The Life and Works of Milton Friedman

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Milton Friedan is another legacy in contemporary economics. He was born in the early 20^th century in New York State. Friedman received the Nobel price in 1976 for his works in economics. He was a fervent advocate of free markets and defied the academic establishment of the time and set forth his own beliefs about economics. Because of his great work in economics, as a political commentator and essayist his is one of the most recognized living economists.

Friedman was born to Jewish immigrants on July 31, 1912. He was the first son and the last of four children born to Sarah Ethel and Jeno Saul Friedman. His parents met in their teens here in the United States. His mother ran a “dry goods” store and his father went out on “job ventures” that went unsuccessful. His family was humble yet they were supportive.

He went to public school, like his sisters. In 1928 he graduated from Rahway High School.  Unfortunately his dad died that year leaving his mom older sisters to support the family. He received competitive scholarship from Rutgers University in New Jersey, which was a small and private college. At Rutgers University he studied mathematics actually he was studying to become an actuary. He actually took some actuarial tests. During his time at Rutgers he was influenced by two professors, Arthur F. Boned and Homer Jones who convinced him that modern macroeconomist could heal the depression. After words he was interested in economics and got a degree in both fields. On recommendation from Homer Jones, who also would teach at University of Chicago, Chicago Economics department offered him a scholarship.

His first year at Chicago was financially difficult; he had a lot of trouble. It also proved to be the most intellectually stimulated. He has not recovered from the amazement and invigorating he had when he worked in the intellectual environment he was presented with and had never experienced. It was there where he met Rose Director, a fellow economics student. He describes her as “shy, withdrawn, lovely, and extremely bright”. They married six years after and did live happily after. His colleague Shultz friendship with Hotelline, he was granted a fellowship at Columbia University. He their also learned a lot more, he was introduced to a new perspective, more empirical, about economics.

One of his fist jobs was at the National Bureau of Economic Research where he assisted Shultz in 1937. They looked at professional income the end result was his fist, co-authored, book Incomes from Independent Professional Income. It also serves as his desertion for Columbia. The book was delayed for publishing until after war because of it conclusion of a doctors monopoly. The book introduces the concept of transitory and permanent income.

It was his 1957 work, the Theory of Consumption, in which Friedman took on the view of Keynesian economics. He had his conclusion, which he had made as conclusion to his previous experience and work in economics; he believed that it was people’s annual consumption is a function of their annual income. He even coined a new term, permanent income, which was an mean average of income people expect over few years. Keynes believed that people adujseted their expenditure according to the income.

In 1960, Friedman authored another book, Capitalism and Freedom. It is arguably the most important economic books of the twentieth century; in it he talked about more that just economics. In it he argued for a free market to the general audience. He also commented on some policy issues; a volunteer army, freely floating exchange rates, abolition of licensing of doctors, a negative income tax, and education vouchers. Friedman was a passionate enemy of military draft; he acutely said that it was only policy he ever lobbied against in congress. The book was read many young people, many of whom decided to study economics themselves. A short while after that he co-authored, with his wife, another book, Free to Choose. The book made accompanied a television series and it made Milton Friedman a household name. It went to be the best selling non-fiction book that year.

Friedman’s expertise was monetary and price theory and monetary history. Some of his contributions are Permanent Income Hypothesis, formulation of risk-aversion and risk-proclivity, theory of firm, and proposition for a positivist methodology in economics. In an address to the American Economic Association Friedman focused his attention on the Phillips Curve relationship in the 1970’s which was failing, he proposed replacing it with the Natural Rate of Unemployment Curve. In 1976 Friedman was recipient of the Nobel Memorial Prize for his work in Economic Science. He also had the distinction of having been awarded the National Medal of Science and Presidential Medal of Freedom.

Milton Friedman dies on morning of November 16, 2006. He dies at the age of 94.

Biliography

MLA Format

Friedman, Milton. "Milton Friedman Autobiography." Nobel Prize. The Noble  Foundation, 2005. Web. 14 Mar. 2010.

Horeney, Michelle. "Milton Friedman, Noted Economist, Nobel Laureate, and Hoover
     Senior Research Fellow, Dies at 94." Editorial. Public Affairs. Hoover
     Inst., 2010. Web. 14 Mar. 2010.      releases/4667846.html>.

"Milton Friedman." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. 14 March 2010. .

Fonseca, Gonzalo F. "Milton Friedman." The History of Economic Thought. New
     School Coll, n.d. Web. 14 Mar. 2010. .

Board of Trustees of Leland Stanford Junior University. "Milton Friedman." Fellows. Hoover Inst., 2010. Web. 14 Mar. 2010. .

