One part of the "informal defence" of the market system is the argument,made forcefully by the late Milton Friedman,that free markets provide for the
A)greatest equality in income distribution.
B)decentralization of economic power.
C)greatest security for members of society.
D)government with the highest tax revenues.
E)greatest scope for international trade.

Question

Quizplus · Accepted Answer

The argument made by Milton Friedman is that free markets decentralize economic power, meaning that individuals and businesses have the freedom to make their own economic decisions without centralized control. This is seen as a benefit as it allows for competition and innovation, which can ultimately lead to economic growth and prosperity. It is not related to income distribution, security, or tax revenues. While free markets do provide opportunities for international trade, this is not the main focus of Friedman's argument.

One Part of the "Informal Defence" of the Market System