Milton Friedman Research Paper

Milton Friedman is a world renowned economist that made groundbreaking discoveries in the field of economics. He is arguably one of the greatest American economist to date. His studies and work in economics stretches over four decades of learning and research. He achieved many honors and awards for his theories, discoveries, and ideas that strengthened our understanding of economy. Milton Friedman’s accomplishments have come from hard work, dedication and his understanding of the world as it was presented around him.

Friedman was born in Brooklyn, New York on July 31, 1912. He was the youngest of four with three older sisters. His parents were Jewish immigrants from Carpatho-Ruthenia that met as teens in New York. When he was one years old his family moved to Rahway, New Jersey where he would attend Rahway High

While he was President Ronald Regan’s advisor, he set the foundation for the policies used to cut taxes and to fight inflation in the country. His economic studies also helped provide evidence to stop the war draft in the 1970s. ("How Milton Friedman Changed Economics, Policy and Markets.”, 2015) His best known works were his theories on money supply and controlling inflation fluctuations. He theorized that central banks had the ability to control inflation by managing the money sloshing through a financial system ("How Milton Friedman Changed Economics, Policy and Markets.”, 2015). Although his ideas were not immediately accepted in 50s and 60s as inflation and unemployment continued to grow in the 70s his views and research gained mush acknowledgment. His theories and ideas gained Friedman a Nobel Prize in Economic Science in 1976. Today central banks do not follow his monetarist theory because of the belief that other factors add into the rise and fall of inflation. Many economist still believe his theory holds some value in the field, even in today’s