Milton Friedman was born on July 31, 1912 in New York. He graduated from mathematics at Rutgers University in 1932. He changed his branch to master and studied master's in economics at the University of Chicago. He could not find an academic job due to the crisis and worked as an economist in the state administration. In 1945, he worked as a mathematical statistician at Columbia University. He received his Ph.D. degree from Columbia University in 1946.
He was appointed to study the theory of economics at the University of Chicago and has spent 30 years of his academic career there. After receiving the Nobel Prize for Economics in 1976, he retired from Chicago University in 1977 at the age of 65.
In 1980, he became a consultant to the Republican Party presidential candidate Ronald Reagan. When Reagan was elected president, Friedman served in the "Economic Policy Advisory Board", the chief economic adviser to the US Federal government.
He died of a heart attack in San Francisco in 2006 when he was 94 years old. Milton Friedman is the most important economist in monetarism formation and promotion. In 1976 he published Monetarizmin basic principles in his book "Studies in the Quantity Theory of Money"
When Milton Friedman gave him the Nobel Prize for Economics, he spoke of "inflation has always been a monetary phenomenon" and emphasized the tight link between monetary expansion and inflation.
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