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Milton Friedman - Biography

Friedman: The Life and Legacy of a Distinguished Economist

Milton (1912-2006) is a name that has become a symbol of free market and personal freedom in the economic sphere. This outstanding American economist and Nobel laureate in economics has left an incredible mark on world economic thought and politics. Let's take a look at his life, contribution to economic science and impact on modern society.

Milton was born on July 31, 1912 in New York, USA. His family was entrepreneurial and educated, which from the very beginning formed his interest in the economy and the free market. After graduating from Roosevelt Grammar School, he attended Roosevelt University and subsequently the University of Chicago, where he began his academic career and became one of the supporters of the Chicago School of Economic Thought.

Milton taught economics at the University of Chicago from 1946 to 1976, where he formulated and developed many of his theories and ideas. He became known for his research in consumer behavior, monetary policy, and economic theory. His works, such as "Theory of Consumer Behavior" and "The Amount of Money and Inflation," became classics in economic science.

Milton Friedman was one of the main proponents of monetarism, the theory that the level of money supply in the economy plays a decisive role in determining inflation and the overall price level. He campaigned for a free market, arguing that market mechanisms were the best way to regulate the economy and ensure economic efficiency. His works and ideas have inspired many economic reforms and policies around the world.

In 1976, Milton was awarded the Nobel Prize in Economics for his contributions to the field of consumer behavior analysis and monetary theory. His influence on economic policy and thought was enormous, and his advice and recommendations were adopted by many governments.