July 31, 1912: Milton Friedman is born in Brooklyn, NY. Friedman, winner of the 1976 Nobel Prize for Economics, is best known for his scholarship on the free market economy and monetary policy, namely the quantity theory of money which states that the amount of money in circulation has a direct and proportional relationship to prices.
Sources: Milton Friedman: A Finding Aid via Library of Congress and The Friedman Foundation Website
Read more from the Goizueta Business Library Collection:
Milton Friedman: A Concise Guide To The Ideas And Influence Of The Free-Market Economist
Milton Friedman (biography)
The Indispensable Milton Friedman: Essays on Politics and Economics