By David Nasaw
During this superb biography, celebrated historian David Nasaw brings to existence the attention-grabbing rags- to-riches tale of 1 of our such a lot iconic enterprise legends-Andrew Carnegie, America's first glossy titan. From his first activity as a bobbin boy at age 13 to his prestige because the richest guy on the planet upon retirement, Carnegie was once the embodiment of the yankee dream and the prototype of today's billionaire. Drawing on a trove of latest fabric, Nasaw brilliantly plumbs the center of this interesting and intricate guy, eventually solving him in his rightful position as the most compelling, elusive, and multifaceted personalities of the 20th century.
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Lloyd Mints was a longtime faculty member at Chicago. Although not as exciting as other professors, he introduced the young Friedman to the quantity theory of money, whereby changes in the quantity of money in an economy are the largest source of changes in average prices. S. ”8 Among the works that Mints assigned were John Maynard Keynes’s 1923 Tract on Monetary Reform—which Friedman considers Keynes’s best work—and Keynes’s 1930 Treatise on Money. Friedman notes that Keynes was originally a monetarist and that only in his later work did Keynes downgrade monetary policy to guide an economy and raise fiscal policy in its place.
Like Friedman and a number of his other early friends, Abramovitz and Machlup later became presidents of the American Economic Association. Among the most valuable aspects of Friedman’s year at Columbia were the contacts he developed that made a position with the National Bureau of Economic Research possible a few years later. Friedman considered his year at Columbia to have been of substantial importance in his development, as it gave him a broader outlook than if he had studied exclusively at Chicago.
Burns was a student of Wesley Clair Mitchell, whose specialty was this field. ”14 As with Jones, Burns’s influence—which had a greater effect personally on Friedman than did that of Jones—was not primarily with respect to political philosophy or ideology (though both Burns and Jones were proponents of a free market). Rather, the two impressed on Friedman the importance of scholarship and the satisfaction that comes from doing it well. Also like Jones, Burns led Friedman to one of his two most significant lifetime intellectual affiliations, with the National Bureau of Economic Research.