Milton Friedman

Society is faced with the everyday problem of unlimited wants and limited resources; this is what economists call the "economic problem." Hence, the study of how to deal with the economic problem is called "economics". Economics mainly "associates with the production, distribution, and consumption of goods and services with the theory and management of the economy," (http://dictionary.reference.com/search?q=Economics). Economists study the patterns and trends in economic systems. With the gained information, economists are able to predict the future economy. A common factor in economics is money. "Monetarism" is the economic term that refers to the "influence of money in the economy and that the economy is able to adjust to shocks without government intervention," (Lovewell, p.350, 2005). The economist related to monetarism is Milton Friedman. …