Milton Friedman was one of the most prominent and controversial economists of the 20th Century. He was a leader of the "Chicago School" of economists, developing the theory that changes in the money supply, rather than government fiscal policies involving taxation and government spending, best control inflation.
He characterized his economic and social philosophy as "libertarian," and it was indeed developed during the rise of the "libertarian" movement of the 1950s and 1960s. He believed that government intervention in the economy should be as limited as possible, and that the free market best preserves individual liberties.
His concern for individual liberties extended to the social arena during the Vietnam War, when he was an outspoken critic of federal government social policy, including draft policy.
Milton Friedman's economic theory challenged that of John Maynard Keynes' (1883-1986) previously dominant theory, which promoted government intervention through spending and taxation to attempt to control fluctuations in the business cycle. He also challenged Keynes' theory regarding consumer spending and consumption. Keynes believed that as individual income rises, the smaller percentage of that income is spent and the greater portion saved; Friedman believed that the portion of individual income spent is constant regardless of changes in that income.
Milton Friedman wrote numerous books on economic and social policy and has exerted tremendous influence in world affairs because of his beliefs concerning free markets and individual liberties. He held a number of governmental advisory positions. He was an advisor to Barry Goldwater during the 1964 presidential campaign, to President Nixon and to Ronald Reagan, who put his theories into practice ("Reaganomics"). Friedman won the Nobel Prize in economic science in 1976.
Milton Friedman was born on July 31, 1912, in Brooklyn, New York. He died on November 16, 2006 at the age of 94.
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