Who Influenced Milton Friedman on Economic Research Milton Friedman is one of the most influential economists of the 20th century. His economic theories and ideas have shaped the way we think about the economy today. But who influenced him? In this article, we’ll explore some of the people who had an impact on Milton Friedman’s economic research. Friedrich Hayek Friedrich Hayek was an Austrian economist who was a major influence on Milton Friedman’s economic thinking. Hayek’s ideas about the free market and the role of government in the economy were central to Friedman’s own theories. In fact, Friedman once said that Hayek’s book, “The Road to Serfdom,” had a profound impact on his thinking and helped shape his views on the role of government in economic affairs. Frank Knight Frank Knight was an American economist and one of the founders of the Chicago School of Economics. He was also one of Milton Friedman’s professors at the University of Chicago. Knight’s ideas about uncertainty and risk were central to Friedman’s own theories about the role of the market in allocating resources. Irving Fisher Irving Fisher was an American economist who was a major influence on Milton Friedman’s thinking about monetary policy. Fisher’s ideas about the quantity theory of money and the role of the central bank in controlling inflation were central to Friedman’s own theories about monetary policy. Henry Simons Henry Simons was an American economist and one of the founders of the Chicago School of Economics. He was also one of Milton Friedman’s professors at the University of Chicago. Simons’ ideas about the role of government in regulating markets were central to Friedman’s own theories about the free market. Jacob Viner Jacob Viner was an American economist and one of the founders of the Chicago School of Economics. He was also one of Milton Friedman’s professors at the University of Chicago. Viner’s ideas about international trade and the role of tariffs in protecting domestic industries were central to Friedman’s own theories about trade. Arnold Harberger Arnold Harberger was an American economist and one of Milton Friedman’s colleagues at the University of Chicago. Harberger’s ideas about the role of government in regulating markets and promoting economic growth were central to Friedman’s own theories about the free market and economic growth. In conclusion, Milton Friedman was influenced by a number of economists who helped shape his economic theories and ideas. Friedrich Hayek, Frank Knight, Irving Fisher, Henry Simons, Jacob Viner, and Arnold Harberger were all major influences on Friedman’s economic research. Their ideas about the free market, monetary policy, international trade, and the role of government in regulating markets helped shape Friedman’s own theories and contributed to his legacy as one of the most influential economists of the 20th century.
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