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What does Marc Bodnick think of Milton Friedman's economic theories?

Economics Dec 12, 2020

What does Marc Bodnick think of Milton Friedman's economic theories?

Expert Solution

Both Marc Bodnick and Milton Friedman were capitalist. The economic changes in today's world tend to make Marc Bodnick, who, despite being a venture capitalist, believes that capitalism no longer exists. Most economists still view Milton Friedman to be the greatest economist who ever lived. Therefore, most of his theories are still relevant and applicable even to entrepreneurs like Marc Bodnick.

Friedman was an advocate of free markets, whereas Marc Bodnick was a political science professor. He, therefore, has an excellent understanding of how the government workers would not support the system as it does not encourage payment of taxes and government tariffs. According to Friedman, a consumer's needs and wants should be satisfied; that is if, the consumer's income is stable. These can only happen if the consumer has a steady source of income. Marc Bodnick being an entrepreneur would solely focus on profit maximization and not the customers' income.

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