Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr.Friedman's challenges to what he later called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory which would later become part of the mainstream and among the first to propagate the theory of consumption smoothing. During the 1960s he became the main advocate opposing Keynesian government policies, and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its initial conclusions. He theorized that there existed a natural rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted a macroeconomic viewpoint known as Monetarism and argued that a steady, small expansion of the money supply was the preferred policy, as compared to rapid, and unexpected changes. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's monetary policy in response to the global financial crisis of 2007–2008.After retiring from the University of Chicago in 1977, and becoming Emeritus professor in economics in 1983, Friedman was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. He once stated that his role in eliminating conscription in the United States was his proudest achievement. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax and school vouchers and opposition to the war on drugs and support for drug liberalization policies. His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.Friedman's works cover a broad range of economic topics and public policy issues. His books and essays have had global influence, including in former communist states. A 2011 survey of economists commissioned by the EJW ranked Friedman as the second-most popular economist of the 20th century, following only John Maynard Keynes. Upon his death, The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it".
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Some of their strengths
Milton Friedman has many admirable traits.
Based on spiritual traditions from around the world, they are someone who can be described as Kind, Imaginative, Confident, Energetic, Extroverted, Passionate, and Intelligent.
Bold and Confident
According to Mysticism’s Astrology tradition, Milton Friedman is someone who is a bold, confident, energetic, and optimistic person, who is able to combine personal warmth and charisma with intelligence. A person who is ambitious and motivated.
Constant and Serious
Based on Daoism’s Ba-Zi or ‘Chinese Zodiac’ tradition, people who know Milton Friedman well know them as someone who can be determined, unmoving, and firm, like a rock or a high mountain.
Courteous and Easygoing
According to Hinduism’s Jyotisha or ‘Vedic Astrology’ tradition, many would also describe Milton Friedman as someone who is polite, modest, and diplomatic.
A person who tends to be socially popular, who loves intellectual or creative activities, who has a talent for communicating with and understanding the needs of others, and who seems to have a knack for getting recognized for their efforts.
Altruistic and Ambitious
Based on the Mayan Tzolk’in or ‘Mayan Astrology’ tradition, Milton Friedman is someone who is the type of person who rallies behind a group, cause, or community, and who enjoys being dedicated to a higher cause of some sort.
They are also someone who is patient, assertive, and who is a natural leader that likes to help others in need.
Creative and Leadership-oriented
According to Judaism’s Kabbalah tradition, Milton Friedman tends to be someone who is a natural leader, with determination, motivational powers, and who takes obligations seriously. Who has charisma, a sense of humor, and who tends to attract attention.
Some of Milton Friedman's challenges
While Milton Friedman has many strengths, nobody is perfect. They also have some challenging traits they need to manage.
For example, Milton Friedman can be Arrogant, Indecisive, Unrealistic, Status-seeking, Complicated, Brusque, and Materialistic.
Arrogant and Status-seeking
One of Milton Friedman's key challenges is that they are someone who can come across as arrogant and status-seeking.
Indecisive and Materialistic
Milton Friedman is someone who can be indecisive, indulgent, and materialistic, who can have difficulty focusing on a single career or profession, have difficulty following orders or respecting authority, and who can suffer from "analysis paralysis".
Domineering and Stubborn
Finally, Milton Friedman also can be too rebellious, not respond to criticism well, and be too emotional and extreme about things.
