Milton Friedman

Milton Friedman (English: Milton Friedman, July 31, 1912 - November 16, 2006) was an American economist, professor of economics at the University of Chicago, and a leader of the second generation of the Chicago School of Economics. Friedman is famous for his research on macroeconomics, microeconomics, economic history, statistics and his advocacy of laissez-faire capitalism. He won the Nobel Prize in Economics in 1976 in recognition of his contributions in the fields of consumption analysis, money supply theory and history, and the complexity of stabilization policies. He is known as one of the most important and influential economists of the 20th century. Friedman is the author of Capitalism and Freedom, published in 1962. He advocates small government and believes that starting from consequentialist libertarianism and minimizing the role of government to allow the free market to operate, economic freedom can lead to political and social freedom. The theories he proposed had a great influence on the economic and monetary policies of Ronald Reagan, the president of the United States, who took office in the 1980s, and many other countries.