a modified form of liberalism tending to favor free-market capitalism. The state should be minimalized and the economy dominated by free market thinking. This argues that the market acts as a central and organic nervous system that allows resources to be channelled where they are wanted and needed through the powers of supply and demand.
Friedman argued that Keynesian economics caused problems for the economy , as they lead to inflation.
He argued that there was a natural rate of unemployment in a healthy economy. If the state tried to remove this, the action would create a price rise and lead to a drop in the value of money (inflation).
Friedman claimed that inflation was the most dangerous result because if people lost faith in their ability to create wealth (make money) they would not take part in economic activity; this would lessen freedom and undermine society.
They oppose mixed economy as state owned businesses reduce competition and the need to make profit , making it less efficient.
Nozick argued that taxation and redistribution through public spending is a violation of free property rights. He claimed that as long as a person had acquired their wealth legally any attempt to tax it and redistribute it amounted to 'legalised theft' against the individual.