Milton Friedman

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Summary

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.

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leading intellectual figure and primary proponent of monetarism
Friedman was the most prominent economist associated with the school, providing the theoretical and empirical framework that defined the movement.
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proponent of the stability of velocity
Friedman's empirical studies suggested that velocity is predictable, which was a cornerstone of his argument for steady money supply growth.
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reviver of the theory in modern economics
Friedman was the leading figure of the Chicago School of Economics who restated the quantity theory of money in the 1950s, arguing that inflation is always a monetary phenomenon.
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