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

Question

Quizplus · Accepted Answer

The argument made by Milton Friedman is that free markets allow for the decentralization of economic power. This means that individuals and businesses are able to make their own economic decisions without being controlled by a central authority. The result is a more diverse and competitive marketplace that encourages innovation and provides greater opportunity for individuals and businesses to thrive. This argument does not imply that free markets provide equality in income distribution, scope for international trade, government with the highest tax revenues, or security for members of society.

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