Which economic theorist is best known for the idea that the free market will self-correct?

Milton Friedman is widely recognized for advocating the idea that free markets can self-correct. His belief in the efficiency of free markets and minimal government intervention set the foundation for monetarism, which emphasizes the role of government's control of the money supply in managing economic stability. Friedman's work contributed to the understanding that when left to their own devices, markets are capable of adjusting to shocks and changes in the economy through the forces of supply and demand. This concept is central to many economic policies that promote deregulation and free market principles.

In contrast, other theorists had different views on market interventions or the role of government. For instance, John Maynard Keynes argued that during times of economic downturns, active government intervention is necessary to stimulate demand and pull the economy out of recession. Karl Marx focused on class struggle and the critiques of capitalism itself, emphasizing the inequalities it creates, rather than the self-correcting mechanisms of the market. John Stuart Mill contributed to liberal economic thought but did not specifically advocate for the notion of self-correcting markets in the same way that Friedman did.