No 10-14
Milton Friedman
Milton Friedman was born on July 31, 1921, in Brooklyn, New York, America. He was the fourth and last child and first son of Sarah Ethel (Landau) and Jeno Saul Friedman. His parents were born in Carpatho-Ruthenia of the Soviet Union. They emigrated to the U.S. in their teens, meeting in New York. When he was a year old, his parents moved to Rahway, New Jersey, a small town about 20 miles from New York City.
He was awarded a competitive scholarship to Rutgers University. He graduated from Rutgers in 1932. He financed the rest of his college expenses by the usual mixture of waiting at tables, clerking in a retail store, occasional entrepreneurial ventures, and summer earnings. Shortly, however, he became interested in economics.
In economics, he had the good fortune to be exposed to two remarkable men: Arthur F. Burns and Homer Jones. Arthur Burns shaped his understanding of economic research, introduced him to the highest scientific standards, and became a guiding influence on his subsequent career. Homer Jones introduced him to rigorous economic theory, made economics exciting and relevant, and encouraged him to go on to graduate work. On his recommendation, the Chicago Economics Department offered him a tuition scholarship. As it happened, he was also offered a scholarship by Brown University in Applied Mathematics, but, by that time, he had definitely transferred his primary allegiance to economics. In 1976 he won the Nobel Memorial Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy. In 1977, at age
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