John Maynard Keynes, a Biography

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[Abstract: Born in Cambridge, England. A bright student. An influential economist of the twentieth century. Considered the father of modern macroeconomics, advocated interventionist governmental policy. ]

John Maynard Keynes, a Biography

Widely considered the father of modern macroeconomics, John Maynard Keynes is an important figure in the field of economics. He advocated and interventionist governmental economics. He was a British economist of the twentieth century; Keynesian economics has taken an important factor in fighting back the global ‘recession’ that begun in 2007. He wrote on every influential social science treatise that had a major impact on how the world sees the way economic works, General Theory of Employment, Interest and Money (1936). So influential was him that been that he has an entire school of modern thought bear his name, Keynesian economics.

John Maynard Keynes was born in 1883 at 6 Harvey Road, Cambridge. He is born in comfortable circumstances. He was the first of three children the family would have. His father, should not come as much as a surprise, was an economist lecturer at Cambridge University. His mother was one of the first women to graduate from Cambridge University. She was an active charitable person that worked to help the less fortunate. She works as mayor of the city. His parent who outlived him continued to live at the 6 Harvey Road Cambridge Road for the rest of their lives. At four and a half year old he is asked what interest is and he replies, “6 Harvey Road, Cambridge. “ Keynes received his elementary education at home. He then attended Faith's preparatory school. His teachers noted that he was great in algebra and arithmetic and noted his large vocabulary. They critiqued his carelessness. Keynes easily ranks to the top of his class. Unfortunately Keyes apparently is affected by all the hard work and gets ill various time through out his school career which makes him miss school. He got himself several scholarships that to Eton University. With the help of his father who coached him Keynes prepared days before for the scholarship exam. His performance was good he was tenth of twenty overall.

He begins Eton three days late, following a fever. Keynes is noted as being taller that his classmate, his voice has broken and is instinctually self confident. He is a natural leader, his classmates look to him for leadership. He displayed a wide interest in subjects, particularly mathematics, classics and history. He mixed easily with upper-class students, despite his middle-class background. The new and young twentieth century sees Britain as a participant in the Boer War. Keynes does not join “Eton shooters”. At Eton Keynes becomes reputable for his debating skills and become president of the College Pop, Eton prestigious debate society.

In October of 1902 Keynes begins at King College. He becomes very involved with his evening social activities. He is invited to join several debating societies, he is a frequent speaker at the Union—Cambridge’s renowned debating society. Although he is an intellectual he does not abandon spots and wins a cup when his boat wins in the Trail Eights. Of the three life-long connections Keynes had one was he would remain a fellow of King’s College. Keynes studied mathematics at King’s College. The famous Alfred Marshalls begged him to become an economist. Keynes was more inline to philosophy, especially the ethical system of G.E. Moore. He became a member of the semi secretive Cambridge Apostles society, reserved for the brightest students. He received his first Bachelor degree in Mathematics in 1904.

Keynes Civil Service began in 1906 as a clerk in the India Office. From his experience at the office he wrote his first book, India Currency (1913). In 1914 he was called to the UK treasury were he was asked to financing of the British war economy. He succeeded and excelled at his job and was asked to partake in the Versailles Peace Conference in 1918. He was appalled by the vindictive nature of the peace settlement especially the harsh “reparation” payments levies on Germany. He resigned in the economic forum and published Economic Consequences of the Peace (1919) in which he publicly denounced the Versailles Conference and with brought him into the world spotlight. After the publication of his eloquent book he was considered a celebrity. After resigning he also returned back to teaching. He was part of the Bloomsbury Groups of literary great, which included Virginia Wolf and Bertrand Russell. In 1925 Keynes married ballet dancer Lydia Lopokova. He was made lord in 1942. He died on April 21, 1946, survives by this father, who was also a prominent economist of this days.

In 1920 Keynes believed in quantify theory of money called monetarism. He writing on the subject was principle he had learned from his mentors. In 1923 he wrote Tract on Monetary Reform and later published Treatise on Money, both about monetary reform. His major policy view was that central banks should have low interest rates and that major was to stabilize the economy it to stabilize the price level.

Keynes ideas dramatically changed after unemployment in Britain dragged in the inner war period, at some point unemployment almost reached levels as high as twenty percent. He investigated other causes of Britain economic woes which resulted in the production of The General Theory of Employment, Interest and Money. It became very influential, it stated that in order to maintain jobs government hast to spend money. A idea that has been widely used in United Stated and England after the economic fall in 2007. It also it introduced the notion of aggregate demand as the sum of consumption, investment.

Works Cited

Alan S. Blinder, "Keynesian Economics." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. 21 February 2010. .

Fonseca, Gonzalo L. "John Maynard Keynes." The History of Economic Thought.
Economic New School, n.d. Web. 21 Feb. 2010. .

"John Maynard Keynes." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. 21 February 2010. .

"John Maynard Keynes, the Timeline." John Maynard Keynes. N.p., 2007. Web. 21 Feb. 2010. .

