In 1937 Friedman took a position at the National Bureau of Economic Research to

In 1937 friedman took a position at the national

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wife conducted job-creation program such as WPA, CCC and PWA. In 1937, Friedman took a position at the National Bureau of Economic Research to study income distribution in the United States. Friedman's first major breakthrough in the field of economics was his theory of Consumption Function in 1957. His theories explained the idea why short-term tax increases actually decrease saving and keep consumption level static, everything else being equal. It was his theory called Monetarism, through which Friedman expressed the importance of monetary policy and also pointed out that the changes in the money supply actually have short and long term effects. In addition to his scientific work, Friedman has written and published on public policy. His most important books on this field are Capitalism and Freedom, Bright Promises, Dismal Performance. For his work and contribution on the field of economics he had been awarded honorary degrees by Universities in United States, Japan, Israel, and Guatemala, as well as the Grand Cordon of the first class order of the scared treasure by the Japanese government in 1986. Though, Milton Friedman died on November 16, 2006 in San Francisco, California at the age of 94 he was one of the leading economic voices of 20 th century and his economic ideas are still important and are admired even today.
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David Ricardo: Born in 18 th of April 1772, David Ricardo is considered as one of the most influential of the classical economist. Born in London, England Ricardo was the third of 17 children of a Sephardic Jewish family. He was one of those few people who achieved both tremendous success and worldwide fame as well. At the age of twenty-seven, Ricardo got excited about the economics after reading book called "The Wealth of Nation" written by Adam Smith. David Ricardo started his economic journey at the age of thirty seven, writing his first economic article.
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