Milton Friedman's economic ideas align with limited government intervention in the free enterprise system, contrasting Keynesian economics and the necessity for government involvement at times.
Milton Friedman's economic ideas closely align with the statement 'Let the free enterprise system solve economic problems, not the government.' Friedman supported free-market capitalism and believed in limited government intervention in the economy, advocating for the market to operate without excessive interference.
Laissez-faire economics is the concept that economic markets should function freely without government involvement for optimal efficiency. However, this approach led to monopolies and regulatory issues, prompting government intervention to ensure fair competition and protect workers.
Keynesian economics, on the other hand, advocated for government intervention in the economy through fiscal policies during economic downturns, contrasting with Friedman's belief in allowing markets to self-regulate.
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