#OnThisDayInHistory in 1912, one of the most prominent economists of the 20th century and a Nobel Prize winner Milton Friedman was born.
Friedman was one of the leading figures of the Chicago school of economics, which emphasized the importance of free market and laissez-faire principles for economic prosperity. He was a strong opponent of government interference in the markets and argued against the popular Keynesian model that advocated for government spending and expansive fiscal policies to stimulate the economy.
Amongst many of his theories, Friedman’s concept of monetarism argued that monetary policies aimed at maintaining a steady growth of the supply of money, rather than interventionist fiscal polices and market regulation, were central to sustaining steady economic growth and stable prices. In the 1980s Friedman served as an advisor to President Ronald Reagan and Prime Minister Margaret Thatcher and helped to shape their economic policies.
Apart from his work in economics, Friedman was also a strong opponent of military conscription which he saw incompatible with free society, and argued for a paid volunteer army instead. His role on a special government committee during Nixon’s presidency was essential in ending conscription in the United Stated.