Milton Friedman
Milton Friedman was born on July 31st, 1912. Milton passed away November 16th, 2006 at 94 years old. Milton Friedman was born in Brooklyn, New York City, NY, USA. Friedman attended Rutgers University where he received a bachelor's degree, the University of Chicago where he received a master's degree and Columbia University where he received a Ph.D.
Milton Friedman is known for writing in the Non-Fiction genre.
Milton Friedman was an economist who was known for his criticism of government intervention in the economy and was a strong proponent of free market capitalism.
Friedman contended that Keynesian economics, which suggested that governments needed to spend money to reverse recessions, was a quick way to crowd out private investment. This, he argued, was the reason why most spending often failed.
Friedman believed that the most effective way was to control the money supply to guide economic growth and stabilize prices.
Milton Friedman is also known for coming up with the permanent income hypothesis, in which he showed that people decide what to spend on long-term income as opposed to short-term changes.
From his hypothesis, he influenced ideas on saving, consumption, and taxes, as he showed that changes in taxation have an insignificant effect on overall spending. He also used statistical analysis and data to challenge macroeconomic theories as he emphasized evidence-based policies.
For much of his career in academia, he lectured at the University of Chicago, where he established the Chicago School of Economics. He also explored inflation, public policy, employment, and interest rates, and how these impacted governments across the globe.
His work challenged Keynesian economics while emphasizing incentives, prices, and human behavior. His theories made him one of the most influential advocates for free market capitalism and a leading economist of his time.
In 1980, Milton Friedman published the work
Free To Choose, in which he contended that people are richer and happier when they are left free to work, trade, and do what they like without undue influence from big government.
He showcases how voluntary exchanges and free markets make it possible for people to create goods and services, cooperate and trade with each other, without government regulations unnecessarily slowing things down.
Friedman believes that once people have economic freedom, political freedom soon follows. As such, he suggests that governments need to let markets decide prices, opportunities, and jobs, in addition to reducing control over business and cutting taxes for more freedom.
About a dozen years later, he published
Why Government Is the Problem.
In this one, he contends that most social problems, such as expensive medical care, homelessness, crime, and bad schools, are the result of too much government. He asserts that most programs usually benefit only a few people, even as they put so many burdens on many.
Friedman says government agencies and workers usually want more spending and power to help themselves rather than the public. On the other hand, private businesses need to work hard to attract customers, or else they will fail.
He believes that when governments become bigger than is necessary, they usually result in worse outcomes rather than making things better.
In his 2021 book
The Freedom Not to Act, Friedman asserted that it is up to the individual to decide if they want to help others or not, as forcing them to do so undermines their personal rights and freedoms.
He extends the same idea to broader economic, legal, and social debates, such as whether laws should mandate aid or companies ought to help troubled competitors.
According to Friedman, true freedom is all about having the choice not to act rather than being just about action.
Milton Friedman: Lists & Other Mentions
- A Monetary History of the United States 1867-1960: Gilmore Girls: The Rory Gilmore Reading Challenge Selection in 2007.
- Free to Choose: New York Times: #1 Nonfiction Best Seller in 1980.
Related Authors
Fans of Milton Friedman also enjoy these authors:
- Stephanie Kelton, author of: The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy.
- Joseph E. Stiglitz, author of: The Price of Inequality.
- Michael Woodford, author of: Exposure: From President to Whistleblower at Olympus.
- Ben S. Bernanke, author of: The Courage to Act.
- Robert J. Shiller, author of: Irrational Exuberance.
- Paul Krugman, author of: The Great Unraveling.
- Carmen M. Reinhart, author of: This Time Is Different: Eight Centuries Of Financial Folly.
- Alan S. Blinder, author of: After the Music Stopped.
- Robert J. Gordon, author of The Princeton Economic History of the Western World Series.
- Charles P. Kindleberger, author of: Manias Panics and Crashes: A History of Financial Crises.
Milton Friedman: F.A.Q
When was Milton Friedman Born?
Milton Friedman was born on July 31st, 1912.
When did Milton Friedman die?
Milton Friedman died on November 16th, 2006 at 94 years old.
Where was Milton Friedman Born?
Milton Friedman was born in Brooklyn, New York City, NY, USA.
What was the first book Milton Friedman wrote?
The first book written by Milton Friedman was A Theory of the Consumption Function, published in 1957.
What was the most recent book Milton Friedman wrote?
His most recently released work was The Freedom Not to Act (a short story) on November 27th, 2021.
What is the most popular book by Milton Friedman?
Based on the number of readers on Book Notification, the most popular Milton Friedman book is
Free to Choose. Here are his most popular books and their average ratings:
- Free to Choose (10.00)
- Why Government Is the Problem (10.00)
What genres does Milton Friedman Write?
Milton Friedman primarily writes in the Non-Fiction genre. His work includes sub-genres such as Economics and Macroeconomics.
How many books has Milton Friedman written?
Milton Friedman has written 16 books excluding contributions to anthologies. All of his books are Non-Fiction Books.