Milton Friedman was called "the most influential economist of the second half of the 20th century ... possibly of all of it" by The Economist. This is for very good reasons, as he challenged many of the policies that our nation held dear and made us question exactly what we were doing. Often times he would hold public seminars and challenged people’s beliefs. He had a knack for breaking things down to their simplest elements so that everyone could understand. His ability to be understood by people from all walks of life made him loved, respected and admired by many.
Among Milton Friedman’s many accomplishments he was awarded a Nobel Prize in Economics for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. Friedman also helped shape the future of the nation by mentoring renowned economists such as Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr. Friedman taught at the University of Chicago where he was able to educate and shape the lives of thousands of students.
Milton often promoted an alternative macroeconomic viewpoint known as "monetarism" and argued that a steady, small expansion of the money supply was the preferred policy. As a result of his works on monetary policy, taxation, privatization, and deregulation the 1980’s saw an economic boom. During that time Friedman was advising global policy makers Ronald Reagan and Margaret Thatcher. Friedman’s positive influence didn’t end in the 1980’s. Immediately following the global financial crisis in 2008 the Federal Reserve was influenced by his monetary theory to achieve recovery.
Over his lifetime Friedman wrote many books, papers, and columns. He also appeared in many lectures across the country and open debates. Perhaps most of all, Milton is remembered for his engaging televised lectures where he advocated for responsible monetary policy. Those lectures and television broadcasts still live on today, as you can see in this video where Milton Friedman discusses inflation (click image above to view video).
Time tested and proven principles such as those discussed by great economists such as Milton Friedman are what shaped our technology at Ampleforth. For more detail on the Ampleforth protocol please check out our website and whitepaper, and stay up to date by following our Twitter!