Essay The, New York, By Milton Friedman

Essay The, New York, By Milton Friedman

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Nobel Peace Prize winner and famous economist Milton Friedman, started his life in Brooklyn, New York, on July 31 1912. The youngest in his Jewish household, he was already known for his interest in reading and mathematics. His early schooling was held at the public schools of Rahway, New Jersey. In time he was awarded a state scholarship to attend Rutgers University. In his original intent, he was going to go to school for mathematics and eventually have an actuary career; however, he was influenced by a number professors and in time made the transition from mathematics to economics.
That transition led him into The University of Chicago, where he and a group of other economist would create a team. Chicago became known as the “Chicago School” of economics as their work involved competitive market place and price system. They would contribute their thoughts of free market and criticize government involvement in the marketplace. In time he obtained his master’s degree at Chicago in 1935, but he also attended University of Colombia for mathematics and economics. Milton Friedman’s early career stage of hoteling had an influence over him, as he learned he was more of a statistician than a great economist.
An economic school of thought is simply a group of individuals with the same basic opinions concerning economics, psychology, ethics, and other concepts. Friedman was part of the Neoclassical school of thought. Neoclassical economics is also referred to as New Classical economics. It is considered the dominant school of economics in a sense that when people refer to economics they are generally referring to the Neoclassical school of thought. People define Neoclassical economics as the mainstream economics, the traditional view. Neoc...

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...riedman argued for the concept of Stagflation, the argument that the higher the inflation rate, the unemployment rate would go back up as well. Friedman said that not only would we need a higher inlfation rate to keep unemployment down, but also a continuously accelerating inflation rate. In 1970s, this was proven with the stagflation the economy faced. Friedman and Phelps were able to use this and sway the views of most economists. However, there have been arguments since the 1970s that argue against Friedman-Phelps’ theory.

Friedman was one of the most significant supporters of free market. He provided a solution for inflation and fluctuations in the short-run. He is considered a major “friend” to free market economy and liberalism. Many fear his impact will die off, but the significance of his works to our economy show that would be a hard thing to accomplish.

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