...Wilson 1 Milton Friedman is considered to be one of the most prominent and influential economists of the twentieth century. Friedman’s ideas have changed economic theories as a result of his beliefs in free-market capitalism, competition in education and less government control. He received worldwide recognition for contributing to the balancing and solving of economic issues. He has been recognized by creditable universities and international governments. Friedman developed economic theories that could possibly be studied forever. His theories on economics have contributed excessive cash flow to the world over an extended period of time (Ebenstein). Friedman was born in 1912 and died in 2006. He was an economist, an educator and a leading proponent of monetarism. He received degrees from Rutgers University, University of Chicago and finally a Ph.D. from Columbia University. In 1976 he received the Nobel Prize for economics. Friedman felt that the understandings of economics enabled one to understand how the real world worked (Ebenstein). Friedman studied income and wealth distribution along with distribution of personal finances. His career included working for the National resource Committee on Consumer Budget Studies in 1935, the National Bureau of Economic Research in 1937, the Department of Treasury Division of Tax Research during World War II and he also taught at the University of Chicago. He advised President Nixon and President Reagan on Wilson 2 ...
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...Milton Freidman was born in 1912 in Brooklyn, New York. Freidman was the youngest of four children and even though his parents worked, the income was very little. However, there was always food on the table and the family atmosphere was very supportive. Freidman attended public schools along with his sisters and in 1928 he graduated from high school at the age of sixteen. His father died during his senior year of high school. Friedman wanted to attended college even though it meant he would have to pay for it by himself. Luckily for Friedman, he was awarded a scholarship from Rutgers University. Friedman enjoyed mathematics and he went to school with the intentions of becoming an actuary (a person finds ways to manage potential risks), instead of what he is now famous for, economics. During his four years at Rutgers, he specialized in mathematics and went as far to taking a few actuarial examines. However, shortly after, he became interested in economics and eventually ended with a major in both actuary and economics. In Freidman’s autobiography, he mentions two men who helped him better understand economics. Arthur Burns, one of the men mentioned, was teaching at Rutgers while completing his doctorate for Columbia. “Burns shaped my understanding of economic research, introduced me to the highest scientific standards, and became a guiding influence on my subsequent career” (citation). Homer Jones was the other individual who had an impact on Friedman’s life. Jones...
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...THE ECONOMIC THEORIES OF MILTON FRIEDMAN The Economic Theories of Milton Friedman Milton Friedman was one of the top and most influential economists whose conservative economic theories became influential during the last part of the twentieth century. This paper will explore his economic theories and how his policies were embraced by some conservative politicians but are not as widely adopted today. Milton Friedman would famously say “there is no such thing as a free lunch” (Moore 2012). What he meant was that everything comes with an opportunity cost. If the government spends money then that money must come from the private economy. He was an advocate of capitalism and his views helped revive modern capitalism in the latter part of the twentieth century. He was a proponent of the free market economic system and was opposed to government interference in the economy. Many of his theories have become accepted and lauded by modern day conservative politicians. Milton Friedman was born in Brooklyn, NY in 1912 to immigrant parents. He was awarded a scholarship to Rutgers University where he majored in mathematics. While at Rutgers he became interested in economics due to the poor state of the economy during the Great Depression. After graduating from Rutgers University he went on to receive his master’s degree from the University of Chicago and then on to Columbia University for his doctoral work (Academy of Achievement...
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...Milton Friedman Milton Friedman was born on the 31st of July 1912 and died on the 16th of November 2006. In 1938 on the 25th of June he got married to Rose Friedman and the years later, he won a Nobel prize for economics science in 1976. He was influenced by John Keynes, Friedrich Hayek and he influenced Margaret Thatcher, Gary Becker Matt Laar and many more. Milton Friedman believed in the free market, this is when there is little or no control by the government. The government only impact the market when necessary. The price people pay for items is agreed through the buyers and sellers. Another one of Milton’s theory’s is the ‘stockholder’ theory or otherwise known as the ‘Friedman Doctrine’. This theory means that the companies only responsibility is to increase profits for the owners as long as it doesn’t get the attention of fraud. According to this theory we will make decisions on how much to spend depending on how much income we believe we will have. An example of this is if we earn $150 a week we will only buy what is necessary. One of Milton Friedman’s famous quotes about the free market is “A major source of objection to a free economy is precisely that it ... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.” (Study.com)...
