Milton Friedman

Milton Friedman was an American economist and Nobel laureate who is best known for his work on monetary theory and consumption analysis. He was also a strong advocate of free market capitalism and laissez-faire economics.

Friedman was born in New York City in 1912. He attended the University of Chicago, where he received a bachelor's degree in economics in 1932. He then went on to receive a doctorate in economics from Columbia University in 1946.

After graduating from Columbia, Friedman worked as a professor of economics at the University of Chicago from 1946 to 1977. During his time at Chicago, he developed his theory of monetary economics, which argued that the money supply is the primary determinant of economic activity. He also developed his theory of consumption analysis, which argued that consumers' spending decisions are based on their permanent income, rather than their current income.

In 1976, Friedman was awarded the Nobel Prize in Economics for his work on monetary theory. He was the first American economist to win the Nobel Prize in Economics.

After retiring from the University of Chicago in 1977, Friedman continued to write and lecture on economics. He died in San Francisco in 2006 at the age of 94.

Friedman's work has had a profound impact on the field of economics. His theories of monetary economics and consumption analysis have been widely adopted by economists and policymakers. He is also credited with popularizing the term "monetarism," which refers to the view that the money supply is the primary determinant of economic activity.

In addition to his work in economics, Friedman was also a strong advocate of free market capitalism and laissez-faire economics. He believed that the government should play a limited role in the economy, and that the free market is the best way to allocate resources. Friedman's views on economics and politics have been influential in the development of the conservative movement in the United States.

Milton Friedman was a brilliant economist and a major figure in the history of economic thought. His work has had a profound impact on the field of economics, and his views on economics and politics have been influential in the development of the conservative movement in the United States.