Milton Friedman (born 1912) was the founder and leading proponent of "monetarism," an economic doctrine which considers the supply of money (and changes therein) to be the primary determinant of nominal income and prices in the economy.

Milton Friedman, a native of Brooklyn, New York, was born July 31, 1912. After earning an undergraduate degree from Rutgers University in 1932 and a master's degree from the University of Chicago the following year, Friedman became a research economist with the National Bureau of Economic Research in New York and later with the U.S. Treasury Tax Research Division. He earned a doctorate in economics from Columbia University in 1946 and after brief spells at Wisconsin and Minnesota universities returned to the University of Chicago to begin a long and distinguished career of teaching and research. After retiring in 1979 Friedman continued an active schedule of research and publishing at the Hoover Institute of Stanford University...