| 单词 | Friedman, Milton |
| 释义 | Friedman, Milton US monetarist economist, born in 1912 and awarded the Nobel Prize for Economics in 1976. Friedman is a strong believer in the merits of competition and free enterprise, and in the importance of money. He introduced the concept of permanent income as an explanation of both consumption behaviour and liquidity preference. His analysis of the importance of money included both a stress on the monetary causes of inflation during periods when the quantity of money was increasing, and the contribution of money to the Great Depression of the early 1930s, when the Federal Reserve allowed the US money supply to fall by a third. He is sceptical about the possibility of stabilization by discretionary action by the monetary authorities, and has advocated a slow but steady increase in the quantity of money as the best contribution the government can make to stable growth of the real economy. |
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