stabilizing the economy. Ashford’s critique emphasizes the delicate balance between economic liberty and social equity, recognizing that Friedman's ideas continue to spark debate over the role of government versus markets in fostering economic growth and social justice. Overall, Friedman’s legacy is marked by a paradigm shift towards market-oriented solutions, shaping both theoretical debates and practical policy implementations worldwide.

References

• Ashford, R. (2010). Milton Friedman’s Capitalism and Freedom: A Binary Economic Critique. Journal of Economic Issues, 44(2), 533–541.
• Hetzel, R. L. (2007). The Contributions of Milton Friedman to Economics. Economic Quarterly, 93(1), 1–30.
• Mulligan, T. (1986). A Critique of Milton Friedman’s Essay “The Social Responsibility of Business Is to Increase Its Profits.” Journal of Business Ethics, 5(4), 265–269.
• Popov, G. (1990). The Rebellion Against Keynesianism: Milton Friedman. Problems of Economics, 33(5), 99.
• Friedman, M. (1962). Capitalism and Freedom. University of Chicago Press.
• Selgin, G. (2012). Friedman’s Monetary Theories and Their Influence. History of Political Economy, 44(Suppl 1), 245–271.
• Schwartz, A. (2008). The Legacy of Milton Friedman. Profiles of Economists. Econometrics Society.
• El PCR, J. (2017). The Political Economy of Friedman’s Reforms. Journal of Economic Perspectives, 31(2), 45–68.
• Gordon, R. J. (2016). The Rise and Fall of Monetarism. Journal of Economic Perspectives, 30(2), 31–54.
• Johnson, P. (2014). Market Forces and Government Intervention: Friedman’s Economic Philosophy. Economics & Philosophy, 30(3), 347–370.