The Passing of A Giant - Milton Friedman

Milton Friedman was many things and GENIUS is among them.

The "father" of Monetarism for which he won a Nobel Prize in 1976.

Friedman studied, and later taught, at the University of Chicago was a Keynesian at first but then took a different view. According to Friedman, inflation was a monetary phenomenon i.e. when money supply outpaced output = inflation.

One of his best known works is the Theory of the Consumption Function, which says that people's spending habits are shaped by their expectations of future ("permanent") income rather than their current income.

He was very influential in the Reagan Administration since he was a member of President Reagan's Economic Policy Advisory Board. Ben Benarke (current Federl Reserve Chairman) is widely thought to be a Monetarist.

Milton Friedman's colleagues & students (The Chicago Boys) helped Chile turnaround its economy.

Milton, we shall miss you!