Why Milton won a Nobel Prize

Milton Friedman receives the 1976 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel from King Carl XVI Gustaf of Sweden.

Milton Friedman won the Nobel Prize for Economics in 1976 "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy."
The Economist even described him as “the most influential economist of the second half of the 20th century…possibly of all of it.“

One of his biggest achievements was constructing a new economic theory/policy known as monetarism. This new “economic school” was born when he criticised the Keynesian consumption function. He also criticised the role of the government. The only thing that the government should do in Friedman’s vision is to supply the economy with the money that it needs.

Hanne Leus


Sources: wikipedia.org, nobelprize.org, achievement.org