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Milton Friedman
Portrait of Milton Friedman.jpg
Friedman in 2004
Born (1912-07-31)July 31, 1912
Died November 16, 2006(2006-11-16) (aged 94)
Nationality American
Spouse(s) Rose Friedman
Institution
  • National Resources Planning Board (1935–1937)
  • National Bureau of Economic Research (1937–1940)
  • Columbia University (1937–1941; 1943–1945; 1964–1965)
  • University of Wisconsin, Madison (1940)
  • U.S. Department of the Treasury (1941–1943)
  • University of Chicago (1946–1977)
  • University of Cambridge (1954–1955)
  • Hoover Institution (1977–2006)
School or
tradition
Chicago School
Alma mater
Doctoral
advisor
Simon Kuznets
Doctoral
students
Phillip Cagan
Harry Markowitz
Lester G. Telser
David I. Meiselman
Neil Wallace
Miguel Sidrauski
Edgar L. Feige
Influences
Contributions
Awards
Information at IDEAS / RePEc
Notes
Children
David D. Friedman, Jan Martel

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist. He believed in monetarism. Monetarism is the theory that how much money the government prints each year has a huge affect on the economy. He supports the government printing the same low rate of money each year rather than a different amount each year.

Friedman was born in Brooklyn, New York to a Hungarian-Jewish family. He was raised in Rahway, New Jersey. Friedman studied at Rutgers University, at Columbia University, and at the University of Chicago. He worked thirty years in Chicago with George Stigler as a leader of the Chicago school of economics.

During the 1970s, Milton Friedman's idea of monetarism gained popularity and he became an economic advisor to President Ronald Reagan.

Friedman believed that the government control over the economy should be limited. He supported cutting taxes, lowering government spending, getting rid of government rules that limited the economy and letting parents choose which school their taxes paid for. His political views were libertarian. He was against forcing people to join the army, and said that getting rid of United States military conscription was the thing he was most proud of doing.

Throughout several decades, Friedman made many documentaries, books, and interviews to express his views to the public. The main books he wrote were Capitalism and Freedom and Free to Choose.

Friedman married Rose Director in 1938. Together, they had a son and a daughter. He was agnostic.

Friedman died of heart failure in San Francisco, California, aged 94. He was survived by his wife and his two children. His remains were cremated and scattered over the San Francisco Bay area.

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