Friedman Family Assessment Model Essay For General Paper

Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.[4] With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell,[5] and Robert Lucas Jr.[6]

Friedman's challenges to what he later called "naive Keynesian" theory[7] began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies,[8] and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions.[9] He theorized that there existed a "natural" rate of unemployment, and argued that employment above this rate would cause inflation to accelerate.[10] He argued that the Phillips curve was, in the long run, vertical at the "natural rate" and predicted what would come to be known as stagflation.[11] Friedman promoted an alternative macroeconomic viewpoint known as "monetarism", and argued that a steady, small expansion of the money supply was the preferred policy.[12] His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis of 2007–08.[13]

Friedman was an advisor to Republican U.S. President Ronald Reagan[3] and Conservative British Prime Minister Margaret Thatcher.[14] His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and school vouchers.[15] His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.[16]

Milton Friedman's works include monographs, books, scholarly articles, papers, magazine columns, television programs, and lectures, and cover a broad range of economic topics and public policy issues.[17] His books and essays have had global influence, including in former communist states.[18][19][20][21] A survey of economists ranked Friedman as the second-most popular economist of the twentieth century after John Maynard Keynes,[22] and The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it".[23]

Early life[edit]

Friedman was born in Brooklyn, New York on July 31, 1912. His parents, Sára Ethel (née Landau) and Jenő Saul Friedman,[24] were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary (now Berehove in Ukraine). They both worked as dry goods merchants. Shortly after Milton's birth, the family relocated to Rahway, New Jersey. In his early teens, Friedman was injured in a car accident, which scarred his upper lip.[25][26] A talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday.[27][28]

In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics and initially intended to become an actuary. During his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression.

After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago.[29] Friedman chose the latter, thus earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. It was at Chicago that Friedman met his future wife, economist Rose Director. During the 1933–1934 academic year he had a fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. He was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand. That year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis.[30]

Public service[edit]

Friedman was initially unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to Washington, D.C., where Franklin D. Roosevelt's New Deal was "a lifesaver" for many young economists.[31] At this stage, Friedman said that he and his wife "regarded the job-creation programs such as the WPA, CCC, and PWA appropriate responses to the critical situation," but not "the price- and wage-fixing measures of the National Recovery Administration and the Agricultural Adjustment Administration."[32] Foreshadowing his later ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued. Indeed, Friedman later concluded that all government intervention associated with the New Deal was "the wrong cure for the wrong disease," arguing that the money supply should simply have been expanded, instead of contracted.[33] Later, Friedman and his colleague Anna Schwartz wrote A Monetary History of the United States, 1867–1960, which argued that the Great Depression was caused by a severe monetary contraction due to banking crises and poor policy on the part of the Federal Reserve.[34]

During 1935, he began work for the National Resources Planning Board,[35] which was then working on a large consumer budget survey. Ideas from this project later became a part of his Theory of the Consumption Function. Friedman began employment with the National Bureau of Economic Research during autumn 1937 to assist Simon Kuznets in his work on professional income. This work resulted in their jointly authored publication Incomes from Independent Professional Practice, which introduced the concepts of permanent and transitory income, a major component of the Permanent Income Hypothesis that Friedman worked out in greater detail in the 1950s. The book hypothesizes that professional licensing artificially restricts the supply of services and raises prices.

During 1940, Friedman was appointed an assistant professor teaching Economics at the University of Wisconsin–Madison, but encountered antisemitism in the Economics department and decided to return to government service.[36][37] From 1941 to 1943 Friedman worked on wartime tax policy for the federal government, as an advisor to senior officials of the United States Department of the Treasury. As a Treasury spokesman during 1942 he advocated a Keynesian policy of taxation. He helped to invent the payroll withholding tax system, since the federal government badly needed money in order to fight the war.[38] He later said, "I have no apologies for it, but I really wish we hadn't found it necessary and I wish there were some way of abolishing withholding now."[39]

Academic career[edit]

Early years[edit]

In 1940, Friedman accepted a position at the University of Wisconsin–Madison, but left because of differences with faculty regarding United States involvement in World War II. Friedman believed the United States should enter the war.[40] In 1943, Friedman joined the Division of War Research at Columbia University (headed by W. Allen Wallis and Harold Hotelling), where he spent the rest of World War II working as a mathematical statistician, focusing on problems of weapons design, military tactics, and metallurgical experiments.[40][41]

In 1945, Friedman submitted Incomes from Independent Professional Practice (co-authored with Kuznets and completed during 1940) to Columbia as his doctoral dissertation. The university awarded him a PhD in 1946. Friedman spent the 1945–1946 academic year teaching at the University of Minnesota (where his friend George Stigler was employed). On February 12, 1945, his son, David D. Friedman was born.

