Milton Friedman

Milton Friedman, teleph unitary receiver of the 1976 Nobel Memorial Prize for economic science, was innate(p) on July 31, 1912 in Brooklyn, New York. He was the forth and last child of Sarah Ethel and Jeno capital of Minnesota Friedman. Friedman was known as an American economic expert and as a public rational who made major contributions throughout his life story to the fields that were related to macroeconomics, microeconomics, economic narration as sanitary as its statistics.Friedmans family was a typical working air division family of Jewish immigrants from Austria-Hungary. They lived in the United States and his familys income was small and highly uncertain since it drastically varied from time to time. There was unceasingly a financial crisis at venture and change was a constant assistant for them. However, there was always enough love, warmth, and victuals to feed the whole family.Along with his sister, he accompanied a public elementary and indirect school where he graduated from Rahway senior high school schooltime in 1928 before his sixteenth birthday. Unfortunately his mother and two h unitaryst-to-god sisters were in charge of supporting the family when Friedmans father passed away during his senior family in high school. Friedman knew very well that his future was up to himself and he had to rig double the effort to be qualified to finance everything himself.When he att stop the Rutgers University, he was awarded with a competitive scholarship which helped him on the way allowing him to grate in 1932. Friedman personally states that he was, financing the rest of his college expenses by the usual mixture of waiting on tables, clerking in a sell store, occasional entrepreneurial ventures, and summer earnings.1 At first when the attended the university, he was specializing in mathematics with the sole purpose of graceful an actuary, but after failing some(prenominal) examinations, he started becoming more(prenominal) provoke and intrigued in economics and eventually, he ended up majoring in both fields.It was afterward on in 1946 when the Columbia University awarded him a Ph.D, allowing him to serve as a professor of economic science at the University of Chicago one year by and by. He contributed in build a helpful intellectual partnership that produced a number of Nobel Prize winners that were later known as the Chicago School of Economics. Friedman also developed the Theory of the pulmonary tuberculosis Function and along with the assistance of Simon Kuznets, they joined together to public Incomes from Independent professed(prenominal) Practice. This take hold served as his doctoral harangue at Colombia University, but they were non allowed to make known it 1940 and they had to wait after the war because the account book created controversy since it introduced the concepts of permanent and transitory incomes.Like mentioned before, Friedman win the Nobel Prize in Economics for, his achieve ments in the fields of consumption analysis, monetary report and theory and for his demonstration of the complexity analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.2 He was married to rose wine Director in 1938 and she was the co-author of galore(postnominal) of his books. They also had two children named Janet and David. David is now a philosopher and an economist just like his father. Milton Friedman died on November 16, 2006, at the age of 94 in San Francisco, California because of a severe spirit failure.Nowadays, he is known as one of two most influential economists of the twentieth century. In 1962, he published some other book titled capitalist economy and independence, where he demonstrated his support for minimizing the role of political relation in a disengage commercialize promoting political as well as loving emancipation. Friedman has explained how the free market works revealing and explaining to o thers that this system, as contrasted to every other, has been able to solve both social and political problems that have been adequately addressed. His book was published worldwide reaching to the transfer of people that lived in a communist country.Friedmans strong passion for freedom and liberty has influenced a lot of people, more than what he could have even imagined. His literature along with his ideas and speeches have reached the ears and minds of many US presidents, leaders around the world, entrepreneurs, students, and citizens of many countries.He was a member of the Reagans Economic insurance Advisory Board and with his theory of monetarism he showed everyone his moral vision of life. He thin to everyone that nation should be composed of free men and women, with freedom of choice, where the government is not necessarily authorized to override citizens decisions. contempt the fact that Friedman knew that his theories was attacked by many conventional economists, he still showed that he powerfully favored a policy of dish and moderate growth in the coin supply of the economy. He also opposed wage and price controls and criticized the FED for attempt so hard to tune the economy.Throughout Milton Friedmans lifetime, he was written many storied books and among some of them were Price Theory (1962), Capitalism and Freedom (1962), An Economists balk (1972), There is No Such thing as a Free lunch (1975), and Free to Choose (1979). He also won many aware much(prenominal) as the John Bate Clark thenar in 1951, the Nobel Prize in Economics in 1976, the National Medal of science in 1988, and the Presidential Medal of Freedom the same year. It can be seen that Friedman was an forthright economist that influenced the lives of many others by fend for and promoting his true beliefs in what and how a thriving economy should really look like.Work CitedMilton Friedman Autobiography. The Nobel understructure 1976 2006.Milton Friedman, Nobel Prize-W inning Economist, Dies at 94. The New York Times. November 16, 2006.1 Milton Friedman Autobiography. The Nobel Foundation 1976. 2006