Milton
Friedman

Milton Friedman was an American economist, born on July 31, 1912, in Brooklyn, New York. He emerged as one of the leading figures of the Chicago School of economics, advocating for monetarism over Keynesianism, a theory emphasizing the importance of government intervention in the economy. Friedman's revolutionary theories on consumption analysis, monetary history, and theory, as well as the complexity of stabilization policy, earned him the Nobel Memorial Prize in Economic Sciences in 1976. His intellectual rigor and persuasive arguments reshaped economic thought, steering it away from Keynesianism towards a focus on free markets and minimal government intervention.

Friedman's life was marked by academic distinction and public service, significantly impacting economic policies around the world. After obtaining his PhD from Columbia University in 1946, he embarked on an illustrious career at the University of Chicago, where he influenced generations of economists. His advocacy for free markets found expression in influential works like "Capitalism and Freedom" and "Free to Choose," promoting ideas such as volunteer military, floating exchange rates, and school vouchers. Friedman's advisory roles to U.S. Presidents and British Prime Ministers, along with his opposition to conscription and support for drug legalization, highlight his broad influence on policy. His passing on November 16, 2006, marked the end of an era, but his ideas continue to resonate in contemporary economic policy debates.