Biography
The teachings and views of Libertarians Milton Friedman made a great contribution to the economy. An American, a bright representative of the Chicago school, with other researchers engaged in the development of a price theory, and also studied the phenomenon of consumption, problems of stabilization policy and others. Also gained fame as the author of Friedman's rule. Along with Adam Smith, he received the status of a scientist symbolizing economic thought.Childhood and youth
The economist was born on July 31, 1912 in Brooklyn in a Jewish family. Parents were immigrants from the Hungarian Bursa and engaged in trade in small things. Soon, Friedmans moved to the row. Here Milton went to the Rovovian school, which he graduated in 1928. After the young man became a student of the Ratger University.
In the university, the young man went in depth of mathematics and the economy, as he wanted to work as an actuary in the future (insuring expert). In the period of student on the formation of the guy's views, Professor Arthur Burns and Homer Jones had influenced. Getting acquainted with the works of these thinkers, Friedman believed that the science of the economy would help eradicate the Great Depression.
Personal life
After graduating from the university, Milton received two invitations to enter the magistracy. The first came from Brownow University - agreeing on him, the American would make a mathematics career. The second came from the University of Chicago, who offered his studies at the Economic Faculty, his guy and found more promising.The passion for the science of financial relations was influenced by a personal life in the biography of the researcher. In Chicago, the young man met the future spouse - an economist Rosa director. The union was happy and harmonious: a couple tied up not only sympathy for each other, but also scientific interests. In 1945, his wife gave Milton Son David and Daughter Janet. In the future, the heir to the scientist, as well as the grandson of Patry continued to the economic dynasty.
Career and Scientific Activities
Before Friedman formulated the main ideas, he was already engaged in analyzing the economic situation in the country. At that time, the states were in a state of crisis. Together with his wife, a man studied the employment program offered by the state, criticized the measures to fix prices and wages. Milton argued that price control was an obstacle to the optimal distribution of resources.
Later in the work of the "Monetary History of the United States", written in co-authorship with Anna Schwartz, a researcher as the main reason for the Great Depression called a reduction in the money supply. And it, in turn, was caused by the banking crisis and erroneous solutions of the Federal Reserve System (Fed).
In the 50s, the American spoke with criticism of the teachings of the English economist John Mainard Keynes. At the same time, the researcher emphasized that the scientific apparatus and the language of the opponent in his own works, but does not recognize the conclusions and conclusions made to them. The views of the time Friedman reflected in the "Methodology of Positive Economic Science", subsequently on quotes. At the same time, the man released the book "Quantitative theory of money."
The text has studied the causes and motives forcing people to make savings. Friedman assumed that the demand for money causes the same phenomena as for any asset. In the works of the 60s, he wrote that the existence of natural unemployment is permissible in society.
The scientist claimed: in a situation where the state offers many jobs, inflation develops accelerated pace. Based on the results of the observations, the economist managed to predict the phenomenon that would later be called stagflation. This is the position of the simultaneous economic downturn and the critical state of the economy (stagnation and growth of unemployment), which are combined with price increases.
Also, Milton became the creator of the theory of monetarism, the essence of which was reduced to the following: the determining factor in the development of economic relations is the amount of money in circulation. For research in the field of monetarism in 1976, the economist received the Nobel Prize. Interestingly, the term itself, which has become the main in the theory of the Americans, proposed Karl Brunner. The provisions of the exercise were set forth in the work "if the money was spoke."
As the researcher was later, he saw the main merit in the fact that insisted on the cancellation of military duty in the States. In the book of 1962 "Capitalism and Freedom", American noted: the army needs volunteer warriors. In the same work, Milton was supported by the floating rate of currencies, the cancellation of medical licenses and other things.
During the working career, the economist created works, scientific articles, gave an interview, spoke with lectures. The man collaborated with Newsweek, making up a weekly column for publication. From the late 1960s and until 1978, an American, together with a colleague, Paul Samuelson participated in the project Economics Cassette Series.
In the late 70s, Free to Choose Network suggested Friedman to play in the TV shows "Freedom of choice", in which a scientist would share with the audience the basics of his own philosophy. Above this project, a man worked with his wife Rosa. Later, the spouses published a book recognized as a Bestseller of 1980.
Death
The economist passed on November 16, 2006. The cause of death was heart failure. Until the last day, the scientist continued to work - the last article came out the day after the death of the American in the newspaper Wall Street Geornel. Wife survived the spouse for 3 years.Quotes
- "I think that the solution to the government is usually as bad as the problem itself, and often makes it even worse."
- "One of the biggest mistakes is to judge the policy and political programs on their intentions, and not by their results."
- "Governments never learn anything. Only people learn. "
- "The society, which equality puts above freedom, will not receive neither one or the other. The society that puts the freedom above the equality will get a high degree and of the other. "
Bibliography
- 1957 - "Quantitative Money Theory"
- 1960 - "Methodology of Positive Economic Science"
- 1962 - "Capitalism and Freedom"
- 1963 - "Monetary History of the United States 1867-1960" "
- 1968 - "The Role of Monetary Policy"
- 1976 - "If the money spoke"
- 1977 - "Inflation and Unemployment"
- 1980 - "Freedom of choice"
- 1998 - "Two happy people: memoirs"