<P> Milton Friedman ( 1912 -- 2006 ) of the Chicago School of Economics is one of the most influential economists of the late 20th , century , receiving the Nobel Prize in Economics in 1976 . He is known for A Monetary History of the United States ( 1963 ) , in which he argued that the Great Depression was caused by the policies of the Federal Reserve . Friedman argues that laissez - faire government policy is more desirable than government intervention in the economy . Governments should aim for a neutral monetary policy oriented toward long - run economic growth , by gradual expansion of the money supply . He advocates the quantity theory of money , that general prices are determined by money . Therefore , active monetary ( e.g. easy credit ) or fiscal ( e.g. tax and spend ) policy can have unintended negative effects . In Capitalism and Freedom ( 1962 ) , Friedman wrote : </P>
<P> Milton Friedman ( 1912 -- 2006 ) of the Chicago School of Economics is one of the most influential economists of the late 20th , century , receiving the Nobel Prize in Economics in 1976 . He is known for A Monetary History of the United States ( 1963 ) , in which he argued that the Great Depression was caused by the policies of the Federal Reserve . Friedman argues that laissez - faire government policy is more desirable than government intervention in the economy . Governments should aim for a neutral monetary policy oriented toward long - run economic growth , by gradual expansion of the money supply . He advocates the quantity theory of money , that general prices are determined by money . Therefore , active monetary ( e.g. easy credit ) or fiscal ( e.g. tax and spend ) policy can have unintended negative effects . In Capitalism and Freedom ( 1962 ) , Friedman wrote : </P>
who is best known for his advocacy of laissez-faire as the guiding principle for economic policy
who is best known for his advocacy of laissez-faire as the guiding principle for economic policy
Milton Friedman
Milton Friedman