University of Chicago[edit]

In 1946, Friedman accepted an offer to teach economic theory at the University of Chicago (a position opened by departure of his former professor Jacob Viner to Princeton University). Friedman would work for the University of Chicago for the next 30 years. There he contributed to the establishment of an intellectual community that produced a number of Nobel Prize winners, known collectively as the Chicago school of economics.

At that time, Arthur F. Burns, who was then the head of the National Bureau of Economic Research, asked Friedman to rejoin the Bureau's staff. He accepted the invitation, and assumed responsibility for the Bureau's inquiry into the role of money in the business cycle. As a result, he initiated the "Workshop in Money and Banking" (the "Chicago Workshop"), which promoted a revival of monetary studies. During the latter half of the 1940s, Friedman began a collaboration with Anna Schwartz, an economic historian at the Bureau, that would ultimately result in the 1963 publication of a book co-authored by Friedman and Schwartz, A Monetary History of the United States, 1867–1960.

Friedman spent the 1954–1955 academic year as a Fulbright Visiting Fellow at Gonville and Caius College, Cambridge. At the time, the Cambridge economics faculty was divided into a Keynesian majority (including Joan Robinson and Richard Kahn) and an anti-Keynesian minority (headed by Dennis Robertson). Friedman speculated that he was invited to the fellowship, because his views were unacceptable to both of the Cambridge factions. Later his weekly columns for Newsweek magazine (1966–84) were well read and increasingly influential among political and business people.[42] From 1968 to 1978, he and Paul Samuelson participated in the Economics Cassette Series, a biweekly subscription series where the economist would discuss the days' issues for about a half-hour at a time.[43][44]

Friedman was an economic adviser to Republican presidential candidate Barry Goldwater during 1964.

Capitalism and Freedom[edit]

His Capitalism and Freedom brought him national and international attention outside academe. It was published in 1962 by the University of Chicago Press and consists of essays that used non-mathematical economic models to explore issues of public policy.[45] It sold over 400,000 copies in the first eighteen years[46] and more than half a million since 1962. It has been translated into eighteen languages. Friedman talks about the need to move to a classically liberal society, that free markets would help nations and individuals in the long-run and fix the efficiency problems currently faced by the United States and other major countries of the 1950s and 1960s. He goes through the chapters specifying a specific issue in each respective chapter from the role of government and money supply to social welfare programs to a special chapter on occupational licensure. Friedman concludes Capitalism and Freedom with his "classical liberal" stance, that government should stay out of matters that do not need and should only involve itself when absolutely necessary for the survival of its people and the country. He recounts how the best of a country's abilities come from its free markets while its failures come from government intervention.[47]

Personal life[edit]

Retirement[edit]

In 1977, at the age of 65, Friedman retired from the University of Chicago after teaching there for 30 years. He and his wife moved to San Francisco where he became a visiting scholar at the Federal Reserve Bank of San Francisco. From 1977 on, he was affiliated with the Hoover Institution at Stanford University. During the same year, Friedman was approached by the Free To Choose Network and asked to create a television program presenting his economic and social philosophy.

The Friedmans worked on this project for the next three years, and during 1980, the ten-part series, titled Free to Choose, was broadcast by the Public Broadcasting Service (PBS). The companion book to the series (co-authored by Milton and his wife, Rose Friedman), also titled Free To Choose, was the bestselling nonfiction book of 1980 and has since been translated into 14 foreign languages.

Friedman served as an unofficial adviser to Ronald Reagan during his 1980 presidential campaign, and then served on the President's Economic Policy Advisory Board for the rest of the Reagan Administration. Ebenstein says Friedman was "the 'guru' of the Reagan administration."[3] In 1988 he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom.

Milton Friedman is known now as one of the most influential economists of the 20th century.[48][49] Throughout the 1980s and 1990s, Friedman continued to write editorials and appear on television. He made several visits to Eastern Europe and to China, where he also advised governments. He was also for many years a Trustee of the Philadelphia Society.[50][51][52]

Later life[edit]

According to a 2007 article in Commentary magazine, his "parents were moderately observant Jews, but Friedman, after an intense burst of childhood piety, rejected religion altogether."[53] He described himself as an agnostic.[54] Friedman wrote extensively of his life and experiences, especially in 1998 in his memoirs with his wife Rose, titled Two Lucky People.

