Milton Friedman
Born
July 31, 1912Brooklyn, New York City
Died
November 16, 2006San Francisco, California
Nationality
American
Field
Economics
Institution
Hoover Institution (1977-2006)Univ. of Chicago (1946-1976)
Alma Mater
Rutgers University
Academic Advisor
Simon Kuznets
Notable Students
Gary BeckerTom CampbellThomas Sowell
Known for
MonetarismPermanent income hypothesisCritique of Phillips curve
Notable Prizes
Nobel Memorial Prize (1976)
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist and public intellectual who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics while fiercly advocating laissez-faire capitalism. In 1976, he was awarded the Nobel Memorial Prize for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.[1]
Friedman, along with John Maynard Keynes, is considered to be one of the two most influential economists of the 20th century.[2] In his 1962 book Capitalism and Freedom, he advocated minimizing the role of government in a free market as a means of creating political and social freedom. In his television series Free to Choose, which aired on the Public Broadcasting Service (PBS) in 1980, Friedman explained how the free market works, emphasizing that its principles have shown to solve social and political problems that other systems have failed to adequately address. It was later released as a book, co-authored with his wife, Rose Friedman. The book was widely read, as were his columns for Newsweek magazine. His writings were circulated underground behind the Iron Curtain before it fell in 1989, [3]
In statistics, he devised the Friedman test. His political philosophy, which Friedman himself considered more classically liberal, stressing the advantages of the marketplace and the disadvantages of government intervention shaped the outlook of American conservatives and libertarians and had a major impact on the economic policy of the Richard Nixon and Ronald Reagan administrations in the United States and in many other countries after 1980.
The 1980s were a watershed decade for the acceptance of Friedman's ideas. His views of monetary policy, taxation, privatization and deregulation informed the policy of governments around the globe, especially the administrations of Ronald Reagan in the United States and Margaret Thatcher in the United Kingdom. His ideas were studied throughout the world, and played a major role in the transformation of China's economy.
Born
July 31, 1912Brooklyn, New York City
Died
November 16, 2006San Francisco, California
Nationality
American
Field
Economics
Institution
Hoover Institution (1977-2006)Univ. of Chicago (1946-1976)
Alma Mater
Rutgers University
Academic Advisor
Simon Kuznets
Notable Students
Gary BeckerTom CampbellThomas Sowell
Known for
MonetarismPermanent income hypothesisCritique of Phillips curve
Notable Prizes
Nobel Memorial Prize (1976)
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist and public intellectual who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics while fiercly advocating laissez-faire capitalism. In 1976, he was awarded the Nobel Memorial Prize for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.[1]
Friedman, along with John Maynard Keynes, is considered to be one of the two most influential economists of the 20th century.[2] In his 1962 book Capitalism and Freedom, he advocated minimizing the role of government in a free market as a means of creating political and social freedom. In his television series Free to Choose, which aired on the Public Broadcasting Service (PBS) in 1980, Friedman explained how the free market works, emphasizing that its principles have shown to solve social and political problems that other systems have failed to adequately address. It was later released as a book, co-authored with his wife, Rose Friedman. The book was widely read, as were his columns for Newsweek magazine. His writings were circulated underground behind the Iron Curtain before it fell in 1989, [3]
In statistics, he devised the Friedman test. His political philosophy, which Friedman himself considered more classically liberal, stressing the advantages of the marketplace and the disadvantages of government intervention shaped the outlook of American conservatives and libertarians and had a major impact on the economic policy of the Richard Nixon and Ronald Reagan administrations in the United States and in many other countries after 1980.
The 1980s were a watershed decade for the acceptance of Friedman's ideas. His views of monetary policy, taxation, privatization and deregulation informed the policy of governments around the globe, especially the administrations of Ronald Reagan in the United States and Margaret Thatcher in the United Kingdom. His ideas were studied throughout the world, and played a major role in the transformation of China's economy.
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