Milton Friedman
Milton Friedman
Economics 12
Andrew Just
Born on the 31st of July 1912, Milton Friedman was an American Statistician, Republican economist and teacher at the University of Chicago. He was the leading force apposing ‘New Keynesian’ styles of economics, and based his theory off of contrasting ‘naïve Keynesian’ (as he called it), however his theories changed as he began to accept some Keynesian economical styles in times of trouble. He famously said "We are all Keynesians now" to President Nixon, referring that sometimes this economical style is inevitable. Friedman’s alternative macroeconomic policy known as "monetarism" grew in popularity during the second half of the 20th century, especially with middle and upper class Americans. He hypothesized there existed a "natural" rate of unemployment, and argued that governments could lower unemployment above this rate (through economical stimulation and job creation) however this would come at the cost of accelerated inflation. Among this, Friedman opposed the existence of the Federal Reserve (centralized government bank) and believed that a steady, small expansion of the money supply was the only prudent policy. Friedman managed to excel throughout life, accomplishing a leading role on the Reagan platform, and being noted as the second most influential economist of the 20th century. While working under President Regan, Friedman decorated the virtues of the free market system, and pushed for less government intervention. It was in the 1980’s that that his views on monetary policy, taxation, and deregulation most influenced the American government, and has continued to be used right up to the 2007-present global financial crisis. Most recognized for his ‘poster boy republican’ economical views and ideology, Friedman received the Nobel Memorial Prize in Economics for his research in consumption and the stabilization policy in 1976.
Milton Friedman, Age 60 Born in Brooklyn, New York to Jewish immigrant parents
Economics 12
Andrew Just
Born on the 31st of July 1912, Milton Friedman was an American Statistician, Republican economist and teacher at the University of Chicago. He was the leading force apposing ‘New Keynesian’ styles of economics, and based his theory off of contrasting ‘naïve Keynesian’ (as he called it), however his theories changed as he began to accept some Keynesian economical styles in times of trouble. He famously said "We are all Keynesians now" to President Nixon, referring that sometimes this economical style is inevitable. Friedman’s alternative macroeconomic policy known as "monetarism" grew in popularity during the second half of the 20th century, especially with middle and upper class Americans. He hypothesized there existed a "natural" rate of unemployment, and argued that governments could lower unemployment above this rate (through economical stimulation and job creation) however this would come at the cost of accelerated inflation. Among this, Friedman opposed the existence of the Federal Reserve (centralized government bank) and believed that a steady, small expansion of the money supply was the only prudent policy. Friedman managed to excel throughout life, accomplishing a leading role on the Reagan platform, and being noted as the second most influential economist of the 20th century. While working under President Regan, Friedman decorated the virtues of the free market system, and pushed for less government intervention. It was in the 1980’s that that his views on monetary policy, taxation, and deregulation most influenced the American government, and has continued to be used right up to the 2007-present global financial crisis. Most recognized for his ‘poster boy republican’ economical views and ideology, Friedman received the Nobel Memorial Prize in Economics for his research in consumption and the stabilization policy in 1976.
Milton Friedman, Age 60 Born in Brooklyn, New York to Jewish immigrant parents