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Milton Friedman is known as one of the top economists in the world He has a Ph D from Columbia University won a Noble Memorial Prize in economics and has also been awarded many honorary degrees by other Universities in the United States As you can tell Milton Friedman has played a significant part in helping to solve the economy problems of the world Youve probably heard all about his accomplishments and awards he has received but what about how Milton Friedman played a very important role in helping us get into a huge national debt This paper will discuss how Milton Friedman played a negative role in our economy When the Great Depression hit worldwide it was up to the economists to explain it and to devise a cure for it A person named John Maynard Keynes came up with an explanation to the economic slump that was so simple people did not think it would work Keynes explanation was something like this in a normal economy there is a high level of employment and everyone is spending their earnings as usual This means there is a circular flow of money in the economy as my spending becomes part of your earnings and your spending becomes part of my earnings Suppose something happens to alter consumers confidence in the economy Worried consumers may then try to weather the coming economic hardship by saving their money but because my spending is part of your earnings my decision to hoard money makes things worse for you and you responding to your own difficult times will start hoarding money too making things even worse for me So actually everything is related People hoard money in difficult times but times become more difficult when people hoard money That was basically how Keynes explained the recession He also came up with a solution to it The cure for this was for the central bank to expand the money
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