Milton Friedman was an American economist and Nobel Prize winner. Everyone who has majored or is currently working in the field of economics knows who he is. Milton Friedman received the Nobel Memorial Prize in Economic Sciences in 1976. In case you have chosen to dwell upon his contribution to the field of economics in your UChicago essay prompts, don’t forget that the best way to impress the review committee is to come up with a different approach to UChocago essay writing. Obviously, dealing with the University of Chicago essay prompts won’t be an easy task. You will have to conduct a thorough research study in order to gather all vital information. What is more, you may need to familiarize yourself with a few why UChicago essay examples to submit one of the most impressive UChicago essay prompts yourself.
One of the most important aspects to keep in mind when you are studying the legacy of Milton Friedman is to understand who he was and what he believed in. In other words, you need to study his theory of monetarism, as well as his views on Keynesians in detail before you proceed. Apart from that, special attention should be paid to the time when he studied at the University of Chicago from which he graduated in 1933. Another fascinating fact to mention is that he also got a PhD from Columbia University. Yet, you should be more interested in the time he spent at the University of Chicago, especially taken into account the fact he was invited to teach there in 1946. Milton Friedman accepted an offer and started teaching economic theory. He worked there for 30 years. What is more, he contributed greatly to the establishment of the so called intellectual community at the University Of Chicago. What should also be mentioned in this respect is that he helped to nurture and produce a significant number of Nobel Prize winners. As a result of that, such collective term as the Chicago school of economics was coined. Friedman was friends with Arthur F. Burnes who asked Milton to rejoin the staff of the National Bureau of Economic Research,. Thus, it became possible to revive monetary studies which was Friedman’s idea that came to life after the so called ‘Chicago Workshop’ most commonly referred to as the ‘Workshop in Money and Banking’. Another interesting fact to highlight is that ‘A Theory of the Consumption Function’ introduced and developed by Milton Friedman is aimed at challenging traditional Keynesian beliefs. In this piece of writing, Milton Friedman introduced such term as ‘permanent income’.
There are lots of difficulties you may face not only in the process of writing the University of Chicago essay prompts, but also while dealing with any kind of academic writing assignment. For instance, you may not know how to write a report or what the UChicago essay word limit is. In case you have decided to focus on the contribution of Milton Friedman to the field of economics in your UChicago essay prompts, here are a few interesting facts you should definitely mention:
- He introduced the Theory of the Consumption Function
- He was the founder of monetarism
- He strongly opposed the Keynesians
- He popularized lots of economic ideas that still play a significant role these days
Any of these topics can be widely discussed in UChicago essay prompts or any other academic writing task dealing with the subject of economics. Make sure you have enough evidence to support your claims and that your piece of writing is not devoid of structure or logical transition from paragraph to another.
