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A happy birthday to The great Milton Friedman.

On this day, Milton Friedman (July 31, 1912 – November 16, 2006) was born. Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago’s Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell, and Robert Lucas Jr.

Friedman’s challenges to what he later called “naive Keynesian” theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies, and described his approach (along with mainstream economics) as using “Keynesian language and apparatus” yet rejecting its “initial” conclusions. He theorized that there existed a “natural” rate of unemployment, and argued that employment below this rate would cause inflation to accelerate. He argued that the Phillips curve was, in the long run, vertical at the “natural rate” and predicted what would come to be known as stagflation. Friedman promoted an alternative macroeconomic viewpoint known as “monetarism”, and argued that a steady, small expansion of the money supply was the preferred policy. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve’s response to the global financial crisis of 2007–08.

Friedman was an advisor to Republican U.S. President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax and school vouchers and opposed the war on drugs. His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.

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Working on Abraham Lincoln’s face on Mount Rushmore, 1937.

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Happy late 79 birthday bon Scott r I p 🖤❤️

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In the 1920s, legendary ex-lawman Wyatt Earp was photographed at his desert camp near the Happy Days gold mine, just across the river from Parker, Arizona.

By this time, Earp had retired from his storied life as a lawman and gunfighter—best known for the infamous shootout at the O.K. Corral in Tombstone, Arizona. This image captures a quieter, more reflective chapter in the life of a man who had become a larger-than-life figure in American history.

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💠🏮💠🏮💠

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(via 09219661047ea37b8a19279465269bde.jpg (736×552))

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Enjoy this time-lapse of the night sky with a meteor off the

Florida gulfcoast.

Goodnight. 💜🖤

📷: jricecastro

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