Milton FriedmanBirth Chart
31/07/1912 unknown time
XX - Time not informed
Brooklyn (NY)
USA
40°38' ↑ North - 73°56' ← West
05:00 West
Sun Moon or
Photo: Reproduction
Milton Friedman was an American economist and statistician, a central figure of the Chicago School and the winner of the 1976 Nobel Prize in Economic Sciences for his contributions to the theory of consumption, monetary history and stabilization policy. His theoretical work, including the permanent income hypothesis and his defense of monetarism, challenged the dominant Keynesianism by emphasizing the role of the money supply and rational expectations in macroeconomics. Friedman formulated the idea of a natural rate of unemployment and argued that attempts to keep unemployment below that rate would accelerate inflation, predicting phenomena such as stagflation. He advocated predictable, moderate monetary expansion instead of abrupt changes in the money supply, influencing central bank practices and debates over macroeconomic policy. Beyond his academic work, he had a major public impact: he advised political leaders, promoted proposals such as school vouchers and a negative income tax, and founded initiatives in support of school choice. His legacy includes a generation of economists he trained and broad influence on deregulation, privatization, and fiscal and monetary reforms in the second half of the twentieth century.
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