Milton Friedman Biography, Facts, Childhood, Family, Life, Wiki, Age, Work

You are currently viewing Milton Friedman Biography, Facts, Childhood, Family, Life, Wiki, Age, Work
  • Birthday: July 31, 1912
  • Died At Age: 94
  • Sun Sign: Leo
  • Birthplace: Brooklyn, New York, USA
  • Famous as: Economist, Statistician
  • Spouse/Ex-: Rose
  • Father: Jeno
  • Mother: Sara Landau
  • Children: David, Janet
  • Died on: November 16, 2006
  • Place at the time of dying: San Francisco, California, USA
  • Personality: INTP
  • U.S. State: New Yorkers
  • Founder/Co-Founder: The Foundation for Educational Choice
  • More Facts
  • Education: University of Chicago (1933), Rutgers University (1932), Rahway High School (1928), Columbia University
  • awards: John Bates Clark Medal (1951)
    Nobel Memorial Prize in Economics (1976)
    Presidential Medal of Freedom (1988)
  • National Medal of Science (1988)

Who was Milton Friedman?

Milton Friedman was a well-known American economist and professor of statistics at the University of Chicago. He was awarded the Nobel Memorial Prize in Economic Sciences. He has established himself over other scholars and economists and is most well-known for his research in the area of theoretical and empirical research in consumption analysis and monetary history as well as theory to demonstrate how complex stabilization policies. He was the economic adviser to U.S. President Ronald Reagan. His political philosophy which promoted the advantages of a market-based economic system that is not influenced from government is a practice of several governments. His ideas significantly influence on the agenda of research. Milton Friedman was also the director in The Chicago department of economics at the University of Chicago. Milton Friedman’s writings include monographs and books, as well as scholarly articles as well as television shows, magazine columns videos, and even talks. Friedman wrote on a range of subjects including macroeconomics and microeconomics as well as economic history, as well as public policy issues. The first Keynesian fan in the New Deal, he insisted on the need for government intervention to the market. He later established The Friedman Foundation for Educational Choice. The Economist said he was “the most influential economist of the second half of the 20th century…possibly of all of it”. His writing was prolific. author and, in addition to writing books, contributed frequently to different magazines. His final column appeared in the Wall Street Journal’ just a few days after his passing away at the age of ninety-four.

Childhood & Early Years

Milton Friedman was born on July 31, 1912, in Brooklyn, New York. Friedman’s parents Jeno Saul Friedman as well as Sara Ethel (nee Landau) were Jewish migrants from Beregszasz in Carpathian Ruthenia, Kingdom of Hungary (now Berehove in Ukraine). Friedman was youngest among the four children of his parents.

When he reached the age of a year old, his family moved in Rahway, New Jersey. In the town, his mother ran an open-air shop, while his dad was employed. Even though their family finances were strained, they could afford to eat and the home environment was always welcoming and warm.

It was in 1928 that Friedman was a graduate of Rahway High School. His father had died at the time of his graduation and this led to a worsening financial conditions at the home. It was evident that if he wanted pursue his studies, he’d have to pay for it by himself.

He was fortunate enough to be awarded an academic scholarship that was competitive for Rutgers University. In addition to financing the rest of the costs through odd jobs He obtained his B.A. degree in 1932. He was a major in economics and mathematics.

In the following year, he was accepted into his first class at the University of Chicago with a award in economics. He received his M.A. degree in the year 1933. Then he was awarded an honorary fellowship in 1933 at Columbia University and spent the 1933-1934 years studying statistics with Harold Hotelling.

After returning to Chicago and Chicago, he worked during the academic year of 1934-1935 in the role of a researcher assistant to Henry Schultz. However, his situation in the economy required him to immediately be employed.

In Public Service

In 1935, in a position where he was unable to secure an academic position in the sector, Friedman moved to Washington and joined the National Resources Committee. In this position, he was involved in an extensive consumer budget study and the results of this work were published in his book from 1957 The Theory of the Consumption Function’.

In the fall of 1937, He was transferred to the National Bureau of Economic Research. In this position, he was appointed the assistant of Simon Kuznets and started working with him on his professional income.

He was in 1940 when he got an the position of associate professor in the University of Wisconsin Madison. However, the anti Semitic environment at the institution as well as differences with the faculty caused him to leave the campus.

In 1941 He was appointed to in 1941 the US Treasury Department as an advisor. He was primarily involved in tax policy during war and advocated for a Keynesian tax policy.

Academic Career

After 1943 Friedman became a member of his first assignment in the Division of War Research at Columbia University as an expert in mathematical statistics. He was there until the conclusion of Second World War. His work during this time concentrated on issues related to the design of weapons and tactics in the military.

In the following year, he was 1945-46 as an associate professor of the University of Minnesota. In 1945, he presented ‘Incomes from independent Professional Practice’ which he co-authored together with Simon Kuznets, to the University of Columbia as his doctoral dissertation. The degree was awarded to him in 1946.

The same year, he was appointed to in the same year at University of Chicago as an Associate Professor of Economic Theory. He remained at the University of Chicago for over 30 years, and believed that it was his intellectual home.

