The Milton Friedman essay is just an indication of the influence the economist has had with his liberal views on how business should be run. Born on July 31, 1912, Milton Friedman was an American economist, and one of the most influential economists of his time. Graduating with a Bachelor of Arts degree in 1932, he specialized in mathematics but went on to pursue his true interest, economics. His understanding of economic research was shaped by Arthur Burns. He was introduced to very high scientific standards, which he used throughout his career.
Thoroughly cosmopolitan in nature, his thinking was deeply influenced during his stay at Chicago by a group of graduate students from across the globe. A custom essay could be written on how it influenced his thinking later on. The Chicago Economics Department had offered him a tuition scholarship, which open the door to new worlds. He later met his future wife, Rose Director, who remained an active partner throughout in his professional work.
On receiving his PhD from Columbia in 1946, Milton Friedman joined the University of Chicago as a professor of economy. He did take up an assignment at the National Bureau of Economic Research and had a stint as a research professor at Columbia between 1964 and 1965. He eventually retired in 1977 from the University of Chicago. It was at the Chicago School of Economics that he influenced the research agenda for economists. A Milton Friedman essay should highlight this aspect. He did write several essays, books, journals, and articles. His fame as an economist reached far and wide, and he was invited on television. His profound influence on economics, economic history, and public policy issues is well known.
Among economists, he was popular for his theoretical and empirical research. He established various hypotheses on consumption analysis, monetary and economic policies. Governments asked for his help, and he became economic adviser to U.S. presidents Ronald Reagan and Richard Nixon. He also advised the UK Prime Minister Margaret Thatcher. . The essay he wrote titled, “The Social Responsibility of Business Is To Increase Its Profits,” stressed on the virtue of a free market with minimal regulatory interference from the government. He became a leading proponent of the theory of monetarism.
A business studies coursework on the works of Milton Friedman would be able to reflect his assertion that because business is team work, responsibility and profits should be shared. He contended that a business should dedicate its resources to making profits. His works on monetary theory is reflected in his books such as “Quantum Theory of Money” (1956) and “A Monetary History of the United States” (1963).
Winner of the Nobel Prize in economics in 1976, he was honored in recognition to his contribution towards establishing the role of monetary policy in analysis of the course of business cycles and inflation. To commemorate the memory of this great man, Jan. 29, 2007 has been declared as Milton Friedman Day. A business essay on the influence he has had on free-market policies is in order. The Milton Friedman essay should recognize the contribution of this great thinker.
