Milton Friedman’s Life, Career, Family And Achievements
He was born on July 31, 1912, as Milton Friedman; his work on consumption analysis, monetary history and theory, and the complexity of stabilization policy earned him the 1976 Nobel Memorial Prize in Economic Sciences. He was an American economist and statistician.
The Chicago School of Economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, rejected Keynesianism in favour of monetarism until the mid-1970s when it turned to new classical macroeconomics heavily based on the idea of rational expectations. Friedman was one of the intellectual leaders of this school, along with George Stigler and others.
Milton Friedman Family
Wife Name: Rose Friedman
Dad: Jen Saul Friedman
Mom: Sára Ethel (Née Landau)
Children: David D. Friedman, Jan Martel, and Janet Friedman
Milton Friedman Career
Friedman got a seat at the University of Wisconsin–Madison in 1940, but he departed after having disagreements with the faculty about American engagement in World War II. Friedman thought that America ought to join the conflict. [56] Friedman joined the Division of War Research at Columbia University (headed by W. Allen Wallis and Harold Hoteling) in 1943. There, he worked as a mathematical statistician for the remainder of World War II, concentrating on issues related to weapon design, military strategy, and metallurgical experiments.
Incomes from Independent Professional Practice, which Friedman and Kuznets co-authored and finished in 1940, was presented to Columbia as Friedman’s doctoral dissertation in 1945. He received a PhD from the university in 1946. Friedman taught at the University of Minnesota during the 1945–1946 school year (where his friend George Stigler was employed). His lone child, David D. Friedman, was born on February 12, 1945, and would go on to become an economist like his father.
Chicago University
Friedman accepted a job offer to instruct economic theory at the University of Chicago in 1946. (a position opened by the departure of his former professor Jacob Viner to Princeton University). For the following 30 years, Friedman worked for the University of Chicago. He made a significant contribution to the development of the Chicago school of economics, an intellectual movement that gave rise to several Nobel Memorial Prize winners.
Milton Friedman Community Service
Friedman travelled to Washington and began working for the National Resources Committee in 1935 after finding it difficult to find employment in the academic sector. In this location, he worked on a sizable consumer budget survey, which led to the publication of his 1957 book, “Theory of the Consumption Function.”
He then relocated to the National Bureau of Economic Research in the fall of 1937. He was given the position of Simon Kuznets’ assistant and began collaborating with him on professional revenue.
He was hired as an assistant professor at the University of Wisconsin–Madison in 1940. He was unfortunately obliged to quit the university due to the anti-Semitic atmosphere there as well as political differences with the faculty.
He then started working as a consultant for the US Treasury Department in 1941. He mainly focused on Keynesian tax policy here and worked on wartime tax strategies.
Milton Friedman Big Works
The most influential publication of Freidman is Capitalism and Freedom. Since its initial release in 1962, the book has been translated into eighteen languages and has sold over 500,000 copies. In it, Freidman made the case that political freedom is a prerequisite for economic freedom.
Milton Friedman Retirements
After 30 years of teaching at the University of Chicago, Friedman retired in 1977 at 65. After relocating to San Francisco with his wife, he took a position as a visiting scholar at the Federal Reserve Bank of San Francisco. He became associated with Stanford University’s Hoover Institution in 1977.
In 1977, Bob Chitester and the Free to Choose Network contacted Friedman. They requested that he produce a television presentation outlining his social and economic views.
For the following three years, Friedman and his wife Rose worked on this project, and the Public Broadcasting Service aired the ten-part, Free to Choose, in 1980. (PBS). The companion book to the series, Free To Choose, was the best-selling nonfiction book of 1980. It was co-written by Milton and his wife, Rose Friedman.
During the 1980 campaign for president, Friedman assisted Ronald Reagan informally. He then served on the President’s Economic Policy Advisory Board for the remainder of the Reagan Presidency. Friedman was “the ‘guru’ of the Reagan administration,” according to Ebenstein. In 1988, Reagan awarded him the Presidential Medal of Freedom and the National Medal of Science.
Milton Friedman’s Achievements & Awards
- Friedman was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1976 for his “contributions to monetary history and theory, including observations of the intricacy of stabilization policy, and consumption analysis.”
- In addition, he was awarded the John Bates Clark Medal in 1951, the National Medal of Science in 1988, and the Presidential Medal of Freedom in 1993. (1988).
Milton Friedman’s Personal Life
David and Jan were Friedman’s two children. At the University of Chicago, he first met Rose Friedman (née Director), with whom he married in 1938, six years after their first meeting.
Friedman, who measured 1.52 meters (5.0 feet) and was referred to as an “Elfin Libertarian” by Binyamin Appelbaum, was considerably shorter than some of his colleagues.
When asked about her husband’s accomplishments, Rose Friedman responded, “I have never had the urge to professionally compete with Milton (perhaps because I was wise enough to realize I couldn’t).” On the other hand, he has consistently given me the impression that his success is also mine.
Friedman constructed and then maintained a cottage near Fairlee, Vermont, in the 1960s. In addition, Friedman had a residence in San Francisco’s Russian Hill, where he resided from 1977 until his passing.
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