Adam Smith, His Life and Works

[Abstract: Adam Smith, the economy philosopher. When he was born, where he was born, and his education background. The economic ideologies he is famous for, what book or books did he write and what is the topic and substance of the book or books.]

Adam Smith

Adam Smith was one of the first political economists. He was a very curious individual, he enjoyed reading and learning. Smith became known as a great lecturer² although he was personally very quite. His book “Wealth of Nation,” published in 1776, has remains the most influential book on economics ever written. He was heavily influence by Aristotle.

Adam Smith was born on June 5, 1723¹ in Kirkaldy, Scotland. His father had been a comptroller of customs and had died before he was born.² He live with him mother for the majority of his life, she live to be ninety. His education began at the University of Oxford at the age of fourteen, he was sent of on a scholarship. It is there where he learned Latin and was formerly introduced to the Greek education, which influence could be appreciated in his way of thinking. It is there where he read up on Hume’s A Treatise of Human Nature (1734-5). Smith’s interest in the work of Hume brought him into conflict with Oxford University. In 1750 Smith met Hume who later became a close friend.¹ When he returned he became part of the literati, "the brilliant circle in Edinburgh which included David Hume, John Home, Hugh Blair, Lord Hailes and Principal Robertson."²

He became the professor at Glasgow University in 1751 as professor of logic. He then transferred to the chair of moral philosophy in 1752. He had many unexpressed ideas which he would deliver seldom, yet with great oratory. His lecturers were about the “field of ethics, rhetoric, jurisprudence and political economy.”³ His students loved him and people came from afar to take him in. His lectures on moral philosophy were the subject to his first book The Theory of Moral Sentiment published in 1759. In his writing he talked about the standards of ethics that hold society together and the emphasis harmony of human motives under “beneficent providence.” He wrote about the origins of our feelings about moral approval and disapproval, ethics. Part of the explanation he mentions in his book is our ability to put ourselves in the shoes of others, sympathy. He also writes about the ability we have to judge ourselves as others would judge us. The book was become very popular; it was a success France and Germany.² Smith continued to revise it until his death in 1790.

Smith moved to London in 1776.2 That same year Smith published an Inquiry into the Nature and Causes of the Wealth of Nations, “which examined in detail the consequences of economic freedom.”3 It covered many concepts pertinent to economics that dealt with economy like division of labor, origin and use of money, stock, and commercial systems.4 His work was part of his philosophy studies, in those times much of the study carried out by universities was in history and philosophy. A course in jurisprudence, under philosophy, would in turn have the study of various leg at studies which in turn leads to the study of government and finally to the study of political economy. He had discussed form his work with the literati of the day, it was there where he met the illustrious Benjamin Franklin and Samuel Johnson. He traveled to France in to meet some of the “physocrats” including Voltaire. It was there he started writing the Wealth of Nations.

It affected the middle class of Europe and freshly independent United States of America.5 Europe was still heavily influence by the institution of feudalism, a medieval social system, in which vassals held land from lord in exchange for military services. The feudal system placed limitations and restrictions on the rising industrial bourgeois. US revolutionaries had just broken chain from that obnoxious system. Wealth of nations provided the “theoretical cannon hot for the chorus of growing bourgeois” that sparked their own strike against the Feudalistic bureaucracy and society. Smith critiqued the feudalist society ability to further develop Europe’s economy, it
would strangle industrial growth. He plead that the only correct way to practice economics was through the dictates of capitalism and not the “defunct feudalism.”5

Wealth of nations had the impact of establishing economics as an autonomous subject. It launched and laid the foundation for the doctrine of free enterprise that still holds today. He is commonly recognized as for the expression of the “invisible hand.” He uses the “invisible hand” to demonstrate how self interest guides the most efficient use of a nation’s resources, with public welfare coming as a by product. “He argued that state and personal efforts to promote social good are ineffectual compared to market forces.”3

After his return from France he stayed din his hometown of Kirkcaldy with his mother, he lived on the annuity of Duck of Buccleugh . He occupied himself in study only. Smith died in Edinburgh on July 17, 1790, at the age of 67, from an illness; “he was buried Canongate churchyard.”2 After his death it was discovered that he had devoted a “considerable part of his income to numerous secret acts of charity.”3

Works Cited

1. DeLong, Brad. “Adam Smith.” Ecomomist. U of California at Berkley, 13 July 1997. Web. 27 Jan. 2010. .

2. Landry, Peter. “Adam Smith.” Blupete. N.p., 2005. Web. 27 Jan. 2010. .

3. Chew, Robin. "Adam Smith." Lucidcafe. N.p., 2010. Web. 31 Jan. 2010.

4. Canaan, Edwin, ed. "An Inquiry into the Nature and Causes of the Wealth of
Nations." Library of Economics and Liberty. Liberty Fund, Inc., 2000. Web.
31 Jan. 2010.