Death[edit]

Friedman died of heart failure at the age of 94 years in San Francisco on November 16, 2006.[55] He was still a working economist performing original economic research; his last column was published in The Wall Street Journal the day after his death.[56] He was survived by his wife (who died on August 18, 2009) and their two children, David, known for the anarcho-capitalist book The Machinery of Freedom, and bridge expert Jan Martel.

Scholarly contributions[edit]

See also: Friedman–Savage utility function, Friedman rule, Friedman's k-percent rule, and Friedman test

Economics[edit]

Friedman was best known for reviving interest in the money supply as a determinant of the nominal value of output, that is, the quantity theory of money. Monetarism is the set of views associated with modern quantity theory. Its origins can be traced back to the 16th-century School of Salamanca or even further; however, Friedman's contribution is largely responsible for its modern popularization. He co-authored, with Anna Schwartz, A Monetary History of the United States, 1867–1960 (1963), which was an examination of the role of the money supply and economic activity in the U.S. history. A striking conclusion of their research regarded the way in which money supply fluctuations contribute to economic fluctuations. Several regression studies with David Meiselman during the 1960s suggested the primacy of the money supply over investment and government spending in determining consumption and output. These challenged a prevailing, but largely untested, view on their relative importance. Friedman's empirical research and some theory supported the conclusion that the short-run effect of a change of the money supply was primarily on output but that the longer-run effect was primarily on the price level.

Friedman was the main proponent of the monetarist school of economics. He maintained that there is a close and stable association between inflation and the money supply, mainly that inflation could be avoided with proper regulation of the monetary base's growth rate. He famously used the analogy of "dropping money out of a helicopter",[57] in order to avoid dealing with money injection mechanisms and other factors that would overcomplicate his models.

Friedman's arguments were designed to counter the popular concept of cost-push inflation, that the increased general price level at the time was the result of increases in the price of oil, or increases in wages; as he wrote,

Inflation is always and everywhere a monetary phenomenon.

— Milton Friedman, 1963.[58]

Friedman rejected the use of fiscal policy as a tool of demand management; and he held that the government's role in the guidance of the economy should be restricted severely. Friedman wrote extensively on the Great Depression, which he termed the Great Contraction, arguing that it had been caused by an ordinary financial shock whose duration and seriousness were greatly increased by the subsequent contraction of the money supply caused by the misguided policies of the directors of the Federal Reserve.

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 ... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.

— Milton Friedman, Two Lucky People, 233[59]

Friedman also argued for the cessation of government intervention in currency markets, thereby spawning an enormous literature on the subject, as well as promoting the practice of freely floating exchange rates. His close friend George Stigler explained, "As is customary in science, he did not win a full victory, in part because research was directed along different lines by the theory of rational expectations, a newer approach developed by Robert Lucas, also at the University of Chicago."[60] The relationship between Friedman and Lucas, or new classical macroeconomics as a whole, was highly complex. The Friedmanian Phillips curve was an interesting starting point for Lucas, but he soon realized that the solution provided by Friedman was not quite satisfactory. Lucas elaborated a new approach in which rational expectations were presumed instead of the Friedmanian adaptive expectations. Due to this reformulation, the story in which the theory of the new classical Phillips curve was embedded radically changed. This modification, however, had a significant effect on Friedman’s own approach, so, as a result, the theory of the Friedmanian Phillips curve also changed.[61] Moreover, new classical Neil Wallace, who was a graduate student at the University of Chicago between 1960 and 1963, regarded Friedman’s theoretical courses as a mess.[62] This evaluation clearly indicates the broken relationship between Friedmanian monetarism and new classical macroeconomics.

Friedman was also known for his work on the consumption function, the permanent income hypothesis (1957), which Friedman himself referred to as his best scientific work.[63] This work contended that rational consumers would spend a proportional amount of what they perceived to be their permanent income. Windfall gains would mostly be saved. Tax reductions likewise, as rational consumers would predict that taxes would have to increase later to balance public finances. Other important contributions include his critique of the Phillips curve and the concept of the natural rate of unemployment (1968). This critique associated his name, together with that of Edmund Phelps, with the insight that a government that brings about greater inflation cannot permanently reduce unemployment by doing so. Unemployment may be temporarily lower, if the inflation is a surprise, but in the long run unemployment will be determined by the frictions and imperfections of the labor market.

