Definition

Proper noun: - An influential American economist: Milton Friedman was a prominent 20th-century economist, a leading advocate of free-market capitalism and monetarism. He is noted for his scholarly work, his public advocacy for limited government, and his opposition to most forms of government intervention in the economy.

Usage Examples

• Proper noun:
  • Milton Friedman won the Nobel Memorial Prize in Economic Sciences in 1976.
  • The economic policies of Prime Minister Thatcher were influenced by the ideas of Milton Friedman.
  • In his book "Capitalism and Freedom," Milton Friedman argued for minimal government regulation.

Advanced Usage

• "Friedman doctrine" or "shareholder theory": Refers to Friedman's famous 1970 essay stating that a corporation's sole social responsibility is to increase its profits for shareholders, within the bounds of the law.
  • The CEO cited the Friedman doctrine to justify the company's focus on quarterly earnings.
• Used attributively to describe economic theories or policy positions aligned with his views.
  • The candidate's platform is based on Friedmanite principles of deregulation.

Variants and Related Words

• Friedmanite (adjective/noun): Pertaining to or a follower of the economic ideas of Milton Friedman.
  • The economist held a Friedmanite view of monetary policy.
• Monetarism (noun): The economic theory, heavily promoted by Friedman, emphasizing the role of governments in controlling the amount of money in circulation.
  • Monetarism, championed by Milton Friedman, challenged Keynesian orthodoxy.

Synonyms

• Free-market economist
• Monetarist (specifically regarding his monetary theory)
• Chicago School economist (referring to the University of Chicago, where he was a leading figure)

Related Idioms and Phrases

• "There's no such thing as a free lunch": A phrase popularized by Friedman, originating from an older adage, used to convey that things appearing free always have a cost paid by someone.
  • The new tax cuts will require spending reductions elsewhere; as Milton Friedman said, "There's no such thing as a free lunch."

Noun

1. United States economist noted as a proponent of monetarism and for his opposition to government intervention in the economy (born in 1912)