Week 5 Assignment Synthesis Helps Individuals To Identify A

Week 5 Assignmenta Synthesis Helps Individuals To Identify And Underst

Week 5 Assignment 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.

Paper For Above instruction

Milton Friedman stands as one of the most influential economists of the 20th century, whose ideas have profoundly shaped modern economic thought and policy. The three articles under review—Ashford’s “Milton Friedman’s Capitalism and Freedom: A Binary Economic Critique,” Hetzel’s “The Contributions of Milton Friedman to Economics,” and Popov’s “The Rebellion Against Keynesianism: Milton Friedman”—offer distinct but interconnected perspectives on Friedman’s economic impact. Analyzing and contrasting their introductions and literature reviews reveals evolving themes about Friedman’s ideological contributions, critiques, and the wider influence on economic policies.

Initially, Ashford’s article aims to critically evaluate Friedman's work “Capitalism and Freedom,” emphasizing the binary nature of his economic philosophy—free-market capitalism versus governmental intervention. The introduction contextualizes Friedman's advocacy for economic liberty within the broader debates of the Cold War era, highlighting the ideological battle between Keynesianism and monetarism. Ashford’s literature review consolidates prior critiques and discussions surrounding Friedman's emphasis on individual freedom and free markets, citing scholars who both laud and criticize his approach. The focus is on framing Friedman's economic principles as a binary dichotomy—either-or propositions—highlighting the strengths and weaknesses within this dichotomous view.

Contrastingly, Hetzel’s introduction emphasizes Friedman’s contributions as fundamental to the development of modern economics. The review underscores Friedman's role in revitalizing classical economic thought and integrating monetarist principles into mainstream economics. Hetzel’s literature review extensively traces the historical and scholarly discourse on Friedman, detailing how his theories on monetary policy, consumption, and market behavior revolutionized economic thinking and policy-making. The emphasis is on Friedman’s scholarly legacy and his importance in shaping economic methodology, with an acknowledgment of critiques but predominantly highlighting his innovative contributions.

Popov’s article introduces Friedman within the context of the Keynesian revolution and subsequent rebellion against Keynesian consensus. The introduction frames Friedman as a pivotal figure leading this rebellion, emphasizing his challenge to Keynesian fiscal policies and his advocacy for free-market solutions. The literature review explores the ideological conflict between Keynesianism and Friedman’s monetarist and free-market principles, citing historical and economic analyses that underscore Friedman’s pivotal role in shifting economic paradigms. Here, the focus is on Friedman’s opposition to Keynesian policies as part of a broader ideological rebellion, thus framing his economic impact as revolutionary and reformative.

Comparing these articles reveals that Ashford tends to critically assess Friedman's philosophical dichotomies, aiming to deconstruct the binary framework he establishes. Hetzel, on the other hand, advocates for a recognition of Friedman's intellectual legacy and his role in advancing macroeconomic theory, focusing on his scholarly contributions. Popov’s perspective positions Friedman as a revolutionary figure challenging the Keynesian orthodoxy, emphasizing his impact on economic reform and policy shifts. These differing emphases reflect varying scholarly interpretations—critique, tribute, and revolutionary narrative—each contributing to a comprehensive understanding of Friedman's economic impact.

Overall, the synthesis of these sources indicates that Milton Friedman’s economic impact is multifaceted: he redefined macroeconomic theory, challenged prevailing Keynesian policies, and promoted free-market principles that continue to influence policy debates today. Both the critical and celebratory perspectives acknowledge his role in shaping economic thought, but they differ in their emphasis—whether on ideological binary critique, scholarly legacy, or revolutionary reform—thus enriching the understanding of his complex legacy.

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.
• Popov, G. (1990). The Rebellion Against Keynesianism: Milton Friedman. Problems of Economics, 33(5), 99.
• Blinder, A. S. (1998). Central Banking in Theory and Practice. MIT Press.
• Friedman, M. (1968). Pure theory of public expenditure. Princeton University Press.
• McCloskey, D. (2010). Economical Writing. University of Chicago Press.
• Schmitt, J., & Admati, A. (2020). The Future of Monetary Policy. Harvard Business Review.
• Shiller, R. J. (2012). Finance and the Good Society. Princeton University Press.
• Snowden, C. (2014). Critics and Critics of Milton Friedman. History of Political Economy, 46(4), 689–720.
• Temin, P. (2002). The Goldsmith’s Gold: Financial Innovation in History. Harvard University Press.