Friedman's essay "The Methodology of Positive Economics" (1953) provided the epistemological pattern for his own subsequent research and to a degree that of the Chicago School. There he argued that economics as science should be free of value judgments for it to be objective. Moreover, a useful economic theory should be judged not by its descriptive realism but by its simplicity and fruitfulness as an engine of prediction. That is, students should measure the accuracy of its predictions, rather than the 'soundness of its assumptions'. His argument was part of an ongoing debate among such statisticians as Jerzy Neyman, Leonard Savage, and Ronald Fisher.[64]

Statistics[edit]

One of his most famous contributions to statistics is sequential sampling. Friedman did statistical work at the Division of War Research at Columbia, where he and his colleagues came up with the technique. It later became, in the words of The New Palgrave Dictionary of Economics, "the standard analysis of quality control inspection". The dictionary adds, "Like many of Friedman’s contributions, in retrospect it seems remarkably simple and obvious to apply basic economic ideas to quality control; that however is a measure of his genius."[65]

Public policy positions[edit]

Federal Reserve[edit]

Due to its poor performance,[66] Friedman believed that the Federal Reserve Board should be abolished.[67][68] Friedman was deeply critical about Federal Reserve policies, even during the so-called 'Volcker shock' that was labelled 'monetarist.'[69] He further believed that if the money supply was to be centrally controlled (as by the Federal Reserve System) that the preferable way to do it would be with a mechanical system that would keep the quantity of money increasing at a steady rate.

Exchange rates[edit]

Friedman was a strong advocate for floating exchange rates throughout the entire Bretton-Woods period. He argued that a flexible exchange rate would make external adjustment possible and allow countries to avoid Balance of Payments crises. He saw fixed exchange rates as an undesirable form of government intervention. The case was articulated in an influential 1953 paper, "The Case for Flexible Exchange Rates", at a time, when most commentators regarded the possibility of floating exchange rates as a fantasy.[70][71]

School choice[edit]

In his 1955 article "The Role of Government in Education"[72] Friedman proposed supplementing publicly operated schools with privately run but publicly funded schools through a system of school vouchers.[73] Reforms similar to those proposed in the article were implemented in, for example, Chile in 1981 and Sweden in 1992.[74] In 1996, Friedman, together with his wife, founded the Friedman Foundation for Educational Choice to advocate school choice and vouchers. In 2016, the Friedman Foundation changed its name to EdChoice to honor the Friedmans' desire to have the educational choice movement live on without their names attached to it after their deaths.[16]

Conscription[edit]

While Walter Oi is credited with establishing the economic basis for a volunteer military, Milton Friedman was a proponent, stating that the draft was "inconsistent with a free society."[75][76] In Capitalism and Freedom, he argued that conscription is inequitable and arbitrary, preventing young men from shaping their lives as they see fit.[77] During the Nixon administration he headed the committee to research a conversion to paid/volunteer armed force. He would later state that his role in eliminating the conscription in the United States was his proudest accomplishment.[12] Friedman did, however, believe a nation could compel military training as a reserve in case of war time.[77]

Foreign policy[edit]

Biographer Lanny Ebenstein noted a drift over time in Friedman's views from an interventionist to a more cautious foreign policy.[78] He supported US involvement in the Second World War and initially supported a hard line against Communism, but moderated over time.[78] However Friedman did state in a 1995 interview that he is an anti-interventionist.[79]

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Family Assessment

... Family Assessment Stephanie Anne I. Samson NUR 405 April 28, 2016 Penny Horper Family Assessment The saying “Everything begins with family” is not merely a cliché proverb. The textbook definition of a family is “two or more individuals who depend on one another for emotional, physical, and/or financial support” (Stanhope & Landcaster, 2014, p. 601). For health care providers, collaborations with families are significant partnerships in promoting healthy individual lifestyles, which ultimately contribute to the wellness of an entire community. This report, describes the nursing assessment and health plans for family Y. The Family Family Y is a traditional nuclear family with a four-month-old infant. The parents are both immigrants from Japan who are here only on limited student visa statuses. Most of their extended and immediate families are still in Japan. However, the couple has been successful in building a small group of dependable friends that form their support system. According to AY, acculturating during their first year in the United States was the most difficult experience she ever had to endure. The language barrier and longing for her family and friends were enough to cause her significant stress. The family is in the childbearing stage of development where they are learning their new roles as mother and father. AY terminated her employment to be a stay at home mom and HY, who works a minimum wage job as a......

