Biography

Innate around New York City, New York to a working class family of Jewish Hungarian immigrants from Beregszász (Berehove, today Ukraine), Friedman grew up inside Rahway, New Jersey, was educated at Rutgers University (B.A., 1932) and at the University of Chicago (M.A., 1933). Fallowing working for the federal government & for Columbia University, he received a Ph.D. from that institution in 1946. He so served when Prof of Political economy at a University of Chicago from 1946 to 1976, where he contributed significantly to the intellect tradition of the and so-supposed Chicago school of economics. Since 1977, Friedman has been affiliated with a Hoover Institution at Stanford University.

Friedman is widely take to be a leading advocator of the monetarist school of economic thought. He maintains that there is a close & stable hyperlink between inflation and the money supply, rejects the utilize of fiscal policy as a tool of require management & holds that the food and drug administration's role in the management of the economy should become severely restricted. Friedman wrote extensively on the Great Depression, which he called a "Great Contraction," arguing that it got been from either an average fiscal shock whose duration and seriousness were greatly increased per subsequent contraction of a money supply from either the misguided policies of the directors of the Federal Reserve. Friedman besides argued for the surcease of government intervention around currency markets, thereby spawning an enormous literature on a subject, too when promoting the practice of freely swimming exchange rates.

Friedman has besides supported various libertarian policies such as decriminalisation of drugs and prostitution. Additionally, he headed a Reagan committee that researched the possibility of the move towards the paid/volunteer armed inflict, & played the role in the abolishment of the draft that took place in the 1970s in the U.S. He served as a member of U.S. President Ronald Reagan's Economic Policy Advisory Board in 1981. Within 1988 he received both a Presidential Medal of Freedom and the National Medal of Science. He has said that he occurs as libertarian philosophically however the member of the U.S. Republican Party for the sake of "expediency" ("I am a libertarian with a small l and a Republican with a capital R. And I am a Republican with a capital R on grounds of expediency, not on principle.")

Friedman manufactured newspaper headline by proposing the negative income tax to replace a existent welfare rules and then opposing a bill to implement it because it only supplemented a existent system like than replacing it. Inside recent years Friedman has devoted great deal of his effort to promoting school vouchers that can be utilized to invite tuition at two common soldier & public schools, expression, "What is needed in America is a voucher of substantial size available to all students, and free of excessive regulations."

Friedman worked at a Treasury Department when you took Globe War II & played an significant role inside designing a United States withholding revenue enhancement formulas.[http://64.233.167.104/search?q=cache:TBhKg7PonFAJ:www.ntu.org/main/press.php%3FPressID%3D256%26org_name%3DNTU+%22Milton+friedman%22+%22income+tax%22+treasury&hl=en] Prior to World War II, there was no withholding models; every1 paid his annual bill inside one lump total. & when Murray Rothbard put it[http://www.mises.org/journals/jls/16_4/16_4_3.pdf]: "The Internal Revenue Service could never hope to extract the entire annual sum from the mass of the working population. Only the Friedmanite withholding tax has permitted the government to use every employer as an unpaid tax collector."

Friedman allowed a Cato Institute to use his name for its Milton Friedman Prize for Advancing Liberty around 2001. His married woman Rose, sister of Aaron Director, with whom he founded a Milton & Rose D. Friedman Foundation for School choice, served in the international selection committee. Friedman's boy, David, has carried on his tradition of arguing pro loose markets however to the farther extreme, advocating anarcho-capitalism.

Political controversy

Friedman visited Chile in 1975 during the military dictatorship of Augusto Pinochet. Invited by the personal foundatiin, he gave the series of lectures on economic science. Many prof from either a University of Chicago became advisors to the Chilean government & many Ph.D. graduates from either a equivalent university – called "the Chicago boys" – served in Chilean ministries. Friedman met sustaining Pinochet when you took his visit to Chile, however he did non help when adviser to the Chilean government or even maintain personalized call for by owning Pinochet. Still, he was accused of supporting the regime whose policies involved torture and the killing of political opponents. a total of protesters demonstrated against Friedman in the period of the 1976 Nobel Prize ceremony. (Watch Miracle of Chile)

Critics develop remarked that Chile's absolutism utilized its power to implement loose-market policies, so contradicting a relationship that Friedman claims lives between free markets & political freedom. Friedman defends his role around Chile on a evidence that a move towards open market policies non single improved the economic situation within Chile however as well contributed to the softening of Pinochet's rule & to its eventual replacement by the popular government within 1990. He too stresses that a lectures he gave withinside Chile around 1975 were a equivalent lectures he late gave forswearing incident in China and other Socialist states.

Friedman visited China in a period of the beginning of the Chinese economic reform. His works experienced been exposed secretly by numbers of immature Chinese students, & his ideas played an significant role in the transformation of the Chinese economy from either the nonindulgent socialism according to the Soviet model to a further open limited free enterprise.

In the 1970s, Friedman argued against the trade & diplomatic embargoes that many American nations experienced imposed on the whiten minority governments of South Africa and Rhodesia (now Zimbabwe), claiming that a trade embargo played into the mitts of anti-American, Communist insurgencies withwithin people countries, that far further inhibitory regimes in Africthe & elsewhere were non existence likewise punished, & that progress towards racial equality & freedom in South Africa & Rhodesia can become better pursued across a policy of engagement by using their governments. Friedman was criticized for camping people countries within 1976 and meeting with members of pro-Apartheid government without publicly calling for repealing a racist electoral laws that were then in situ.

Within 2005, Friedman and extra than D more economic expert, known as for the legitimation of marijuana in [http://www.prohibitioncosts.org/endorsers.html an open letter] to the President, Congress, Governors, and State Legislative of the United States.

Works

Books
Capitalist economy & Freedom ISBN 0226264017 Loose to Pick out: The Home Statement ISBN 0156334607 Pecuniary History of the United States, 1867-1960 (by owning Anna Schwartz) ISBN 0691003548 The Theory of the Consumption Work" ISBN 0691041822 Money Mischief: Episodes in Monetary History ISBN 0151620423 Price Theory ISBN 3110109875 Essays in Positive Economics Economic Freedom, Human Freedom, Political Freedom ISBN 188396900X Two Lucky People: Memoirs (with Rose Friedman) ISBN 0226264149 Why Government Is the Problem ISBN 0817954422 Milton Friedman in South Africa'' ISBN 0799202053

Notable academic publications
[http://www.lib.pku.edu.cn/webcourse/new_econ/readings/Methodology.pdf The Methodology of Positive Economics (1953)] The Role of Monetary Policy (1969)

Quotes
"We are pro cutting taxation under any circumstances & for any excuse, for any understanding, if it's conceivable." "The major source of objection to the loose economy is precisely that it [...] gives humans what it desire instead of what a particular class action thinks it ought to desire. Underlying virtually all arguments against a loose market occurs as want of belief around freedom itself." "Inflation is the a single form of taxation that may be imposed forswearing legislation." "a food and drug administration guide to the condition is ordinarily when badness when the condition." "There's there are no such tool as a loose luncheon." "I have the formulas that progressively revenue enhancement operate & subsidizes nonwork." "Sustaining respect to teachers' wage[....] Unfortunate teachers come grossly overpaid & proficient teachers grossly underpaid. Pay schedules tend to become uniform & determined far extra by seniority." (Capitalism and Freedom) "In case an exchange between 2 parties is voluntary, it may non choose place unless two imagine it may advantage from either it. Virtually all economic false belief derive from either either a negligence of this elementary insight, from a tendency to look at that there is a fixed pie, that a single person may lone benefit at a expense of another" "Hell hath there is no fury rather the administrative official hated."