Milton Friedman, one of the brightest minds of economics strongly advocated economic freedom over economic equality. In economically free societies, citizens all start their lives with equal opportunity when in economically equal societies, citizens all have equal success. Countries are better off with economic freedom rather than economic equality.
Milton Friedman’s theory of economics was that complete economic freedom drives an economy to its fullest potential. By “complete economic freedom,” Friedman means that government needs to stay completely out of the way of the free market. When the government does not Intervene, and put regulations on business, the free market allows normal people to start off easily with any business. Milton Friedman’s theory was full of possible, positive outcomes. One of the chief pros to
Friedman’s theory of economic freedom was that anybody In an economically free society can become successful. On the other hand, Friedman’s theory had a few shortcomings. One of the biggest shortcomings was the destructiveness of the free market (Free). When the economy creates new businesses, smaller, older businesses are at risk of going out of business because of the increased competition. When the business fails, the government will not intervene to save the business because of the fact that the economy is free.
In America, presently, Milton Friedman’s theory is not fully embraced. The free market does exist In America today, but it Is highly regulated and it is harder for an ordinary person to start a successful business. Friedman’s theory is embraced in America In comparison with the rest of the world. In comparison to America In past decades and centuries, Friedman’s theory Is not embraced due to the fact that the government has significantly grown in the last 50 years. Johnny Bravo By Tomahawking racket.
When the government does not intervene, and put regulations on business, Friedman’s theory was full of possible, positive outcomes. One of the chief pros to Friedman’s theory of economic freedom was that anybody in an economically free market does exist in America today, but it is highly regulated and it is harder for an America in comparison with the rest of the world.