Milton Friedman explained to kids

Milton Friedman was an American economist who was a recipient of the Nobel Memorial Prize in Economic Sciences. He is known for his research on consumption analysis, monetary history and theory, and for his advocacy of free market capitalism. Friedman was born in Brooklyn, New York, on July 31, 1912. He received his B.A. degree from Rutgers University in 1932 and his Ph.D. from the University of Chicago in 1946. Friedman was a professor of economics at the University of Chicago from 1946 to 1976, and a research associate at the National Bureau of Economic Research from 1937 to 1981. He also served as an advisor to Republican U.S. President Ronald Reagan. Friedman died on November 16, 2006, at the age of 94. Friedman's research on consumption analysis helped develop the Permanent Income Hypothesis, which argues that consumers will smooth out their consumption over their lifetime, regardless of changes in income. This work also contributed to the development of the Life Cycle Hypothesis, which posits that people will save more as they get older and approach retirement. Friedman's work on monetary history and theory led him to advocate for a free market monetary system, in which the money supply is not controlled by the government. He also argued that the Federal Reserve should be independent of the government so that it can better control inflation. Friedman was a strong advocate of free market capitalism, believing that it is the most efficient way to allocate resources. He argued that government intervention in the economy, such as regulation and taxation, can lead to inefficiency and economic stagnation.