Friedman vs Keynes
Topics: Great Depression, Milton Friedman, Keynesian economics, John Maynard Keynes, Macroeconomics, Economics / Pages: 4 (955 words) / Published: Nov 27th, 2012

Friedman vs. Keynes

I. INTRO

.

II. Milton Friedman

A. Historical Background

B. View of Economy

a. Early Views

b. Later Views

C. Influence on Policy Makers

a. Richard Nixon

b. Ronald Reagan

III. John Maynard Keynes

A. Historical Background

B. View of Economy

a. Trade

b. Unemployment

C. Influence on Policy Makers

a. Prime Minister David Lloyd George

b. Frank D. Roosevelt

IV. Conclusion

Friedman vs. Keynes

The discipline of macroeconomics deals with the performance, structure, and behavior of a national economy as a whole. Macroeconomists seek to understand the determinants of aggregate trends in an economy with particular focus on national income, unemployment, inflation, investment, and international trade. Milton Friedman and John Maynard Keynes, who was both great economists, embraced the different challenges of the world by imposing their own philosophies. Although both Friedman and Keynes have some similarities, strong disagreements about the monetary arena set them apart. These two gentlemen traveled different paths of economics their whole life to establish ground rules for the government to follow.

The first son of a working class Jewish family, Milton Friedman was born in New York City in the early 1900’s. Milton graduated high school before his 16th birthday and received a scholarship to Rutgers University where he began a specialization in mathematics. Milton’s interest in economics was influenced by two economics professors during his undergraduate studies during the time of the Great Depression (Friedman, 2005). He was convinced that the study of economics could help solve ongoing economic difficulties. Milton graduated with a double major of economics and mathematics. Milton has been credited as being the most

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