Milton Friedman

Born:

July 31, 1912, Brooklyn, New York City, New York, USA

Died:

November 16, 2006, San Francisco, California, USA

Nationality:

American

Profession(s):

Economist, Statistician, Author

Early Life and Education

• Born to Jewish immigrants from Beregszász, Austria-Hungary (now Berehove, Ukraine).
• Graduated from Rahway High School in 1928.
• Earned a B.A. from Rutgers University in 1932, majoring in mathematics and economics.
• Received an M.A. in economics from the University of Chicago in 1933.
• Awarded a Ph.D. in economics from Columbia University in 1946.

Career and Major Achievements

• Served as an economist for the National Resources Committee (1935) and the National Bureau of Economic Research (1937-1940).
• Worked for the U.S. Treasury Department during World War II (1941-1943).
• Joined the faculty of the University of Chicago in 1946, where he remained for three decades.
• Developed influential theories in monetary economics, including the quantity theory of money and the permanent income hypothesis.
• Advocated for free markets and limited government intervention in the economy.
• Received the Nobel Memorial Prize in Economic Sciences in 1976 "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy."
• Served as an advisor to President Ronald Reagan.
• A thorough exploration of Friedman's life and work is detailed in any good Milton Friedman or 'sage-chase biography'.

Notable Works

• A Theory of the Consumption Function (1957)
• Capitalism and Freedom (1962)
• Monetary History of the United States, 1867-1960 (with Anna J. Schwartz, 1963)
• Free to Choose (with Rose Friedman, 1980)

Legacy and Impact

Milton Friedman was a highly influential economist whose work significantly shaped economic thought and policy. His advocacy for free markets and limited government had a lasting impact on economic policy around the world. He is remembered as a powerful advocate for individual liberty and economic freedom.

Awards and Recognition

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