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...John Milton was born on December 9, 1608 in London, England. His father, John Milton, was a scrivener which is a clerk, scribe, or notary. He was also a music enthusiast, which was an interest that he passed on to his son. In fact, music was one of Milton's few comforts in his old age, when he reached total blindness. Milton admired his mother, Sara Jeffrey, whom he praised as "a woman of purest reputation, celebrated throughout the neighborhood for her acts of charity." Milton had one older sister, Anne, and a younger brother, Christopher. Milton enjoyed the life he has with his siblings. He often said he like being the middle child. Due to the fact that his parents gave him special attention and cared an extreme amount about...
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...Milton Friedman Jordan Locke Economics 10 April, 2013 Jordan C. Locke 10 April, 2013 Period: 2 Ms. House Milton Friedman Milton Friedman once said, "If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand”. Due to Friedman's many accomplishments and published works in the Economics field, I felt that he would be a great economist to write about. Milton Friedman was born in 1912, to two Jewish immigrant parents that lived in New York City. He earned his Bachelor's degree at Rutgers University at the age of twenty. He then went to the University of Chicago in 1933 to earn his Masters. In 1946, he earned his Doctorate at the Columbia University. He received the John Bates Clark Medal, honoring economists that had achieved the most outstanding levels of achievement by the age of Forty. He received the Nobel Peace Prize for his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. He served as an adviser for President Richard Nixon, and he was the president of the American Economic Association in 1967. He retired from the University of Chicago in 1977, and became the senior researcher at the Hoover Institute at Stanford University. He was the premier spokesman for the monetarist school of economics and a pioneer in promoting the value of free market economics, when the position was not popular. Milton Friedman was...
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...As Milton Hershey was and still one of the greatest chocolate makers of all time, Milton never really had much success. Milton’s father was Hilton Hershey and his mother was Fanny Snavely Hershey. Hershey gained his entrepreneur spirit from his father who often moved the family. Hilton attempted many kinds business ventures, including farming and making cough drops. But Hershey’s schooling came to an end after he found interests in other things as of 2014. Milton was born September 13, 1857 on a farm right outside Derry Church, Pennsylvania. He only had one sibling, a sister named Serina who passed away from Scarlet fever when Milton was only nine years old. Milton started learning from his earlier mistakes in his life, and also told himself he would become successful. He was a dreamer....
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...Milton Friedman’s America Reviewing the video from Milton Friedman has given quite an insight on how he feels about what America was, what America has become, and what America should be. He focuses his ideas around legal and illegal immigrants and how the laws affect America when dealing with them as a working class. In some sense, the comments that he made were a bit insulting, while on the other hand, the comments were a bit amusing at best. These views are view that I would expect a comedian to address in stand-up than what I would expect a public speaker to verbalize to bluntly. He starts be addressing how immigrants today differ from the immigrants from a few decades ago. He states that in the 40’s the immigrants were welcomed because they came to America looking to work and were willing to take the jobs that no other American wanted. These jobs included agriculture and other labor intensive jobs. He then continued by saying that illegal immigrants were the ones that would take on these jobs, but as states began to legalize immigration, it made possible the ability for immigrants to come to America and become civilian who are able to stay at home and receive a check legally. He is against this because he feels that now immigrants are coming to America legally to get a free check instead of coming to America illegally to earn a living. I don’t believe he is saying to drive immigrant out by making immigration illegal. However, he is saying that illegal immigrants...
