Definition
Milton Friedman (1912–2006) was a highly influential American economist and statistician. He is best known for his advocacy of free market capitalism. Friedman argued that competitive markets and limited government intervention lead to greater economic prosperity. He won the Nobel Prize in Economics in 1976 for his contributions to monetary theory. His ideas profoundly influenced economic policy in the late 20th century. Friedman's work is often associated with conservative economic thought and laissez-faire policies. He believed individual freedom was essential for a thriving economy.