He was in 1947 when he participated in the inaugural gathering of the Mont Pelerin Society, an organisation dedicated to the study and protection of societies that are free. The talks inspired him and the discussions, he became involved in the political system of the nation.

In 1948 He was elevated to the rank of full professor. The same year, he received a recommendation from the Director of Research of the National Bureau of Economic Research to join the company. He was a researcher at the National Bureau of Economic Research, where he studied the importance for money within the cycle of business.

In addition, he was a professor at his post in The University of Chicago and taught classes in price theory and economics of money. In 1950 the year he was appointed as an advisor with the U.S. governmental agency administering the Marshall Plan. In this position, he was involved in the Schuman Plan, which was the first step towards Common Market.

The year was 1953 when he created the Workshop on Money and Banking at the University of Chicago. It quickly became an important venue for faculty members as well as graduate students.

In 1954 He received an invitation in 1954 to Gonville and Caius College, Cambridge as an Fulbright Fellow, where was he stayed for the academic year. This was despite having views on liberality were considered to be ‘extreme’ according to Cambridge the standard.

In the year 1957, he released his first major publication entitled ‘Theory of the Function of Consumption’. The project was initiated some time ago, in 1935 while he was working on a huge consumer budgets at the National Resources Committee.

It was in 1962 that Friedman received the title of Paul Snowden Russell Distinguished Service Professor of Economics. The same year, Friedman released his seminal book entitled ‘Capitalism and Freedom’. The book was written by their wife Rose D. Friedman established him as a brilliant economist and a successful politician.

Then , in 1963, he published his monetary The History of the United States’, written by him in conjunction with Anna J. Schwartz. At the time, he was a household name just within the academic world However, the books helped him become a well-known person outside of the closed circle.

Friedman as Public Figure

Although he was still a professor in his institution, the University of Chicago, from the time he began to be more and more involved in political arenas. He was in 1964 when he was appointed as an economic advisor to the Senator Barry Goldwater, the Republican presidential candidate.

Even though Goldwater did not win, this campaign was able to help Friedman’s ideas reach an even wider audience. From 1996, Friedman wrote a column every week about current events for the magazine ‘Newsweek’ and continued to write until 1984.

In 1968, he served as the economic advisor for Richard Nixon during his campaign for the presidency. After his election, Friedman was inducted into the committee that was created to research the feasibility of returning to an all-volunteer military force. In 1973, the committee led to the elimination of the draft for military personnel.

While he was incredibly fascinated by public policies, Friedman consistently refused full-time government posts. Instead, he started to focus on promoting his political beliefs in the absence of government.

In 1975, under the dictatorship of the military under general Augusto Pinochet Freidman took a 6-day visit to Chile and delivered an array of talks on economics. Even in the face of harsh criticism, he maintained that only economic reforms and the acceptance of a free market system could restore democracy to Chile.

In the same decade, he traveled to South Africa and Rhodesia, hosting a series of talks. He also visited China as well as Iceland and was everywhere he spoke about free markets.

Later Life

Friedman left the University of Chicago in 1977 and joined the Hoover Institution on War, Revolution and Peace at Stanford University as a Senior Research Fellow. He remained there until the time of his death in 2006. In addition, he was the guest scholar in the Federal Reserve Bank of San Francisco.

In the latter half of the 1970s, he began working on “Free to Choose,” an upcoming television show that consists of ten segments in which the host presented his socio-economic and political theory. The first show premiered in January of 1980. Since since then, it’s been shown in numerous other countries.

In the year the year 1980, Friedman served as an unofficial advisor of Ronald Reagan during the latter’s presidential campaign. In the following years, he was a member of the president’s Economic Policy Advisory Board.

He was appointed in 1983 to was his Paul Snowdon Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago. He continued to write for various journals as well as appear on various TV programs.

Major Works

“Capitalism and Liberty” is considered to be Freidman’s most important work. The book was translated into 18 languages and has sold more than half a million copies since its debut in 1962. In the book, Freidman had established that economic freedom is an essential element to political independence.

Awards & Achievements

The year 1976 was the year that Friedman won his Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his “contributions to consumption analysis and to monetary history and theory, including observations of the complexity of stabilization policy”.

Additionally, he received the John Bates Clark Medal (1951), National Medal of Science (1988) and Presidential Medal of Freedom (1988).

Personal Life & Legacy

In 1932, while he was studying in Chicago University, Friedman met Rose Director, a shy but talented student in this same school. They married in 1938. The bride was also a freelance market economist, and they often worked together on projects.

Their marriage resulted in two kids; Janet as well as David Friedman. David became an acclaimed economist, lawyer scholar, and libertarian theorist. He is most famous for his 1973 work ‘The The Machinery of Freedom’.

Friedman passed away at the age of 94 in San Francisco from heart failureon November 16th, 2006. Even though he was 94 old at the time of his passing, Friedman was still involved in his research and was a contributor frequently to various journals.

Milton and Rose D. Friedman Foundation that was co-founded by him and his wife in the year 1996 continues to carry on his legacy.

Milton Friedman
Milton Friedman
Milton Friedman
Milton Friedman
Milton Friedman

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