Milton Friedman is one of the well-known American economists who have achieved success in the field of economics. He was born on July 31, 1912 in Brooklyn, New York, United States of America and died of heart failure on November 16, 2006 at the age of 94 in San Francisco, California, United States of America . Milton Friedman has three older sisters and is the fourth and last child and first son of Jeno Saul Friedman and Sarah Ethel, both of whom worked as dry goods merchants. Her height is approximately 152 centimeters. His wife is Rose Friedman, born in 1938 and died in 2009 at the age of 71. Milton Friedman has two children, David D. Friedman, an anarcho-capitalist economist born February 12, 1945 and Janet. Patri Friedman, his grandson, served as executive director of the Seasteading Institute from 2008 to 2011. He attended public elementary and high school with his sisters and managed to graduate from Rahway High School in 1928 before his 16th birthday. During Milton Friedman's senior year of high school, his father died. This is why his mother and two of his sisters must take on the responsibility of providing for the family. In 1932, Friedman completed his studies at Rutgers University. Rutgers University is the State University of New Jersey and is also the largest institution of higher education in New Jersey. Friedman majored in mathematics because he intended to become an actuary. Friedman was influenced by Arthur F. Burns and Homer Jones, two economics professors who persuaded Friedman that modern economics could help fight depression at Rutgers University. In 1933, Friedman chose the economics scholarship offered by the University of Chicago and he obtained an M.A. Here, Friedman encountered ...... middle of paper ...... Utility theory. Retrieved April 11, 2014 from http://www.policonomics.com/critiques-to-expected-utility-theory/ Rognlie, M. (2011). The practical irrelevance of Friedman's rule. Accessed April 8, 2014, from http://mattrognlie.com/2011/05/13/the-practical-irrelevance-of-the-friedman-rule/The National Bureau of Economic Research. (nd). Retrieved April 23, 2014 from http://www.nber.org/chapters/c4403 Vladimir Gonda. (2002). Milton Friedman. Retrieved March 22, 2014 from http://www.nbs.sk/_img/Documents/BIATEC/BIA03_02/friedman.pdf Wikipedia, The Free Encyclopedia. (2014). Retrieved from http://en.wikipedia.org/wiki/Modern_Monetary_Theory#Vertical_transactions Yahoo! Answer. What are the advantages and disadvantages of classical liberalism? (nd). Retrieved April 23, 2014 from http://malaysia.answers.yahoo.com/question/index?qid=20071107235730AAtGUk.2