Nobel-winning economist Milton Friedman dead at 94
Milton Friedman, who many consider to be one of the greatest figures in the economics profession, died of heart failure on Thursday at age 94. Friedman made many contributions to various fields of economics awarding him a Nobel Prize for economics in 1976. In 1988 he received both a Presidential Medal of Freedom and the National Medal of Science. He is mostly known for his advocacy of laissez-faire capitalism.
Friedman was born July 31, 1912, in New York to a working-class family of Jewish emigrants from Hungary. He earned his bachelors degree from Rutger University in 1932. Then received his master`s degree from the University of Chicago in 1933 after which he began working for the US government which he left for a teaching position at the University of Wisconsin which he only to return to government service after encountering anti-Semitism in the economics department. He later completed his doctorate from Columbia University in 1946 after which he served as Professor of Economics at the University of Chicago until 1976. There he was a prominent member of an intellectual group known as the Chicago School of Economics. Since 1977 Friedman has been associated with the Hoover Institute at Stanford University.
Friedman left a wife Rose Friedman, who co-authored many of his books, a son, the philosopher David D. Friedman, and a daughter Janet Martell as well as many books. Friedman was a prolific writer. Some of his best know works include Capitalism and Freedom," 1962, "Free to Choose," 1980 and "A Monetary History of the United States, 1867-1960," 1963.
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