Milton Friedman photograph

Milton Friedman

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Gender Male
Death17 years ago
Date of birth July 31,1912
Zodiac sign Leo
Born Brooklyn
New York
United States
Date of died November 16,2006
DiedSan Francisco
California
United States
Height 152 (cm)
Job Economist
Teacher
Scientist
Researcher
Statistician
Essayist
Awards Nobel Memorial Prize in Economic Sciences
John Bates Clark Medal
Presidential Medal of Freedom
National Medal of Science for Behavioral and Social Science
National Medal of Science
Spouse Rose Friedman
Education Columbia University Graduate School of Arts and Sciences
Children David D. Friedman
Janet Friedman
Jan Martel
Parents Jenő Saul Friedman
Sára Ethel Friedman
Grandchildren Patri Friedman
Influence John Maynard Keynes
Friedrich Hayek
Influencees Thomas Sowell
David D. Friedman
Anna Schwartz
Robert Lucas Jr.
Date of Reg.
Date of Upd.
ID404080

A theory of the consumption function
Two Lucky People: Memoirs
Money Mischief
Essays in Positive Economics
Tyranny of the status quo
Why government is the problem
The optimum quantity of money
great contraction, 1929-1933
Monetary Trends in the United States and the United Kingdom: Their Relations to Income, Prices, and Interest Rates
Milton Friedman on Economics: Selected Papers
Incomes from Independent Professional Practice
Milton Friedman on Freedom: Selections from The Collected Works of Milton Friedman
A program for monetary stability
Bright promises, dismal performance
Monetary Vs. Fiscal Policy
Monetary Statistics of the United States: Estimates, Sources, Methods
The essence of Friedman
The demand for money
Inflation and unemployment : the new dimension of politics
Monetarist economics
A theoretical framework for monetary analysis
An economist's protest: columns in political economy
A Conversation with Milton Friedman
Inflation: causes and consequences
Economic Freedom, Human Freedom, Political Freedom
From Galbraith to economic freedom
Interpolation of time series by related series
Dollars and Deficits: Inflation, Monetary Policy and the Balance of Payments
Tax limitation, inflation and the role of government
Making Chicago price theory
Politics and Tyranny: Lessons in the Pursuit of Freedom
Money and the stock market
Monetary Correction: A Proposal for Escalator Clauses to Reduce the Costs of Ending Inflation
Economia Monetarista, La
Friedman in China
Market or Plan?
Market mechanisms and central economic planning
Input and output in medical care
On Milton Friedman
Foreign economic aid
Taxing to Prevent Inflation: Techniques for Estimating Revenue Requirements
Social Security: Universal Or Selective?
Capitalism and Freedom
Free to Choose
A Monetary History of the United States
Price Theory
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Milton Friedman Life story


Milton Friedman 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.

Ben Bernanke, former US Federal Reserve chief, wins Nobel Prize

Oct 10,2022 4:40 pm

Ben Bernanke , who led the US Central Bank during the 2008 financial crisis, is one of three recipients of this year's Nobel Prize in economics.

The Royal Swedish Academy of Sciences said it was recognising The Trio for research that had changed our understanding of financial crises.

The Work focused on the importance of avoiding runs on Banks .

The insights have " improved our ability to avoid both serious crises and expensive bailouts" The Academy said.

Mr Bernanke's research showed how bank runs had prolonged The Great Depression in The 1930S . He later applied some of those lessons during his time at the US Federal Reserve, which he led from 2006-2014.

When the financial crisis hit, he pushed the Federal Reserve to intervene aggressively, slashing interest rates and helping to organise bailouts of some of America's biggest Banks - moves that were politically controversial.

The tools he deployed were also used by the Fed and other central Banks in 2020 to stabilise the Economy when the Covid pandemic hit and many countries went into lockdown.

" The laureates have provided a foundation for our modern understanding of why Banks are needed, why they are vulnerable and what to do about it, " said Stockholm University economist John Hassler, a member of The Prize committee. " We can also note that even though the financial crisis had large consequences, neither that, nor the Covid pandemic, led to depressions like in the '30s. "

When Mr Bernanke published his work in 1983, bank failures were viewed as a consequence of economic crisis, rather than The Cause . His work turned that wisdom on its head.

Mr Bernanke, a long-time professor who is now a senior fellow at the Brookings Institution , said his work looks " primitive" today, but was unusual at The Time for arguing that the financial system had a big impact on the rest of the Economy .

" I'm incredibly honoured to be a co-winner, " He Said . He Said The Call was Unexpected - noting that he learned The News from his daughter, after The Committee failed to reach him because his Mobile Phone was off.

Mr Bernanke shared The Prize with economists Douglas Diamond and Philip Dybvig, who are professors at the University of Chicago and Washington University in St Louis, Missouri respectively.

Their work showed the vital role Banks play in the Economy and how regulation, Such as deposit insurance, can make Banks less vulnerable to collapse, insights that The Committee said " form The Foundation of modern banking regulation".

Understanding financial crises remains a " first-order priority" Prof Hassler said in awarding The Prize , which comes at a time of heightened global economic uncertainty.

Prof Diamond said The World is much better prepared for financial crises than it was in 2008. But He Said Unexpected events, like The Surge in borrowing costs that hit the UK last month after the government unveiled plans for tax cuts, still pose risks, especially if people lose faith in the credibility of The System .

" The Best advice is to Be Prepared for making sure that your part of the banking sector is both perceived to be healthy and to stay healthy and respond in a measured and transparent way to changes in Monetary Policy , " He Said , speaking by phone at The Announcement .

Mr Bernanke, speaking at a press conference in Washington after the award was announced, said the big risks to the current Economy - Such as the Energy Crisis in Europe - do not appear to be rooted in the financial system. But he warned that if lenders are affected, they can make The Situation worse.

" I don't think we know very much [about] how changes in interest rates affect long-run financial stability, " he added.

The award comes with 10 million Swedish crown ($885,000) in prize money, which will be split three ways.

Although not one of the original Nobel Prizes, the economics award is administered by the Nobel Foundation and is The Last to be announced each year.

The Other Nobel prizes were established by Alfred Nobel 's will in 1895, while the economics prize, officially known as the Sveriges Riksbank (Sweden's Central Bank ) Prize in Economic Sciences in Memory of Alfred Nobel , was created in 1968.

Previous winners, the majority of whom have been from the US, include Paul Krugman and Milton Friedman . It is unusual for The Prize to go to a prominent policymaker.

Mr Bernanke, who earned his Undergraduate Degree at Harvard and doctorate from MIT, previously worked as a professor of economics at Princeton and other universities. He also served as an advisor to former president George W Bush.

The Announcement brought congratulations from many economists, including Olivier Blanchard , former chief economist at The International Monetary Fund, Who Said Mr Bernanke had done more for global growth than any other living economist.

" Without his actions when the financial crisis came, GDP would have collapsed much More Than it did, " he wrote on Twitter . " So, on purely financial grounds, he deserves The Prize (and on other grounds as well). "

But The Prize also revived criticism of Mr Bernanke's actions, with some noting that he pioneered large bank purchases of Government Debt and other assets, which some say have helped fuel The Price rises plaguing the Economy today.

" Ben Bernanke wins the economic Nobel Prize at the very moment when the global financial system is (Once Again ) on The Edge due to the misguided monetary policies he and other central bankers spearheaded. This is a bankruptcy moment for central banking and the economics Nobel, " Indian billionaire Sridhar Vudu, The Chief executive of the Zoho technology firm, wrote on Twitter .



Source of news: bbc.com

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