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Milton Friedman

Born July 31, 1912(1912-07-31)
Brooklyn, New York City
Died November 16, 2006 (aged 94)
San Francisco, California
Residence U.S.
Nationality American
Fields Economics
Institutions Hoover Institution (1977–2006)
University of Chicago (1946–77)
Columbia University (1937–41, 1943–45, 1964–65)
NBER (1937–40)
Alma mater Columbia University (Ph. Events 30 BC - Battle of Alexandria: Mark Antony achieves a minor victory over Octavian 's forces but most of his army subsequently Year 1912 ( MCMXII) was a Leap year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Leap year starting Brooklyn (named after the Dutch town Breukelen) is one of the five boroughs of New York City. The City of New York Events 534 - A second and final revision of the Codex Justinianus is published Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. The City and County of San Francisco is the fourth most populous city California ( is a US state on the West Coast of the United States, along the Pacific Ocean. The United States of America —commonly referred to as the The United States of America —commonly referred to as the Economics is the social science that studies the production distribution, and consumption of goods and services. The Hoover Institution on War Revolution and Peace is a libertarian Public policy Think tank and Library founded in 1919 by U The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. Columbia University is a private University in the United States and a member of the Ivy League. The National Bureau of Economic Research (NBER is a private nonprofit research organization dedicated to studying the science and empirics of Economics, especially the Alma mater is Latin for "nourishing mother" It was used in Ancient Rome as a title for the mother Goddess, and in Medieval Columbia University is a private University in the United States and a member of the Ivy League. D. )
University of Chicago (M. The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. A. )
Rutgers University (B. Rutgers The State University of New Jersey (also known as Rutgers University) is the largest institution for higher education in the state of New Jersey A. )
Doctoral advisor Simon Kuznets
Doctoral students Gary Becker
Phillip D. Cagan
Known for Analysis of money
Leader of Chicago School
Notable awards John Bates Clark Medal (1951)
Nobel Prize in Economics (1976)
Presidential Medal of Freedom 1988
National Medal of Science 1988

Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. A doctorate is an Academic degree that indicates the highest level of academic achievement Simon Smith Kuznets ( April 30, 1901 July 8, 1985) was an American Economist at the Wharton School of the University Gary Stanley Becker (born December 2, 1930) is an American Economist and a Nobel laureate. Phillip D Cagan (born 1927 is an American scholar and author He is Professor of Economics Emeritus at Columbia University. Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts. The biennial John Bates Clark Medal is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk The Presidential Medal of Freedom is a decoration bestowed by the President of the United States and is along with the equivalent Congressional Gold Medal bestowed The National Medal of Science is an honor bestowed by the President of the United States to individuals in Science and Engineering who have made important Events 30 BC - Battle of Alexandria: Mark Antony achieves a minor victory over Octavian 's forces but most of his army subsequently Year 1912 ( MCMXII) was a Leap year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Leap year starting Events 534 - A second and final revision of the Codex Justinianus is published Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. The United States of America —commonly referred to as the This is a list of Nobel Prize Laureates awarded for their outstanding contributions to Humanitarian causes for Peace, work in Literature An economist is an expert in the Social science of Economics. An intellectual (from the adjective meaning "involving thought and reason" is a person who tries to use his or her Intelligence and analytical thinking, He made major contributions to the fields of economics and statistics. Economics is the social science that studies the production distribution, and consumption of goods and services. Statistics is a mathematical science pertaining to the collection analysis interpretation or explanation and presentation of Data. In 1976, he was awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. Year 1976 ( MCMLXXVI) was a Leap year starting on Thursday (link will display full calendar of the Gregorian calendar. The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk In economics consumption is the primary motivating force in the wealth or utility maximizing paradigm In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time A stabilization policy is a package or set of measures introduced to stabilise a financial system or economy. [1] He was an advocate of economic freedom. Economic freedom is freedom to produce trade and consume any goods and services acquired without the use of force fraud or theft

According to The Economist, Friedman "was the most influential economist of the second half of the 20th century…possibly of all of it". The Economist is an English-language weekly news and International affairs publication owned by The Economist Newspaper Ltd and edited in London [2] Former Federal Reserve Board chairman Alan Greenspan stated, "There are very few people over the generations who have ideas that are sufficiently original to materially alter the direction of civilization. Alan Greenspan (born March 6 1926 in New York City) is an American Economist and was from 1987 to 2006 the Chairman of the Federal Reserve of Milton is one of those very few people. "[3]

In his 1962 book Capitalism and Freedom, Friedman advocated minimizing the role of government in a free market as a means of creating political and social freedom. Year 1962 ( MCMLXII) was a Common year starting on Monday (the link is to a full 1962 calendar of the Gregorian calendar. Capitalism and Freedom is a book by Milton Friedman originally published in 1962 which discusses the role of Economic Capitalism in A free market is a Market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers In his 1980 television series Free to Choose, Friedman explained his view of how free markets work, emphasizing his conviction that free markets have been shown to solve social and political problems that other systems have failed to address adequately. Year 1980 ( MCMLXXX) was a Leap year starting on Tuesday (link displays the 1980 Gregorian calendar) Free to Choose is both a book (ISBN 978-0-15-633460-0 and a ten-part Television series, advocating US Free market policy His books and columns for Newsweek were widely read and even circulated underground behind the Iron Curtain. Newsweek is an American weekly Newsmagazine published in New York City. The " Iron Curtain " was the symbolic ideological and physical boundary dividing Europe into two separate areas from the end of World War II until the end [4]

