Who is better Keynes or Friedman?

Milton Friedman was not the most famous and influential economist in the world — that honour belongs to John Maynard Keynes. But Milton Friedman ran a close second. The experience of the Great Depression led Keynes and his more orthodox successors to greatly underestimate the role and influence of monetary policy.

How did Friedman differ from Keynes?

Monetarist economics is Milton Friedman’s direct criticism of Keynesian economics theory, formulated by John Maynard Keynes. Simply put, the difference between these theories is that monetarist economics involves the control of money in the economy, while Keynesian economics involves government expenditures.

Was Friedman a good economist?

Ebenstein says Friedman was “the ‘guru’ of the Reagan administration.” In 1988 he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom. Friedman is known now as one of the most influential economists of the 20th century.

Did Friedman agree with Keynes?

Friedman and Keynes both agreed that successful macroeconomic management was necessary — that the private economy on its own might well be subject to unbearable instability — and that strategic, powerful, but limited economic intervention by the government was necessary to maintain stability.

What did Milton Friedman think about Keynes?

MILTON FRIEDMAN: Let me emphasize [that] I think Keynes was a great economist. I think his particular theory in The General Theory of Employment, Interest, and Money is a fascinating theory. It’s a right kind of a theory.

Did Friedman believe in trickle down economics?

Chicago bears the mark of historical connection with trickle-down economics, which was promoted by economists, such as Milton Friedman, at the University of Chicago in the fifties. Today, those who believe in this economic theory would much rather it be called “supply-side” or “pro-business.”

Did Friedman disagree with Keynes?

Back in the 1960s and 1970s, Milton Friedman challenged the Keynesians over how monetary policy works. (John Maynard Keynes was dead, so did not directly argue the point.)

Why do people not like Keynesian policy?

Those who heaped high praise on Keynesian policies have grown silent as government spending has failed to bring an economic recovery. First, big increases in spending and government deficits raise the prospect of future tax increases. Many people understand that increased spending must be paid for sooner or later.