Milton Friedman was a prominent American economist, known for his strong advocacy of free-market capitalism and his critique of government intervention in the economy. He argued that economic freedom was essential for personal freedom and that government policies often led to negative consequences. Friedman's ideas laid the groundwork for modern economic thought, especially his belief in the efficiency of markets and the importance of monetary policy in managing inflation. Friedman gained significant recognition for his research on consumption analysis, arguing that people's consumption choices are influenced by their expected lifetime income rather than just current income. He also introduced the concept of the "permanent income hypothesis," which suggested that individuals make spending decisions based on their expected long-term income rather than their immediate financial situation. As a public intellectual, Friedman wrote extensively, including his famous book "Capitalism and Freedom," where he emphasized the relationship between economic and political freedom. His work earned him the Nobel Prize in Economic Sciences in 1976, solidifying his legacy as a key figure in economics and a champion of individual liberty. Milton Friedman was a prominent American economist known for championing free-market capitalism and critiquing government intervention. His significant contributions include the permanent income hypothesis and insights on consumption, which shaped modern economic thought. Friedman's notable works, including "Capitalism and Freedom," underscore the connection between economic and political liberty, earning him a Nobel Prize in 1976.