Friedman, Milton
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| Milton Friedman |
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[Video]
(b. July 31, 1912, Brooklyn, N.Y., U.S.), American laissez-faire
economist, professor at the University of Chicago, and one of
the leading conservative economists in the second half of the
20th-century. He was awarded the Nobel Prize for Economics in
1976.
After studying at Rutgers University and the University of
Chicago, Friedman received his Ph.D. from Columbia University
in 1946 and joined the faculty of the University of Chicago
that same year. Friedman became one of the leading American
advocates of the monetarist school of economics, which holds
that the business cycle is determined primarily by money supply
and interest rates rather than by a government's fiscal policy.
In
Capitalism and Freedom (1962; with his wife, Rose D.
Friedman) Friedman argued for a negative income tax, or guaranteed
income, to supersede centralized, bureaucratized social welfare
services, which in his view are inimical to the traditional
values of individualism and useful work. Among his other works,
many of which concern the theory of money, are A Monetary
History of the United States, 1867-1960 (1963) and Monetary
Trends of the United States and the United Kingdom (1981).
BIBLIOGRAPHY. Eamonn Butler, Milton Friedman (1985), explains his economic theories.
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