5. Baggins, Brian. "The Wealth of Nations." Adam Smith Reference Archive. Marxist
Internet Archive, 2000. Web. 31 Jan. 2010. .

About the Essays, Part 2

It has been two year since I started my career at Science Academy I am currently a senior. I will be graduating this year and be part of the Class of 2010. I recently turned 18, I am now and adult:)/:(

I obtained a job during the summer of Junior year, after sophomore year. I still have that same job, at Marshall, part of the TJX Company. I have stayed their because the scheduling is flexible and part time which is great for me, due to the fact that I am still in school and part take in extracurricular activities. That is also why they have a high employment rate of high school an college students, at least in my store. The pay is not so good, minimum wage. It is difficult to get a raise, I have learned from co-workers who have been working there for many years. Some have even left to get a job somewhere else. I have seen my co-workers come and go; I am actually one of the most experienced workers, with the most time there. It has been a good experience, the company is definitely scared of UNIONS.

Sort of got of on a tangent there, I had been wanting to Artie about my job for a while now. Now that I have shared that with you I want to talk about the following essays that I will post. They are again assignments for a class, and AP economics course. The deal is I have to write a biography of sorts on three prominent economic figures; Adam Smith, John Maynard Keynes, and, Milton Friedman. I have completed the first biographies, I just need to do the essay on Milton Friedman. I have actually read up on them and learned quite a lot. I hope you find them entertaining :) and informative. Have a good one readers:)

Consumer Report, Nike + iPod

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Nike + iPod

As an intermediate runner, I have had experience with running shoes. I have also, through the course of my training, used different running watches and various pace trackers, many calorie and step counters. I have been looking for a product that is easy to use and provides better ways to track my running development. I have found this product; it is the Nike + iPod Sport Kit. It was revealed on March 21, 2006.

The Sport Kit can be used to measure and record the pace and distance of your run or walk. It has great features which make it easier to use, even for those who are not very good with technology. The kit consists of two components: the piezoelectric accelerometer and a Nike + shoe model. Piezoelectric means that the accelerometer generates an electric potential in response to applied mechanical stress, the foot. The accelerometer is nothing more than a small sensor that goes inside your shoe that keeps track of the number of steps, enabling you to focus on your training. Although I only mentioned two components to the kit, add an iPod to the list of components, sold separately.

To start using the kit, you first plug the receiver unit into the iPod, and then you navigate through the iPod menu. You then set a goal, whether you set it to a specific distance, a specific training time, or the number of calories burned. When the goal has been set, the receiver seeks the accelerometer, probably by asking the user to walk around to activate the sensor. This is a great feature because it is very helpful in tracking my progress. What makes it even better is that audio feedback is provided. You can even hear pre-recorded congratulations from an athletic star, like Lance Armstrong, Tiger Woods, or other very significant athletes. Depending on the type of workout chosen, different feedback will be provided. For goal-oriented workouts, feedback corresponds to significant milestones toward the goal. A distance workout will inform the user each time a mile or kilometer is completed, as well as the half-way point of the workout, and finally a countdown of four 100-meter increments as the workout comes to an end. This helps you track your training. It especially helps you stick to your training regime, especially by knowing how you're doing toward the completion of your workout.
Besides tracking your performance, Nike + integrates directly with the Nike website. Your workout data can be automatically uploaded during iPod sync with iTunes. The information uploaded isn't personally identifying. You have the ability to name runs online. There are also forums allowing you to interact online, meet and challenge others. You can also ask questions and give feedback. There is also a gallery where all user-created challenges are viewable.

It is much like a personal trainer. Feedback is provided while you're running— listen to your pace, time, distance and calories burned with your iPod. You can even see it all in the recently developed Nike + Sportband, released this month, April 2008. The sportband means you won't have to carry and iPod with you, which lowers the chance of muggings. Once you're done with your workout, take out the attached memory stick and plug it into your computer to sync your data with Nike.com.
Personally, the Nike + iPod Sport Kit makes running a lot more enjoyable. And participating in the online challenges is great.

This product would have been a great support to Ralph in helping him get better at running so he could have run a lot faster when he was running from the hunters in the last chapter of Lord of the Flies, "Cry of the Hunters." Ralph has to escape the other children, savages, who are trying to "smoke him out" of the forest on a deserted island. In the end they get rescued when Ralph runs into a naval officer who rescues them. They return to civility as they are being rescued. The naval officer is a representation of civility.

I think the only flaw some people might find is the cost. The Nike + iPod Sport Kit currently sells on the market for $29. The shoes range from $100 upwards. And an iPod nano 8GB is $200. The total comes out to about $350; this is assuming you have a computer.

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