Finally, he is quite talented in outraging his intellectual opponents, who have accordingly devoted much energy and knowledge to advertising his work.”Milton Friedman was born on July 31, 1912 at 502 Barbey Street, Brooklyn, New York.
He was the fourth child and only son of Jeno Saul Friedman and Sarah Ethel Landau, both of whom were from Beregszasz, Carpatho-Ruthenia which was part of the Austro-Hungarian empire and now part of Ukraine.
He began as a peddler, opened a general store and earned enough money to have his family join him and most of their relatives in Portland, Oregon.
They arrived just before World War I began, a good thing since emigration might have been impossible afterward. She worked as an assistant to Frank Knight, while Milton worked as an assistant for another economics professor, Henry Schultz.
” Without all the laws from that era, it was feared, there would again be high unemployment, chronic monopolies and gross inequality.
Nobel Laureate Milton Friedman did more than anyone else to change thinking on these issues.Although Friedman has welcomed opportunities to urge that politicians pursue free market policies, he has had no interest in public office.Controversy dogged him, though, after it was reported that University of Chicago-trained Chilean economists advised Chilean dictator Augusto Pinochet.The Great Depression of the 1930s was blamed on free markets and brought a vast expansion of government interference with the economy.Anybody who favored rolling back the power of government inevitably faced the question, “What about the Great Depression?He rebounded from a 1972 open heart operation to campaign for a spending limit by the state of California.He wrote two books as well as resuming tennis after his 1984 heart attack and open heart operation.He helped usher in the era of free foreign exchange markets.He campaigned for ballot initiatives to limit government spending and taxes.His ability to think very fast and to conduct himself with complete propriety in the heat of debate makes him an extremely formidable debater in person as well as on paper.He is a marvelous empirical worker, prepared to isolate what he believes are the essential elements of a problem, and to bring the analysis to bear most ingeniously upon empirical data.