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Milton Friedman

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Milton Friedman
Milton Friedman (1912 - 2006) was an American Nobel Laureate economist and public intellectual. An advocate of economic freedom, Friedman made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics. In 1976, he was awarded the Nobel memorial Prize in Economic Sciences for his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.[1]

He is widely regarded as the leader of the Chicago School of monetary economics, which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation.[2]

He and his wife established the Milton and Rose D. Friedman Foundation, for the purpose of promoting parental choice of the schools their children attend. The Foundation is based in Indianapolis and its president and chief executive officer is Robert C. Enlow.[2]


Friedman received a B.A. in 1932 from Rutgers University, an M.A. in 1933 from the University of Chicago and a Ph.D. in 1946 from Columbia University. Friedman was also awarded honorary degrees by universities in the United States, Japan, Israel and Guatemala, as well as the Grand Cordon of the First Class Order of the Sacred Treasure by the Japanese government in 1986.[2]

Notable books and publications

In addition to his scientific work, Professor Friedman had also written extensively on public policy, always with primary emphasis on the preservation and extension of individual freedom. His most important books in this field are:[2]

  • A Theory of the Consumption Function (University of Chicago Press, 1957);
  • Capitalism and Freedom with Rose D. Friedman (University of Chicago Press, 1962);
  • A Monetary History of the United States with A. J. Schwartz, (Princeton University Press, 1963);
  • The Optimum Quantity of Money and Other Essays (Aldine, 1969);
  • Monetary Statistics of the United States with A. J. Schwartz, (Columbia University Press, 1970);
  • Free to Choose with Rose Friedman (Harcourt Brace Jovanovich, 1980), which complements a ten-part TV series of the same name, shown over PBS in early 1980;
  • Monetary Trends in the United States and the United Kingdom with A. J. Schwartz (University of Chicago Press, 1982);
  • Bright Promises, Dismal Performance (Thomas Horton and Daughters, 1983), which consists mostly of reprints of tri-weekly columns that he wrote for Newsweek from 1966 to 1983; and
  • Tyranny of the Status Quo with Rose D. Friedman (Harcourt Brace Jovanovich, 1984), which complements a three-part TV series of the same name, shown over PBS in early 1984.

Positions and accolades

  • Recipient of the 1976 Nobel Prize for Economic Science[2]
  • Senior Research Fellow at the Hoover Institution, Stanford University, from 1977 to 2006[2]
  • Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago, where he taught from 1946 to 1976[2]
  • Member of the research staff of the National Bureau of Economic Research from 1937 to 1981[2]
  • Awarded the Presidential Medal of Freedom in 1988[2]
  • Recipient of the National Medal of Science in 1988[2]
  • Member of President Reagan's Economic Policy Advisory Board, a group of experts outside the government, named in early 1981 by President Reagan[2]
  • Informal economic adviser to Ronald Reagan in his 1980 campaign[2]
  • Member of the President's Commission on White House Fellows (1971-73)[2]
  • Member of the President's Commission on an All-Volunteer Armed Force (1969-70)[2]
  • Informal economic adviser to Richard Nixon in his successful campaign in 1968 and to President Nixon subsequently[2]
  • Informal economic adviser to Senator Goldwater in his unsuccessful campaign for the presidency in 1964[2]
  • Past president of the American Economic Association[2]
  • Past president of the Western Economic Association[2]
  • Past president of the Mont Pelerin Society[2]
  • Past member of the American Philosophical Society[2]
  • Past member of the National Academy of Sciences[2]

External links

Suggest a link

Additional reading