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Milton Friedman Biography

Milton Friedman Biography (1912-2006)     Friedman was born in New York City. He received a Doctor of Philosophy from Columbia. He worked...

Milton Friedman Biography

    Friedman was born in New York City. He received a Doctor of Philosophy from Columbia. He worked for the US government between the years 1935 & 1943 (US Treasury from '41 to '43). Since 1946 he has been teaching at the University of Chicago. He won the Nobel prize in 1976. He is a believer in the free market system, which will account for his views from everything from the US army draft (he's against it) to monetary policy (floating exchange rates). He is for a negative income tax, and, thus, for the elimination of universal poverty programmes. He is part of a school of economists who associate their views to those of Friedman's. The school is known as the Chicago School of Monetary Economics, a school which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation, "monetarism." The Chicago School, is one which has come to its conclusions by the use of the empirical approach, viz., knowledge is gained through the use of the five senses and a process of reflection. Friedman was of the view that minimum wage laws, drug prohibition laws, union monopoly laws, government schools and other welfare state policies exploit poor people. Friedman's written work concentrates on monetary theory, including books such as the Studies in the Quantity Theory of Money (1956) and A Monetary History of the United States (1963).

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BIOGRAPHY CHANNEL: Milton Friedman Biography
Milton Friedman Biography
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