Milton Friedman is a world renonouced economist and definitely the most known monetarist in our era. In 1976 he became part of the elite winners of Nobel Prize's in Economics and is a man who isn't scared to say what he believes in. He has written many books and is respected throughout the world for his work.
BRIEF BIOGRAPHY.
Milton Friedman was born in 1912 in the city of New York. After working at Columbia University and the government he became Professor of Economics at Chicago University. This is where he was best surrounded by many other Monetarists and is where he accomplished much of his most well known work. To many economist Milton Friedman is more viewed along the lines of "evangelist". (1) He truly believes in the power of the free market and most of his work especially his books are based on it. During the 1980's Mitlon Friedman even went as far as to make several televisions called "Free to Choose" He also wrote a book by the same title. He has always been a very controversial personality but has always maintained his position tactfully. His theories even influenced the Tory government of Mrs Thatcher to adapt to more monetarist policies when she was elected in 1979. To this day his work remains as highly controversial as it is influencial.
Friedman on the "Global Economy".
The Case for Free Trade:.
Free trade is favourable by all, the fallacy in the argument of wages is the loose use of the terms "high" wage and "low" wage.
For a long period of time the Japanese could produce and sell everything for fewer dollars then the United States could, Tv sets, automobiles, steel and even soybeans, wheat, milk, and ice cream. At the same time the U.S goods are priced in dollars, so the more dollars the Japanese will recieive for any given number of yen, the cheaper the value of U.S goods become in comparison to the Japanese yen.
Eventually the price of the dollar in terms of yen would fall, until on average, the value of goods that the Japanese could buy from the United States in terms of dollars euqled the dollar value of goods that the United states could buy from Japan.
