Milton Friedman

High school (ages 12+)
History & Culture

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Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/milton-friedman

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What kind of government does Milton Friedman have?Served on the President's Economic Policy Advisory Board under Ronald Reagan
2. What is the nobel prize?Awarded in 1976 for research on consumption analysis and monetary history
3. What is the academic tenure?Served as a professor at the University of Chicago for 30 years

Monetarism: An economic school of thought that emphasizes the role of governments in controlling the amount of money in circulation as the primary method to control inflation and stabilize the economy.
Permanent Income Hypothesis: An economic theory stating that people's consumption habits are based on their long-term expected income rather than their current, temporary income level, which helps explain how people save and spend.
Keynesianism: An economic theory developed by John Maynard Keynes that advocates for government intervention through spending and tax policies to manage economic demand and prevent recessions, which Friedman often challenged.
Stagflation: An economic condition characterized by slow economic growth, high unemployment, and rising prices (inflation), which Friedman correctly predicted would occur in the long run.