K EY E C ON O M IST
M
P.2
Bardeya Moradi
ilton Friedman was born
on the 31st of July, 1912 in
Brooklyn, New York, USA. He
received his bachelor’s degree from
Rutgers University in 1932 where he
specialised in mathematics. He gained
a scholarship to study economics at
the University of Chicago where he
then gained his MA in 1933. Finally, he
was awarded his PhD from Columbia
University in 1946. After ninety four
years of life Friedman passed away
on 16th of November 2006 in San
Francisco, California.
Friedman was a Nobel Prize winning
economist and professor at the
University of Chicago, a leader of the
monetarist movement and a staunch
opponent to the Keynesian School
of Economics. Friedman’s reach was
not confined just too theoretical
economics as he worked to influence
the political-economics of the 1980s,
working with both President Reagan
and Prime Minister Thatcher. Having
been described by The Economist as,
“the most influential economist of
the second half of the 20th century...
possibly of all of it”, therefore he is the
first Economist to be covered in our
maiden issue of Whitonomics.
This theory stated that the money
supply should be calculated using
known financial and macroeconomic
data, targeting a set inflation rate.
This would then determine the fixed
rate of interest which would increase
year on year to meet cyclical needs
and to counteract any inflationary
pressure.
It is the rate of unemployment where
real wages have found their free
market level, and where the aggregate
supply of labour is in balance with the
aggregate demand for labour. It is the
difference between those who wish
to take a job at the current market
equilibrium and those able to do so.
Friedman was a loyal Monetarist
believing that there was a strong
cor ɕ