Milton Friedman: The most influential economist of the 20th century (video in Armenian)
Milton Friedman is considered to be one of the successors of Adam Smith's ideology, one of the developers of the theory of liberalism. His books and magazines have had a significant impact on almost the entire world, including the former socialist countri
American economist Milton Friedman is considered to be one of the most influential economists of the 20th century. He was born in the summer of 1912 in Brooklyn, New York in a family of Hungarian immigrants. Milton was the youngest of four children and the only son. His parents were Jewish. Their birthplace is in Ukraine’s territory today.
In 1932, Milton Friedman graduated from Rutgers University with a bachelor's degree in mathematics. He then earned a master's degree in economics from the University of Chicago. He defended his doctoral dissertation at Columbia University in New York. He then returned to the University of Chicago as a lecturer.
Becoming a professor, he carried out a revolution in economics with his scientific work, transforming the notions of money, inflation and consumerism. In 1976 he was awarded the Nobel Prize in Economics. It is thanks to him that the University of Chicago gained worldwide recognition, many of Friedman's students and graduate students became world-class economists, and one of them, Gary Becker, also became a Nobel laureate.
At the University of Chicago, Friedman met his future wife, Rose Friedman, who became his professional companion. In 1962, Friedman, with the help of his wife, wrote the book “Capitalism and Freedom”, in which he explained to the average citizen how a free market could improve his life, from education to security. Milton Friedman died in 2006 at the age of 94.
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