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...Milton Friedman and Free-Market Capitalism Milton Friedman is known worldwide for his belief in defending free-market capitalism and his faith that it can proficiently and impartially distribute wealth throughout a nation. Most of Friedman’s peers are not able to put that same amount of confidence in the ability of the market as he. Friedman has suspicions of government interference in the business of a nation’s economy. These suspicions are based on his belief in a limited government and that a capitalist economy free of government interference would provide the best choices for a consumer. Instead of being so involved in the market, he believes that the government has a responsibility to keep a high standard of living through certain functions like defense, education, and public utilities and set certain laws regarding economic policy in order to keep in check the “game” of economics. (Friedman 25) Friedman suggests that the government pass “a legislated rule instructing the monetary authority to achieve a specified rate of growth in the stock of money.” (Friedman 54) Besides serving this purpose, Friedman believes the government’s interference is detrimental. Friedman’s Suspicions of Government Interference The United States government portrays the idea that without government intervention, society’s economic growth would stagger. According to Friedman, economic growth and stability are due to the reduction of government interference. Friedman has many reasons for why he believes...
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...Milton Manufacturing Company Milton Manufacturing Company produces a variety of textiles for distribution to wholesale manufacturers of clothing products. The company’s primary operations are located in Long Island City, New York, with branch factories and warehouses in several surrounding cities. Milton Manufacturing is a closely-held company. Irv Milton is the president of the company. He started the business in 1999 and it grew in revenue from $500,000 to $5.0 million in ten years. However, the revenues declined to $4.5 million in 2010. Net cash flows from all activities also were declining. The company was concerned because it planned to borrow $20 million from the credit markets in the fourth quarter of 2011. Irv Milton met with Ann Plotkin, the chief accounting officer (CAO), on January 15, 2011, to discuss a proposal by Plotkin to control cash outflows. She was not overly concerned about the recent decline in net cash flows from operating activities because these amounts were expected to increase in 2011, as a result of projected higher levels of revenue and cash collections. Plotkin knew that if overall capital expenditures continued to increase at the rate of 26 percent per year, Milton Manufacturing probably would not be able to borrow the $20 million. Therefore, she suggested establishing a new policy to be instituted on a temporary basis. Each plant’s capital expenditures for 2011 would be limited to the level of capital expenditures in 2009. Irv Milton pointedly...
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...Homer, Virgil and Milton Homer, Virgil and Milton’s use of allusion in their literature is apparent and most likely educational. They all have clear and recurring parallels between their works. Particularly complex are the allusions to Achilles, which appear in the portrayals of both Aeneas and Turnus. W. S. Anderson, in his influential article1 on Vergil's use of the Iliad, has argued that although Achilles is initially invoked as a model for both Aeneas and Turnus in Aeneid, as the poem progresses Vergil establishes Aeneas as the true heir to Achilles, while Turnus becomes a new Hector or Paris. Book 9 opens with Iris urging Turnus to take advantage of Aeneas' absence by attacking the Trojan camp, a clear reference to Iliad where Iris rouses Achilles to drive the Trojans from the Greek camp. Anderson has argues that “Vergil uses this allusion to support Turnus' own false notion that he is a new Achilles,” a delusion which is gradually dispelled in Book 10 after the reappearance of the real successor to Achilles, Aeneas. The resemblance of the attack of the Latins on the Trojan camp to the attack of Hector and his companions on the Greek camp in Iliad Book 8 and 12 seems to support such a view, placing Turnus in the role of Hector and not Achilles. Later, however, the issue is complicated further as in his slow retreat before the Trojans Turnus is reminiscent of Ajax in Iliad. Finally, just at the end of his retreat, Turnus turns and just jumps into the river, like Achilles'...
