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(July 31, 1912 - November 16, 2006)
MonetarismIn Milton Friedman's book, A Monetary History of the United States (1867-1960),he focused on the role of government in controlling the amount of the money in circulation in the economy. It should be the first effort of the government to avoid unnecessary price inflation in order to achieve price stability.
Stabilization PolicyIn Milton Friedman's book, A Monetary History of the United States, he concluded that the economy will be able to correct high rates of inflation and unemployment without government intervention. The government can only destabalize and interfere with the natural business cycle, and therefore it should not influence the economy.
Friedman's ViewFriedman supported free market economics because it allowed the civilian to control their life. In favor of a "hands off" approach in government intervention and regulation. This policy influenced a large array of individuals ranging from conservatives, libertarians, and communists.
Early Years:*Impoverished Childhood*Lost father at a young age*Attended college at Rutgers University*Double majored in Mathematics and Economics* At Rutger's he met Arthur F. Burns & Homer Jones, two renowned economists and professors that deeply influenced his economic policy.*Later Friedman got into the Economics department at Chicago University due to his important friends and got his masters degree.
By: Hadi Al-Jabi-Lopez