INTRODUCTIONMilton Friedman's ideas were considered radical, but he was the most influential figure in economics in the 20th century (Placeholder2) and was best known for his thoughts on free business, the classics of liberalism and limited government. (Placeholder3) His views shaped modern capitalism. (Placeholder2) He was against government intervention and favored the free market (Placeholder6). “If you put the federal government in charge of the Sahara Desert, in 5 years there would be a shortage of sand.” – Milton Friedman His contributions have been numerous, to name a few: • Monetary theory and policy • Price theory • Permanent income • Quantity theory • Consumption function and permanent income hypothesis • Theorizing and results of the Friedman-Phelps Phillip curve in macro-policy • International finance and exchange rate policy • Negative income tax (now the Earned Income Tax Credit) • School vouchers to improve the education system. Milton Friedman was ahead of his time and his views still shape capitalism today. EARLY LIFE Milton Friedman was born in Brooklyn in 1912 to Jewish immigrant parents. He had three brothers and sisters. He went to Rutgers University, the University of Chicago and Columbia. He focused on mathematics and economics. (Placeholder6) Milton Friedman enrolled at Rutgers University at the age of 16 in 1928 and graduated from college in 1932, during the Great Depression. As a young man, Friedman was not actively interested in economics and social policy. He was interested in mathematics and statistics and then economics. (Placeholder8) He earned a degree in economics from Rutgers. He then enrolled in the graduate program in economics at the University of Chicago. He transferred to Columbia University...... middle of paper...... 1-30. Retrieved April 16, 2014 from http://eds.b.ebscohost.com/eds/detail?sid=lfe3ea92-4b27-4010-aef6-1 Ip, G. and Whitehouse, M. (November 17, 2006). How Milton Friedman changed economics, politics and markets. The Wall Street Journal, N/A, A1. Retrieved April 16, 2014 from http://online.wsj.com/news/articles/SB116369744597625238(2014). Monetarism. In Ecyclopedia Britannica (Vol. N/A, p. N/A). N/A: Encyclopedia Britannica. Retrieved April 17, 2014 from http://www.britannica.com/EBchecked/topic/389146/monetarismMoore, S. (2012). The man who saved capitalism. The Wall Street Journal, N/A(N/A), N/A. Retrieved April 16, 2014 from http://online.wsj.com/news/articles/SB10000872396390444226904577558882802335216?mod=WSJ_Opinion_LEADTop&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle 2FSB10000872396390444226904577558882802335216.html%3Fmod % 3DWSJ_Opinion_LEADTop