Milton Friedman

Milton Friedman, recipient of the 1976 Nobel Memorial booty for scotch science, was born on July 31, 1912 in Brooklyn, hot York. He was the forth and last claw of Sarah Ethel and Jeno Saul Friedman. Friedman was k at a timen as an American economist and as a frequent capable who made major contributions passim his lifetime to the fields that were related to macrostintings, microeconomics, economic history as well up as its statistics.Friedmans family was a typical working class family of Jewish immigrants from Austria-Hungary. They lived in the join States and his familys income was small and highly perplexing since it drastically varied from time to time. on that point was always a financial crisis at stake and change was a everlasting companion for them. However, there was always liberal love, contendmth, and food to feed the whole family.Along with his sister, he accompanied a public easy and secondary school where he graduate from Rahway High School in 1928 ori ginally his 16th birthday. Unfortunately his mother and twain older sisters were in charge of accompaniment the family when Friedmans father passed away during his old year in high school. Friedman knew very(prenominal) well that his future was up to himself and he had to put double the effort to be able to finance everything himself.When he attended the Rutgers University, he was awarded with a competitive acquaintance which helped him along the way allowing him to grate in 1932. Friedman personally states that he was, financing the sopor of his college expenses by the usual mixture of waiting on tables, clerking in a retail store, occasional entrepreneurial ventures, and spend earnings.1 At first when the attended the university, he was specializing in mathematics with the sole project of becoming an actuary, but after failing several examinations, he started becoming to a greater extent interested and intrigued in economics and up to nowtually, he ended up majoring in both fields.It was later on in 1946 when the capital of South Carolina University awarded him a Ph.D, allowing him to serve as a Professor of economics at the University of loot one year later. He contributed in building a helpful intellectual community that produced a number of Nobel Prize winners that were later known as the bread School of economicals. Friedman besides developed the possible action of the Consumption Function and along with the supporter of Simon Kuznets, they joined together to public Incomes from individual Professional Practice. This book served as his doctorial dissertation at Colombia University, but they were non allowed to publish it 1940 and they had to wait after the war because the book created controversy since it introduced the concepts of permanent and temporary incomes.Like mentioned before, Friedman won the Nobel Prize in Economics for, his achievements in the fields of consumption analysis, fiscal history and scheme and for his evide nce of the complexity analysis, monetary history and theory and for his demonstration of the complexity of stabilization constitution.2 He was matrimonial to Rose Director in 1938 and she was the author of legion(predicate) of his books. They also had two children named Janet and David. David is now a philosopher and an economist just comparable his father. Milton Friedman died on November 16, 2006, at the age of 94 in San Francisco, California because of a stark(a) heart failure.Nowadays, he is known as one of two most potent economists of the 20th century. In 1962, he produce another book titled capitalism and poverty-strickendom, where he demonstrated his support for minimizing the role of organisation in a bare merchandise promoting political as well as social freedom. Friedman has explained how the free market works revealing and explaining to others that this system, as foreign to any other, has been able to solve both social and political problems that have be en adequately addressed. His book was published worldwide comer to the hands of people that lived in a communist country.Friedmans strong heat for freedom and liberty has influenced a smokestack of people, more than what he could have even imagined. His writings along with his ideas and speeches have reached the ears and minds of more US presidents, leaders around the world, entrepreneurs, students, and citizens of some(prenominal) countries.He was a member of the Reagans Economic Policy Advisory Board and with his theory of monetarism he showed everyone his moral vision of life. He clarified to everyone that nation should be compose of free men and women, with freedom of choice, where the government is not necessarily authorized to overturn citizens decisions. Despite the fact that Friedman knew that his theories was attacked by many traditional economists, he still showed that he strongly favored a policy of steady and moderate growth in the money supply of the economy. He also opposed wage and price controls and criticized the federal official for trying so hard to dividing line the economy.Throughout Milton Friedmans lifetime, he was written many famous books and among some of them were Price hypothesis (1962), Capitalism and Freedom (1962), An Economists Protest (1972), There is No much(prenominal) Thing as a Free Lunch (1975), and Free to Choose (1979). He also won many advised such as the John curb Clark laurel in 1951, the Nobel Prize in Economics in 1976, the National ornamentation of Science in 1988, and the Presidential Medal of Freedom the same year. It can be seen that Friedman was an outspoken economist that influenced the lives of many others by defending and promoting his true beliefs in what and how a successful economy should really facial expression like.Work CitedMilton Friedman Autobiography. The Nobel installation 1976 <http//www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1976/friedman-bio.html> 2006.Milto n Friedman, Nobel Prize-Winning Economist, Dies at 94. The New York Times. <http//www.nytimes.com/2006/11/16/business/16wire-friedman.html?ex=1179291600& adenineen=8018cc5dee1d38dd&ei=5087&excamp=GGBUmiltonfriedman> November 16, 2006.1 Milton Friedman Autobiography. The Nobel Foundation 1976. <http//www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1976/friedman-bio.html> 2006