Objective 2: Compare and contrast basic economic theory to current economic conditions.

While we complain about poor economic conditions and enjoy prosperity during good economic conditions, do we really understand the theory behind why economies react the way they do? During political campaigns, candidates usually discuss their economic ideologies, but do we really know what they are saying from an economics viewpoint?

Learning Activity #3: Economic Theory Application Discussion
Milton Friedman was an American economist, statistician, and professor at the University of Chicago. He was described in The Economist (2006) as “the most influential economist of the second half of the 20th century . . . possibly all of it” (2006).

Watch the video titled Milton Friedman PBS Free to Choose 1980 Vol 1 of 10 Power of the Market located at

While this video is about an hour long, watch it in its entirety. As a graduate business student you must know Milton Friedman and his importance as an economist.

Prepare for the discussion with these questions and considerations in mind.

 Discuss where you see his insights being applicable to the current economy and any place where you think they are not.

 Do you agree or disagree with Mr. Friedman’s basic positions?

 Consider the discussion he has with some of his peers at the end of the video.

 Elaborate where and why you agree or disagree with the position(s) Milton Friedman holds.

 Include additional comments considering the study done by Friedman.

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