A profound thinker and a strong advocate of free markets, Milton Friedman was one of the leading economist of the second half of the 20th century. Like Keynes, Friedman sought for the best possible means to stabilize the economy. However, instead of going along the route of Keynes’ popular fiscal policy, Friedman proposed “Monetarism” as an alternative, which minimizes government intervention and stabilizes the economy by causing changes in private sector’s behavior through monetary policy.
A profound thinker and a strong advocate of free markets, Milton Friedman was one of the leading economist of the second half of the 20th century. Like Keynes, Friedman sought for the best possible means to stabilize the economy. However, instead of going along the route of Keynes’ popular fiscal policy, Friedman proposed “Monetarism” as an alternative, which minimizes government intervention and stabilizes the economy by causing changes in private sector’s behavior through monetary policy.