The Nobel Memorial Laureates in Economics
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The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.
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Chapter 8: THE 1976 NOBEL MEMORIAL LAUREATE MILTON FRIEDMAN

Howard R. Vane and Chris Mulhearn

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THE 1976 NOBEL MEMORIAL LAUREATE MILTON FRIEDMAN MILTON FRIEDMAN Milton Friedman (b. 1912) © The Nobel Foundation Milton Friedman was born in Brooklyn, New York, USA in 1912. The son of working-class Jewish immigrants from Central Europe, he studied mathematics and economics at Rutgers University, from where he graduated with a BA in 1932. Upon receipt of a scholarship, Friedman commenced graduate studies at the University of Chicago where he was awarded an MA in 1933. After a year of further graduate work at Columbia University, he returned to Chicago as a research assistant. From 1935 to 1937 he was employed as an economist at the National Resources Committee in Washington, DC, investigating consumer expenditures in the United States. In 1937 he accepted a post at Columbia University as a part-time lecturer and in the same year joined the research staff at the National Bureau of Economic Research (NBER). At the NBER, Friedman assisted Simon Kuznets (see entry in this volume) in his studies of the incomes of professionals (Kuznets and Friedman, 1945). This work formed the basis of Friedman’s doctoral dissertation and he was subsequently awarded a PhD from Columbia University in 1946. During the Second World War, Friedman worked first at the US Treasury Department on wartime tax policy from 1941 to 1943, and then from 1943 to 1945 as associate director of the Statistical Research Group of the Division of War Research at Columbia Univer82 MILTON FRIEDMAN sity. In 1945, following the end of the war, he joined...

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