Milton Friedman Dies of Heart Failure at Age 94 –Favorite of Libertarians and Free Market Thinkers –Author of Books and Articles

Milton Friedman Dies of Heart Failure at Age 94 –Favorite of Libertarians and Free Market Thinkers –Author of Books and Articles

Milton Friedman

Nobel Prize winner Milton Friedman died on Thursday at the age of 94 in San Francisco of heart failure. His theories concerning consumption analysis, monetary history and stabilization policy earned him the Nobel Prize in economics in 1976. He developed many of his free market theories during the Great Depression. His ideas were contrary to President Franklin D. Roosevelt’s who based his New Deal ideas of Britain's John Maynard Keynes, the most influential economist of the time.

Friedman graduated from Rutgers University in 1932 and earned his master's degree the following year at the University of Chicago. He received his doctorate from Columbia University in 1946. Friedman wrote more than a dozen books including “Why Government is the Problem”; “Money Mischief: Episodes in Monetary History”; “Price Theory," in 1962 (with Rose Friedman); "Capitalism and Freedom," in 1962 (with Anna J. Schwartz); "An Economist's Protest," in 1972; "There Is No Such Thing As a Free Lunch," in 1975; and "Free to Choose," in 1979, co-authored with his wife, and “Essays in Positive Economics”.

He also wrote a column for Newsweek from 1966 to 1983 and worked on a TV show for PBS. He was a champion of freedom in both economics and politics. He took issue with economists such as Harvard's John Kenneth Galbraith who favored wage or price controls. Friedman believed in slow steady moderate growth in the money supply.

He was a professor at the University of Chicago were he pioneered a school of thought that became known as the Chicago school of economics. Although “pure capitalism” does not exist, he said that nations that cherished freedom must strive to keep the economy as close to this ideal as possible. He criticized the Federal Reserve when it tried to fine-tune the economy, but did favor a "negative income tax" in which people who earn less than a certain amount could get money from the government.

Friedman was born in New York City on July 31, 1912. Friedman married Rose Director in 1938. He taught at the University of Minnesota during World War II before returning to the University of Chicago. Eventually he became a senior fellow at the Hoover Institution at Stanford University in 1977.

He was a favorite of Libertarians, not just because of his free thinking concerning economics, but because he supported an end to drug prohibition. He got involved in various political campaigns including Barry Goldwater in 1964 and Richard Nixon in 1968. He served on Nixon's commission for an All-Volunteer Army in 1969 and 1970.

Rose and Milton Friedman had two children, Janet and David.

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By Dan Wilson
Best Syndication Writer

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