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Milton Friedman
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Milton Friedman was a man of small size but great stature. His ideas underpin much of the common-sense economics that are part and parcel of the conservative movement. He understood that the best way to make an economy run for the greatest benefit of the most people was to simply leave it alone.
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Above all, economist Milton Friedman was an independent, objective thinker who systematically applied the scientific method to economic problems and eventually to the entire spectrum of the social sciences. He was without peer in achieving this intellectual imperialism, and his fame and accomplishments result from his scientific prowess rather than mere ideology.
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Milton Friedman's work against the draft began in December 1966, when he gave a presentation at a four-day conference at the University of Chicago. Various prominent and less-prominent academics, politicians, and activists had been invited. Papers had been commissioned, and the authors gave summaries, after which the discussion was open to all. Fortunately, the discussion was transcribed. The papers and discussions appear in a book edited by sociologist Sol Tax and titled The Draft: A Handbook of Facts and Alternatives. The invitees included two young anti-draft congressmen, Robert Kastenmeier (D-Wisc.) and Donald Rumsfeld (R-Ill.), and one pro-draft senator, Edward Kennedy (D-Mass.).
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As Milton Friedman says in Money Mischief [HBJ, 1992], anything can be money: stones, iron, gold, tobacco, silver, shells, cigarettes, copper, paper, nickel, etc. What makes these things money is not what they are, but what they are used for. They may have value in themselves, like gold ("commodity" money), or they may not ("credit" money, which means banknotes, bank deposits, tokens, markers, etc.); but their value as money is separate from their intrinsic value. What gives money value as such is that it is, or can be, used for exchange, replacing the original human system of trade, which was barter. The value of money is ... the value people attribute to what they want to exchange, no more, no less. As a medium of exchange, all money is in effect "credit" money: credit on an incomplete barter, like an IOU.
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Milton Friedman was born in New York City, the fourth child and only son of working class Jewish immigrants from a Hungarian community in what is now Ukraine. When he was a year old, the family moved to Rahway, New Jersey, where Friedman's parents kept a dry-goods store. Although their financial position was precarious, and no member of the family had been to university before, it was decided early that Milton would attend college. He read voraciously, enjoyed school and showed a particular talent for mathematics. He earned a degree in mathematics from Rutgers University, graduating in 1932 during the very depths of the great Depression. Although scholarships covered his tuition costs, he worked throughout his student years to meet his living expenses.
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Milton Friedman was born on July 31, 1912 in Brooklyn, New York to a working family of Jewish immigrants from Berehove in Austria-Hungary (now part of Ukraine). He was the first son and youngest child of Sára Eszter Landau and Jenő Saul Friedman,[6] both of whom worked as dry goods merchants. Shortly after Milton's birth, the family relocated to Rahway, New Jersey. A gifted student, Friedman graduated from Rahway High School in 1928, shortly before his 16th birthday.
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Milton Friedman