Milton Friedman

Precious as a sunny day in the fall in Paris, today we shall focus on somebody who is still alive while influential to the economic world. Even though deserving a reputation no less than Keynes of his time, he rarely received it for complex reasons. However, his theory finally persists to the day he was awarded the Noble prize for his tremendous achievements.

Milton was born to a Jewish family originated from Ukraine. He grew up in New Jersey and educated in Rutgers University then Chicago University for master degree where he was deeply affected by those economists disagreeing with the popular ideas. After graduation, he worked once for New Deal to survive since no academic job had been found then. During the World War II, he served as a spokesman for the government as well as advisor to high Treasury officials. Young as he was, he advocated without reserve the theory of Keynes and boosted it with an appreciated effort. Later, he shifted his research in the domain of statistical issues. Receiving a PhD in Columbia University in 1946, he returned to Chicago University to his professor role. A cradle of Noble prize winners was thus established. In his years of retirement, he was gradually acknowledged by the public together with the economists to be one of the greatest economists in our days.


His scholar views are commonly opposite to those of Keynes which shed his radiation until a quite score of years later. His theory of money supply contributes a lot in explaining the phenomena of the economic life in the U.S... Milton is also a defender of quantity theory of money. In addition, he insists that the freedom of economics is fairly crucial to the healthy development of economy. While an intervention of government, as followed by the guide of Keynesian theory, turns out to be detrimental in a long run.

Mr. Friedman has a good name which predefines his orientation in the debates: his most famous works is "Freedom to choose" and he, indeed, succeeded in being a freed man! By the way, his son, perhaps under his influence became an economist too.