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...Milton in Paradise Lost Immediately after the prologue, Milton raises the question of how Adam and Eve’s disobedience occurred and explains that their actions were partly due to a serpent’s deception. This serpent is Satan, and the poem joins him and his followers in Hell, where they have just been cast after being defeated by God in Heaven. Satan lies stunned beside his second-in-command, Beelzebub, in a lake of fire that gives off darkness instead of light. Breaking the awful silence, Satan bemoans their terrible position, but does not repent of his rebellion against God, suggesting that they might gather their forces for another attack. Beelzebub is doubtful; he now believes that God cannot be overpowered. Satan does not fully contradict this assessment, but suggests that they could at least pervert God’s good works to evil purposes. The two devils then rise up and, spreading their wings, fly over to the dry land next to the flaming lake. But they can undertake this action only because God has allowed them to loose their chains. All of the devils were formerly angels who chose to follow Satan in his rebellion, and God still intends to turn their evil deeds toward the good. Once out of the lake, Satan becomes more optimistic about their situation. He calls the rest of the fallen angels, his legions, to join him on land. They immediately obey and, despite their wounds and suffering, fly up to gather on the plain. Milton lists some of the more notable of the angels whose names...
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...Dr. Milton Friedman 1. The Social Responsibility of Business Is to Increase Its Profits." that business has a 'social conscience' and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution In 1970 Milton Friedman wrote that "there is one and only one social responsibility of business--to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud." That's the orthodox view among free market economists: that the only social responsibility a law-abiding business has is to maximize profits for the shareholders. The most successful businesses put the customer first, ahead of the investors. In the profit-centered business, customer happiness is merely a means to an end: maximizing profits. In the customer-centered business, customer happiness is an end in itself, and will be pursued with greater interest, passion, and empathy than the profit-centered business is capable of. 2. Friedman is careful to note that the corporate executive has direct responsibility to his employers, the shareholders. He is also careful to argue that this is not necessarily the manager's sole responsibility; there is, after all, the duty to conform to the basic rules of the society. It is not clear if the latter is a moral responsibility or a social responsibility--i.e., if it is a duty the manager...
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...Education for the Future A student in today’s education system could easily find themselves with a heavy work load, and very little free time due to an aggressive national push for improvement. Beginning at surprisingly early grade levels, students are rushed through their days at school in a blur of mandatory material and then loaded up with even more work to take home to their families. This daily process can take a heavy toll on both the families and teachers that are trying to provide good educational support for their students. Even in two parent households, if both parents are working, the ability to maintain a regular home life and keep up with homework can be very difficult. In spite of these issues, the need for better education persists. K-12 schools now more than ever before, have the ability to organize study materials in a way that would allow more efficient use of both student’s and teacher’s time. All K-12 schools can, and should, offer well-designed internet study options; as well as flexible in school technology that is both user friendly and directly supported by qualified teachers. The first thing to consider is that the technology and communications networks needed to support a more efficient education process already exist. Computers and mobile devices are constantly improving ways to integrate into every aspect of our lives. The U.S. Census Bureau reported that 78.9% of households in 2012 had computers and of those households 74.8% of them had internet...
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...“Milton Manufacturing Company” QUESTION 1: What state of Kohlberg’s Moral Development does Sammie Markowicz’ decision represent? The Sammie Markowicz’ decision places him in the Stage 3: "Fairness to Others" in the Kohlberg’s Moral Development. He is not only motivated by the company’s policy but seeks to do what is in the perceived best interests of the company, actually he was proud that he had “saved” the company $1.5 million, and he did the necessary to ensure the continued operation of his plant. I think the Markowicz’ main motivation was the loyalty and not the egoism. QUESTION 2: What alternative action could have Sammie Markowic taken? He must talk again with him supervisor to implement your proposal and, if got another negative answer, could have requested an audience with another top level. He should not break a rule that he did not understand the reasons that led the company to establish it. QUESTION 3: How should management deal with the situation once all the facts are known? They must correct the financial information with the appropriate disclosure. Also they should reinforce the internal control and establish institutional values that enable the employees take better decisions. QUESTION 4: What do you think is the single most important issue for the company arising out of this case? I think the most important issue in this case is the lack of institutional values to guide the behavior of employees and managers. An adequate framework of institutional...
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