How Did Milton Friedman Affect The Economy

688 Words3 Pages
Milton Friedman was an American economist and statistician best known for his strong belief in free-market capitalism. During his time as professor at the University of Chicago, Friedman developed numerous free-market theories that opposed the views of traditional Keynesian economists. A diminutive man known for his strong-willed and combative style, Mr. Friedman provided the intellectual foundations for the anti-inflation, tax-cutting and antigovernment policies of President Ronald Reagan and British Prime Minister Margaret Thatcher and an era of more-disciplined central banking. His ideas helped to end the military draft in the 1970s, gave birth to staple conservative causes such as school vouchers and created the groundwork for new economic views about the Great Depression, unemployment, inflation and exchange rates. Milton Friedman forever changed the ways of our economic concepts and the way economics will be viewed. Milton Friedman was born in Brooklyn, New York on July 21st, 1912. Shortly after being born he moved to New Jersey. Friedman graduated from Rahway High School in…show more content…
His name will be forever known to all who wish to study economics. The world had to say goodbye to a intellectual of the 20th century whose powerful ideas continue to transform our world. Milton Friedman 's economic, philosophical, and political writing inspired decades of Heritage work in such diverse areas as Social Security reform, competition in education, and tax policy. We are particularly indebted for his role in championing economic freedom, and that effort lives on in the Heritage Foundation/Wall Street Journal Annual Index of Economic Freedom. The life of Milton Friedman is proof that a single individual 's ideas can shape history for the better. His legacy will live on in modern day economics and simple everyday lives. On November sixteenth due to a Cardiovasular disease, Milton Friedman lost his
Open Document