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Family Assessment

...Running head: FAMILY HEALTH ASSESSMENT Family Health Assessment Marsha Ricks Grand Canyon University Family Health Assessment Functional Health Patterns Many different people due to their cultural and ethnic background can define family in many different ways. But one thing that is shared by all families is value and health perception. Families are as diverse as the members that make up the family unit. The Family is the primary social framework in which health promotion of wellness and disease prevention and management takes place, and which the belief system influences the health behavior of its members. The purpose of this paper is to analyze family function health patterns using Gordon’s 11 Functional Health Patterns assessment tool. Gordon’s health pattern tool is used to obtain a family nursing history that consist of eleven areas of function to assess and to promote areas of wellness as well as identifying health pattern problems. By using this framework the nurse can combine the cumulated data both subjective and objective, build patterns reflective of their lifestyle. (Edelman & Mandle 2010). If nurses assess functional trends and interactions among patterns, then nurses can accurately predict and diagnosis current or potential issues. By doing this they can more effectively facilitate movement in the positive direction of outcomes to promote an ultimate feeling of well-being. Health Perception/Health Management In interviewing the Family members......

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Family Assessment

...Paper#1 Family Process xxxxxxxx University of Wyoming Paper#1 Family Process The J. Family is a neighbor of the interviewer. The initial interview was conducted in Mr. and Mrs. J’s home with their 3 school age children present and included in the interview. Two subsequent interviews were conducted for clarification and additional information over the phone with Mrs. J. The interviews were conducted using the Friedman family assessment model (Friedman, Bowden, & Jones, 2003). Identifying Data Family Name J. Family 1111 Xxxx Street xxxx, Idaho 8xxxx 208-xxx-xxxx Family Composition • DWJ Chaplain Master of Arts in Clinical Ministry 48 y.o., 12/5/1964, Spokane, WA; Male-Dad Crohn’s disease “Okay” Health • JAJ Homemaker 2 Years Post-Secondary Education 50 y.o., 2/1/1962, Tacoma, WA; Female-Mom “Excellent Health” • JJJ 8th grader 13 y.o., 6/24/1999, xxxx, ID; Male-Son “Excellent Health” • CAJ 6th grader 11 y.o., 5/13/2001, xxxxx, ID; Male-Son “Excellent Health” • KAJ 3rd grader 8 y.o., 6/3/2004, xxxxx, ID; Female-Daughter “Excellent Health” Family Form Nuclear Family-One parent working (Friedman et al., 2003, p. 19). Cultural Background Family describes self as Caucasian and English speaking. Father is the 4th generation to live in the United States and he reports origins from Scandinavia. He is unsure what part of Scandinavia but states, “I think I am a mix of Swedish and Norwegian”. The mother reports she is 3rd generation......

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Nur405 Friedman Family Assessment

...Friedman Family Assessment The Friedman Family Assessment is a tool used to assess the “family as a whole, as part of the whole of society, and as an interaction system” (Lancaster & Stanhope, 2008, p. 569). The Friedman Family Assessment has certain assumptions for the families that are assessed with this tool. These assumptions include the families are “a social system with functional requirements, a small group possessing certain generic features common to all small groups, as a social system accomplishes functions that serve the individual and society, and individuals act in accordance with a set of internalized norms and values that are learned primarily in the family through socialization” (Lancaster & Stanhope, 2008, p. 569). The following is a Friedman Family Assessment of the Pedroza family. Identifying Data The Pedroza family resides in Temple City, California. The ethnicity of the family is that of mixed races that include Latin American and Hispanic. The family’s religious preference is Catholic. Their social class status is that of middle class. Their social class mobility recently changed as in the past two years, they have been recently renting a house in Temple City, California. Prior to residing in their rented house, they were living with a relative and sharing the property and household space. Developmental Stage and History of Family The Pedroza family is in Friedman’s Middle-Class North American Family Life Cycle stage three: Families with young...

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Friedman Assessment

...Friedman Family Assessment William Harrison NUR/405 July 16, 2012 Kimberly Hall Friedman Family Assessment Identifying Data • The Family name is Costa • They reside in Apple Valley CA. • The family consists of the mother and two children. The mother is forty-five years old, the son is 20, and the daughter is 18. • The family is polygamous • All members of the family identify as White • The mother and daughter attend a non-denominational church on a regular basis. The son does not identify with any religion. However, he states that he does believe in God. • The family is living is living at the poverty level. The mother is working full-time but only making slightly more than minimum wage. Neither of the children are working at this time. • The family does manage to spend quality time together during leisure time. The community offers many free/low-cost activities that they enjoy together. These include, free concerts, farmers markets, camping, and fishing. Developmental Stage and History of Family • Family is the launching stage of family development. Children our grown but still unable to care for them selves financially. • Both children have graduated from high school. The son is working part time and spends very little time with the family. The daughter is not working and has no plans for the future at this time. This is an area of concern for the mother. • Both children have completed the......

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