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Society is faced with the everyday problem of unlimited wants and limited resources this is what economists call the economic problem Hence the study of how to deal with the economic problem is called economics Economics mainly associates with the production distribution and consumption of goods and services with the theory and management of the economy httpdictionaryreferencecomsearchqEconomics Economists study the patterns and trends in economic systems With the gained information economists are able to predict the future economy A common factor in economics is money Monetarism is the economic term that refers to the influence of money in the economy and that the economy is able to adjust to shocks without government intervention Lovewell p350 2005 The economist related to monetarism is Milton Friedman At age 92 he is among the most popular living economists and is recognized globally of his doctrine of monetarism Blaug p62 1985 Friedman was born on July 31 1912 in Brooklyn New York to two poor Jewish immigrants Jeno and Sarah Friedman He graduated from Rahway High School in New Jersey before his sixteenth birthday and received a scholarship to Rutgers University He graduated with a major in economics but he decided to further enhance his studies Along his way he met Homer Jones who introduced him to rigorous economic theory made economics exciting and relevant and encouraged him to continue graduate work On his recommendation the Chicago Economics Department offered him a scholarship where he earned his MA Master of Arts httpnobelprizeorgeconomics laureates1976friedman-autobiohtml In Chicago he met a shy withdrawn and lovely girl Rose whom he married six years later After completing studies in Chicago he attended Columbia and received his PhD While studying Friedman encountered the experience of working as research assistants and professors Throughout his career he wrote many books including The Theory and Measurement of Demand and the Theory of the Consumption Function Returning to his home in Chicago he concluded his career teaching at the
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