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Managerial Economics Complex Pricing

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Economics
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Grantham University
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Homework
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Running head: MANAGERIAL ECONOMICS- COMPLEX PRICING 1
Managerial economics- complex pricing
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Managerial economics- complex pricing 2
Introduction
Milton Friedman, a renowned American economist received the Nobel memorial
prize in economic sciences in 1976 as an appreciation to his extensive research on matters of
economics. He researched on consumption, analysed monetary history and stabilization
policy. His research has shaped the way economics is viewed by many and provided a way
for a more extensive analysis of the facts presented in his work. He has been described as the
most influential economist of the second half of the 20
th
century and ranked as the second
most popular economist of the 20
th
century. His works include books, articles, monographs,
television programs and lectures.
In the article on capitalism and freedom, Friedman propounded that economic
freedom is necessary but not an enough precondition for political freedom. Essentially, he
points us to the relation between freedom of the market and political freedom. The second
article to be analysed is on the contributions of Milton Friedman to Economics. This article
details the manner in which Friedman shaped the understanding of economic events and
public policy. This he did by advancing ideas on market efficiency and microeconomic
equilibrium. He also argued that central banks are responsible for inflation and deflation.
The third article is a critique of Milton Friedman’s essay “The social Responsibility of
the Business is to Increase its Profits”. In this article, a critique is made on the statements
made by Friedman as he tried to explain the responsibility of corporations in increasing social
welfare. The fourth article analysed here is: “The Rebellion against Keynesianism: Milton
Friedman, problems of economics. This article is an illustration of the ideals of Friedman
where he led the opposition against Keynesian revolution. He argues that monetary policy has
a bigger influence on economics than fiscal policy. This essay presents an analysis of the
four articles by contrasting the introductions and literature reviews.

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Running head: MANAGERIAL ECONOMICS- COMPLEX PRICING Managerial economics- complex pricing Student’s name Institutional affiliation 1 2 Managerial economics- complex pricing Introduction Milton Friedman, a renowned American economist received the Nobel memorial prize in economic sciences in 1976 as an appreciation to his extensive research on matters of economics. He researched on consumption, analysed monetary history and stabilization policy. His research has shaped the way economics is viewed by many and provided a way for a more extensive analysis of the facts presented in his work. He has been described as the most influential economist of the second half of the 20th century and ranked as the second most popular economist of the 20th century. His works include books, articles, monographs, television programs and lectures. In the article on capitalism and freedom, Friedman propounded that economic freedom is necessary but not an enough precondition for political freedom. Essentially, he points us to the relation between freedom of the market and political freedom. The second article to be analysed is on the contributions of Milton Friedman to Economics. This article details the manner in which Friedman shaped the understanding of economic events and public policy. This he did by advancing ideas on market efficiency and microeconomic equilibrium. He also argued that central banks are responsible for inflation and deflation. The third article is a critique of Milton ...
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