1min snip

Conversations with Tyler cover image

Jennifer Burns on Milton Friedman and Ayn Rand

Conversations with Tyler

NOTE

Friedman's Transition from Mathematics to Economics and Rejection of Mathematical Economics

Milton Friedman was faced with a career choice between mathematics and economics in the transition from political economy to a more quantitative field. Despite being trained in mathematical economics, he rejected this approach after realizing it was unsatisfying. He then developed his own approach, which provided a more accurate portrayal of the world. His early work on stats, including the Friedman test, is still highly regarded by mathematicians. Additionally, Friedman was a pioneer in the era of big data.

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