Milton Friedman

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American economist, statistician, and writer who taught at the University of Chicago for more than three decades. He was a recipient of the 1976 Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. Friedman proposed the replacement of the existing U.S. welfare system with a negative income tax, a progressive tax system in which the poor receive a basic living income from the government According to the New York Times, His views in this regard were grounded in a belief that while "market forces ... accomplish wonderful things", they "cannot ensure a distribution of income that enables all citizens to meet basic economic needs"


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