The leading proponent of the Monetarist School of Economic Thought, Friedman was well-known for reviving interest in the money supply as a determinant of the nominal value of output.

Milton Friedman is best known in the field of Monetary Economics. He is often known as the Economist and involved in Virtual Economy. He won Nobel Prize in Economics in 1976 for his achievements in the fields of consumption analysis, monetary history and theory, demonstration of the complexity of stabilization policy.

He was born in New York City in the year 1912, to a working-class family of Jewish immigrants from Austria-Hungary. His parents were Sarah Ethel Landau and Jeno Saul Friedman. After his father's death, his family moved to Rahway, New Jersey, and he did his undergraduate degree (BA) from Rutgers University in 1932, and postgraduation (MA) from University of Chicago in 1933. He was strongly influenced by Jacob Viner, Frank Knight and Henry Simons at University of Chicago. When he was unable to find academic employment, he worked for New Deal "a lifesaver". He adopted "many early New Deal measures as appropriate responses to the critical situation", especially the job creating relief agencies like Work Progress Administration (WPA), Civilian Conservation Corps (CCC) and Public Works Administration (PWA).

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