Milton Friedman (1912 - )

                         米頓費列民 

God helps those who work hard

          Biograph                                           生平  

    - Was born in New York                           - 出生於紐約

    - Worked some time at Columbia            - 於哥倫比亞大學及政府部門任職

        university and for the government.

    - Then became Professor of Economics    - 轉任芝加哥大學經濟系教授

        at Chicago University.

    - Worked with many economists there     - 與其他於芝加哥大學工作的經濟

        and are called the "Chicago school"        學家被稱為貨幣經濟學派中的

        of Monetarist economists.                        "芝加哥學派"

    - Won a Nobel Prize in 1976.                     - 1976年獲諾貝爾獎

    - Made a series of TV programs in early    - 1980年初製作電視片集

        1980s entitled 'Free to choose'                  '自由抉擇'

    - Influenced the government to adopt       - 於1979年影響政府採用貨幣政策

        Monetarist policies in 1979.

          Important work                                         重要作品

    - Quantity theory of money                              - 貨幣數量原理

       Money supply growing faster than output      貨幣供應超過產出會導致通脹--

       causes inflation - bad for the economy.           對社會有害

    - Permanent-income hypothesis                      - 長久所得假設

       Suggested how people should decide on        提供人應如何消費之辦法

       their consumption.

    - Expectations-augmented Phillips curve        - 菲列士曲線

       Showed a trade-off between unemployment   指出失業和通脹之交易

       and inflation.

         Theories we have to learn                            我們要學習的理論

     - Quantity theory of money  (S7)                        - 貨幣數量定律 (中七)

     - Permanent-income hypothesis (S7)                 - 長久所得假設 (中七)

     - Expectations-augmented Phillips curve (S7)   - 菲列士曲線 (中七)

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