Milton Friedman was the twentieth century’s most prominent advocate of free markets. In 1951 Friedman received the John Bates Clark Medal, honoring economists under age forty for outstanding achievement.
In 1976 he was awarded the Nobel Prize in economics for “his achievements in the field of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy".
His landmark 1957 work, A Theory of the Consumption Function, took on the Keynesian view that individuals and households adjust their expenditures on consumption to reflect their current income. Friedman showed that, instead, people’s annual consumption is a function of their “permanent income", a term he introduced as a measure of the average income people expect over a few years.
Source: http://www.econlib.org/library/Enc/bios/Friedman.html
Su-Min Yuen
Abonneren op:
Reacties posten (Atom)
Geen opmerkingen:
Een reactie posten