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MEMORIALIZING MILTON FRIEDMAN: A REVIEW OF HIS MAJOR WORKS, 1912-2006

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Milton Friedman was born in July 31, 1912, in Brooklyn, NY, to Jewish immigrants, Jeno Saul Friedman and Sarah Ethel Landau, who immigrated to Brooklyn, in 1890, and 1895, respectively. From 1924-1928, Friedman attended Rahway High School, where his favorite subjects were political science and geometry. Friedman entered the University of Chicago in 1932. Between 1960-1975, his research ideas had a commanding influence in Macroeconomics. The quantity theory of money is the basis of Friedman's contribution to monetary economics. In 1969, Friedman advanced a model of his monetary theory is search of the optimum quantity of money. Friedman maintained a libertarian view of philosophy on the one hand, and a positive view of science on the other. Milton Friedman advanced the Permanent Income Hypothesis of the consumption function in order to reconcile inconsistencies in the observations of short and long run marginal propensities to consume.

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