Economist

Milton Friedman

Milton Friedman

Born:

Milton Friedman, who was an American economist, born on 31 July 1912, In Brooklyn, New York, U.S.

Family Background:

He was the son of  Sára Ethel and Jeno Saul Friedman. His parents worked as dry goods merchants.

Personal Life:

Milton married Rose Director. They had one son, who was born on February 12, 1945. Their son name was David D. Friedman.

Education:

In 1928, He started his education at Rahway High School. In 1932, He completed his graduation from Rahway University, where he specialized his interest in economics and mathematics. In 1933, He earned his Master of Arts degree.

Career:

In the early year, Friedman had unable to find academic employment. In 1935, He went with his friend W. Allen Wallis to Washington, D.C., Where Franklin D. Roosevelt’s New Deal was “a lifesaver” for many young economists. During the year 1935, He started his career with working for the National Resources Planning Board, which was then working on a large consumer budget survey. Ideas from this project later became had been a part of his Theory of the Consumption Function.In 1940, Milton was appointed as an assistant professor to teach economics at the University of Wisconsin–Madison, But he had refused that proposal and decided to return to government service. In the same year, Friedman had accepted a position at the University of Wisconsin–Madison, but he had left because of partitioning with faculty regarding United States involvement in World War II. In 1946, Friedman had accepted an offer to teach economic theory at the University of Chicago. Friedman had spent the 1954–1955 academic year as a Fulbright Visiting Fellow at the Gonville and Caius College, Cambridge. During the year 1964, Friedman became an economic adviser to Republican presidential candidate Barry Goldwater. In 1977, at the age of 65, Friedman had retired from the University of Chicago after teaching there for 30 years. After retirement, He and his wife moved to San Francisco.

On 16 November 2006, At the age of 96, because of Heart failure, he died, In San Francisco.

Unknown Facts:

  • He knows as “The Father of Economy Freedom”.

Master Stroke:

  • Friedman had to work 30 years at the University of Chicago as an economics professor.

Awards and Achievements:

  • In 1951, He received the John Bates Clark Medal.
  • In 1976, He won the Nobel Memorial Prize in Economic Sciences award.
  • In 1976, He won the economic science award.

What can we learn from him??

Like Milton Friedman, do your work with full of confidence. Take faith in yourself.  

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