Milton Friedman
Net Worth 2024, Height, Wiki, Age, Bio

 Milton Friedman facts

• With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School, and Graduate School of Business from the 1940s onward
• Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas, Jr
• Friedman's challenges to what he later called aive Keynesian" theory began with his 1950s reinterpretation of the consumption function
• In the 1960s, he became the main advocate opposing Keynesian government policies, and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions
• He theorized that there existed a atural" rate of unemployment, and argued that employment above this rate would cause inflation to accelerate
• He argued that the Phillips curve was, in the long run, vertical at the atural rate" and predicted what would come to be known as stagflation
• Friedman promoted an alternative macroeconomic viewpoint known as "monetarism", and argued that a steady, small expansion of the money supply was the preferred policy
• His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s
• His monetary theory influenced the Federal Reserve's response to the global financial crisis of 2007–08
• Friedman was an advisor to Republican U