Milton Friedman Research Paper

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Milton Friedman lived from July 31, 1912 to November 16, 2006. He grew up on the East coast and earned a bachelors in 1932 at Rutgers University. Milton continued his education in economics at the University of Chicago and at Columbia University. He worked with the National Bureau of Economic Research. In the early years of WW2 he worked at the Department of Treasury in the Division of Tax Research. He taught one year at the universities of Wisconsin and Minnesota. For the next 30 years he worked in the Economics department at the University of Chicago. He taught courses in price theory and monetary economics. In 1953 he established the money and banking workshop. Key Tenets of Milton Friedman's Theories
The following are some lessons that
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"Inflation is always and everywhere a monetary phenomenon."
The most famous excerpt from Friedman's writings and speeches is, "Inflation is always and everywhere a monetary phenomenon." He defied the intellectual climate of his era and reasserted the quantity theory of money as a viable economic tenet. In a 1956 paper titled "Studies in the Quantity Theory of Money," Friedman found that, in the long run, increased monetary growth increases prices but does not really affect output.
Friedman's work busted the classic Keynesian dichotomy on inflation, which asserted that prices rose from either "cost-push" or "demand-pull" sources. It also put monetary policy on the same level as fiscal policy. Friedman's insight was so sharp in his criticism of the Federal Reserve's mismanagement of the money supply that the Fed actually stopped releasing minutes from the board's meetings to avoid his scrutiny.
4. Technocrats cannot control the economy.
In a 1980 Newsweek column, Milton Friedman said: "If you put the federal government in charge of the Sahara Desert, in five years there'd be a shortage of