Earning a Ph.D. in economics from Columbia University in 1946, Friedman originally was a Keynesian supporter of the New Deal and advocate of high taxes. "PhD" redirects here for other uses see PhD (disambiguation. Columbia University is a private University in the United States and a member of the Ivy League. Year 1946 ( MCMXLVI) was a Common year starting on Tuesday (link will display full 1946 calendar of the Gregorian calendar. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist The New Deal was the name that United States President Franklin D He moved away from the idea of central control in the 1950s, along with his close friend George Stigler. George Joseph Stigler ( January 17, 1911 December 1, 1991) was a U Friedman's political philosophy, which he considered classically liberal and consequentialist libertarian, stressed the advantages of the marketplace and the disadvantages of government intervention, strongly influencing the outlook of American conservatives and libertarians. Classical liberalism (also known as traditional liberalism, Laissez-faire liberalism, Market liberalism or in much of the world Consequentialism refers to those moral theories which hold that the consequences of a particular action form the basis for any valid moral judgment about that action Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the Conservatism in the United States includes a variety of political ideologies including Fiscal conservatism, Supply-side economics, Social conservatism Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the He adamantly argued that if capitalism, or economic freedom, is introduced into countries governed by totalitarian regimes, political freedom would tend to result. Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where Political freedom is the absence of interference with the sovereignty of an individual by the use of coercion or aggression He lived to see some of his laissez-faire ideas embraced by the mainstream,[5] especially during the 1980s, a watershed decade for the acceptance of Friedman's ideas in many countries. Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do” His views of monetary policy, taxation, privatization and deregulation informed the policy of governments around the globe, especially the administrations of Ronald Reagan in the U. S. , Brian Mulroney in Canada, Margaret Thatcher in Britain, and Augusto Pinochet in Chile. Martin Brian Mulroney PC CC GOQ (predominantly known as Brian Mulroney) (born March 20, 1939) was the eighteenth Margaret Hilda Thatcher Baroness Thatcher LG, OM, PC, FRS (born 13 October 1925 Augusto José Ramón Pinochet Ugarte (November

Contents

Early life

Friedman was born on July 31, 1912, in Brooklyn, New York, to a working family of Jewish immigrants from Beregszász in Hungary (now Berehove, part of Ukraine). Events 30 BC - Battle of Alexandria: Mark Antony achieves a minor victory over Octavian 's forces but most of his army subsequently Year 1912 ( MCMXII) was a Leap year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Leap year starting Brooklyn (named after the Dutch town Breukelen) is one of the five boroughs of New York City. Berehove (Берегове Beregszász Берегово Берегово translit This article describes the History of Hungary between the end of Ottoman Hungary in 1699 and the end of Austria-Hungary 1919 Berehove (Берегове Beregszász Берегово Берегово translit Ukraine (Україна Ukrayina, /ukrɑˈjinɑ/ is a country in Eastern Europe. He was the first son and youngest child of Sára Eszter Landau and Jenő Saul Friedman,[6] both of whom worked as dry goods merchants. Dry goods are products often Textiles and clothing The term "soft goods" is also sometimes utilized Merchants function as professionals who deal with Trade, dealing in commodities that they do not produce themselves in order to produce Profit. Shortly after Milton's birth, the family relocated to Rahway, New Jersey. Rahway (ˈrɔweɪ is a city in southern Union County, New Jersey, United States. A gifted student, Friedman graduated from Rahway High School in 1928, shortly before his 16th birthday. Rahway High School is a four-year Public high school that serves students in ninth through twelfth grades from Rahway, in Union County, New Jersey Year 1928 ( MCMXXVIII) was a Leap year starting on Sunday (link will display full calendar of the Gregorian calendar. [7]

Friedman was awarded a competitive scholarship to Rutgers University in New Jersey, graduating with a Bachelor of Arts in 1932. Rutgers The State University of New Jersey (also known as Rutgers University) is the largest institution for higher education in the state of New Jersey New Jersey ( is a state in the Mid-Atlantic and Northeastern regions of the United States. Year 1932 ( MCMXXXII) was a Leap year starting on Friday of the Gregorian calendar. [8] He specialized in Mathematics and initially intended to become an actuary but found the exams cumbersome and quit. Mathematics is the body of Knowledge and Academic discipline that studies such concepts as Quantity, Structure, Space and An actuary is a business professional who deals with the financial impact of risk and uncertainty During his time at Rutgers, Friedman fell under the influence of two economics professors, Arthur F. Burns and Homer Jones. For the American discus thrower see Art Burns. Arthur Frank Burns ( April 27, 1904 in Stanyslaviv, Galicia Homer Jones (1906-1986 was a prominent American Economist. In the course of his career Jones spent time at Rutgers University, the University of Chicago At the height of the Great Depression, they convinced him that the study of Economics could help to solve the ongoing economic difficulties, and he ended up graduating with the equivalent of a double major in Mathematics and Economics. Economics is the social science that studies the production distribution, and consumption of goods and services.

