Milton Friedman (July 31, 1912 – November 16, 2006) was a highly influential American economist and statistician, widely regarded as one of the leading proponents of free-market capitalism and monetarism in the 20th century
. He was a key figure of the Chicago School of economics, which rejected Keynesianism in favor of monetarism and new classical macroeconomics
. Friedman received the Nobel Memorial Prize in Economic Sciences in 1976 for his work on consumption analysis, monetary history and theory, and the complexity of stabilization policy
. His research fundamentally changed economic thought, especially with his theory that changes in the money supply have short-term effects on real economic activity and long-term effects on price levels
. He advocated for steady, predictable growth of the money supply to control inflation, influencing central bank policies worldwide
. Beyond academia, Friedman was an outspoken advocate for limited government intervention, free markets, and individual liberty. His book Capitalism and Freedom (1962) brought him international attention, and he advised political leaders including Presidents Richard Nixon and Ronald Reagan
. He also contributed ideas such as the negative income tax and school vouchers, which have had lasting policy impacts
. Born in Brooklyn, New York, to Jewish immigrant parents, Friedman studied at Rutgers University, the University of Chicago, and Columbia University, where he earned his Ph.D. in 1946. He spent much of his career teaching at the University of Chicago and mentoring future leading economists
. In summary, Milton Friedman was a Nobel Prize-winning economist known for founding monetarism, promoting free-market policies, and profoundly shaping modern economic theory and policy
