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Famous conservative economists: Milton Friedman

Among famous conservative economists, Milton Friedman is one of the most famous. He is one of the famous conservative economists hailing from America, who changed the way the economy was looked into. He was an advocate of free will and free action, which later culminated in the theory of Free markets and individualism. He came into limelight during the great depression in the USA. He thoroughly researched the consumption function, and how every individual can be affected by it. He also gave a theory on the employment rate. According to this theory, the rate of employment should be according to a”natural” rate, and any rate above this can cause inflation. He also supported a steady flow of money in the market, which was termed as “monetarism”. Due to his new thoughts, while still being conservative, he was the advisor to Ronald Reagan on financial matters. He received the Nobel prize in economics for his research on the consumption function, monetary history and the complexity of stabilization. He was an economist who framed the economy for the future and we are witnessing what he foretold.