Yusuke: What kind of question is this? "Identify the men in the photograph and explain their ideas." Do you recognize them?
Masa: No idea. But we could google images of economists and see what comes up.
Yusuke: Some keywords might also help.
Masa: Like solving clues in a detective story.
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Voice-over
The question...
Identify the two men in the photograph. Explain their different approaches to economics. Leave responses as comments below.
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11 comments:
Friedman was seen as a scientist. Galbraith as a social commentator.
Garbraith appreciated the limitation the market but Friedman never really appreciatted it
Galbraith had penetrating insight into the nature of capitalism. And that has enhanced our understanding of the market economy. He was seen as a social commentator.
Friedman favored the individual hand of laissez fair. He was seen as a scientist.
Friedman's idea is similar to Adam Smith's.While Galbraith's similar to Keynesian economics.
Milton Friedman stated that all income inflow is as quite perfect as the perfect market models with their perfect competition,perfect information, and perfectly rational consumers.
J.K. Gablbraith strove to understand the world as it was, with all the problems of unemployment and market power that simplistic models of competitive markets ignore.
Milton Friedman saw the economic problems through economic models, numerous data and mathematical approach. But JK Galbraith emphasizes observing real economic situation, the infrequence of government and citizen behaivior.
Fireman'view:individuals are better suited to making our own decisions.than our government.
Galbraith'view:prefer centralized planning .
Galbraith had penetrating insights in terms of the nature of capitalism and he had helped that we understood the market economy.
Friedman had flourished as an independet, objective thinker and had applied the scientific method to economic problems.
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Milton Friedman reinvigorated the world's faith in capitalism. He discovered through rigorous science,that markets work, and that we as individuals are better suited to making our own decision than our government.
J.K.Galbraith saw that Unfettered markets often produce too much of some things,such as pollution,and too little of other things,such as basic research,hence the need for government action.
Milton Friedman reinvigorated the world's faith in capitalism. He discovered through rigorous science,that markets work, and that we as individuals are better suited to making our own decision than our government.
J.K.Galbraith saw that Unfettered markets often produce too much of some things,such as pollution,and too little of other things,such as basic research,hence the need for government action.
Kensei
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