Hungary 2000 Forint 2022

History

2000 Forint 2022, Adamo# EM459, Hungary, Hungarian Nobel Prize Winners, Milton Friedman

Obverse. Photo © Magyar Nemzeti Bank

Description

Milton Friedman (1912–2006), one of the most influential economists of the 20th century, was born in New York to Hungarian immigrants. He made significant contributions to both theoretical and applied economics, initiating the monetarist movement and founding the Chicago school.

Friedman served as an advisor to several U.S. presidents, known for his sharp intellect and clear communication style, which helped popularize economic concepts among policymakers and the public. He championed the wealth-generating power of free markets and challenged the dominant Keynesian economic policies of the 1940s-60s. His views gained prominence during the oil crises of the 1970s, leading to a paradigm shift in economics and policy. In 1976, he was awarded the Nobel Memorial Prize in Economic Sciences for his work on consumption analysis, monetary history and theory, and the complexity of stabilization policy.

Friedman's ideas had a profound impact on economic policy and academic thought, solidifying his legacy as one of the most influential economists of the 20th century.

Engraver: Tamás E. Soltra

Obverse	Costume (hat, dress etc.) Tie Device and tools (watch, compass, telescope etc.) Glasses Person (scientist, inventor, explorer, architect etc.) Milton Friedman Depicts a half-length portrait of Milton Friedman. To the left of the portrait, in two lines, the inscriptions "MILTON FRIEDMAN" and the years of Milton Friedman's birth and death, "1912–2006," are visible. At the bottom right edge, the engraver's privy mark is placed in the center. MILTON FRIEDMAN 1912-2006 SET
Reverse	Device and tools (watch, compass, telescope etc.) Pencil Discovery, invention, technology Mathematical formula Depicts a hand balancing a pencil. Above the depiction of the pencil, the formula central to Friedman's reinterpretation of quantitative monetary theory, describing the equation of exchange, "M×v=P×Q," is visible. In three lines below the depiction of the pencil, the inscriptions "HUNGARY", the denomination, and "FORINT" are placed. Slightly below, in two lines, the issuance year "2022" and the mint mark "BP." are featured. Friedman's reinterpretation of quantitative monetary theory, expressed by the equation "M × v = P × Q," explains the relationship between money supply and economic activity: • M (Money Supply): Total money in the economy. • v (Velocity of Money): How often money circulates. • P (Price Level): Average prices of goods and services. • Q (Quantity of Output): Total goods and services produced. The equation shows that money supply times its velocity equals the price level times output. This means changes in money supply or its velocity impact prices or output, highlighting the importance of money supply in economic activity and inflation. Mxv=PxQ MAGYARORSZÁG 2000 FORINT 2022 BP.
Edge	Reeded (milled)