Upon his graduation from Rutgers, Friedman turned down an offer to study applied mathematics at Brown University, instead accepting a scholarship to study Economics at the University of Chicago (M.A., 1933). Applied mathematics is a branch of Mathematics that concerns itself with the mathematical techniques typically used in the application of mathematical knowledge to other domains Brown University is a highly esteemed private University located in Providence, Rhode Island and is a member of the Ivy League. The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. A Master of Arts ( Latin: Magister Artium) is a Postgraduate academic Master's degree awarded by universities in a large Year 1933 ( MCMXXXIII) was a Common year starting on Sunday (link will display full calendar of the Gregorian calendar. During this year in Chicago, Friedman's intellectual development was strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. Chicago (ʃɪˈkɑːgoʊ is the largest City by population in the state of Illinois and the American Midwest of the United States. Jacob Viner ( May 3, 1892 - September 12, 1970) is best known for his enduring economic modelling of the firm, including the long- Frank Hyneman Knight ( November 7, 1885 - April 15, 1972) was an important Economist of the twentieth century Henry Calvert Simons ( October 9, 1899 – June 19, 1946) was an American economist at the University of Chicago. It was also during this time at Chicago that Friedman met his future wife, Rose Director (sister of prominent law professor Aaron Director). Rose Director Friedman, also known as Rose D Friedman and Rose Director, is the widow of Milton Friedman, the winner of the 1976 Nobel Prize Aaron Director ( September 21, 1901 &ndash September 11, 2004) a celebrated professor at the University of Chicago Law School, played After completing his master's degree, Friedman spent the next academic year (1933–34) on a postgraduate fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. Columbia University is a private University in the United States and a member of the Ivy League. Statistics is a mathematical science pertaining to the collection analysis interpretation or explanation and presentation of Data. Harold Hotelling ( Fulda Minnesota, September 29, 1895 &ndash December 26, 1973) was a mathematical statistician and very influential He was back in Chicago for 1934–35, spending the year working as a research assistant for Henry Schultz, who was then working on his Theory and Measurement of Demand. Year 1934 ( MCMXXXIV) was a Common year starting on Monday (link will display full 1934 calendar of the Gregorian calendar. Year 1935 ( MCMXXXV) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. A Research Assistant is a junior graduate Scholar, employed on a temporary contract by a College or University for the purpose of academic Henry Schultz ( September 4, 1893 – November 26, 1938) was an American Economist and Statistician, one of the founders During this year, Friedman formed what would prove to be lifelong friendships with George Stigler and Wilson Allen Wallis. George Joseph Stigler ( January 17, 1911 December 1, 1991) was a U Wilson Allen Wallis (born 1912 in Philadelphia, died October 12, 1998 in Rochester, New York) was an American Economist

Public service

Friedman was initially unable to find academic employment, so in 1935, he followed his friend W. Allen Wallis to Washington, D.C., where Roosevelt's New Deal was "a lifesaver" for many young economists. Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D The New Deal was the name that United States President Franklin D [9] 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". The Works Progress Administration (renamed in 1939 the Work Projects Administration; WPA) was the largest New Deal agency employing millions of people Civilian Conservation Corps ( CCC) was a Work relief program for young men from unemployed families established on March 21, 1933, by U The Public Works Administration (PWA, a New Deal government agency headed by Harold Ickes, was created by the National Industrial Recovery Act in June National Recovery Administration (NRA created in the United States of America under the 1933 National Industrial Recovery Act, was one of the New Deal The Agricultural Adjustment Act ( enacted May 12, 1933) restricted production during the New Deal by paying farmers to reduce crop area [10] Foreshadowing his later ideas, he saw price controls as interfering with an essential signaling mechanism to help resources go where they are 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. [11] In Monetary History of the United States, he argues that the Great Depression was caused by monetary contraction, which was the consequence of poor policymaking by the Federal reserve and the continuous crises in the banking system. Contractionary monetary policy is Monetary policy that seeks to reduce the size of the Money supply. [12]

In 1935, he began work at the National Resources Committee, 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 moved to the National Bureau of Economic Research in fall 1937 to assist Simon Kuznets in his work on professional income. The National Bureau of Economic Research (NBER is a private nonprofit research organization dedicated to studying the science and empirics of Economics, especially the Simon Smith Kuznets ( April 30, 1901 July 8, 1985) was an American Economist at the Wharton School of the University This work led to their jointly authored 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 permanent income hypothesis (PIH is a theory of consumption that was developed by the American Economist Milton Friedman. The book hypothesizes that professional licensing artificially restricts the supply of services and raises prices.

In 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. Antisemitism (alternatively spelled anti-semitism or anti-Semitism; also rarely known as judeophobia) is the Prejudice against or hostility [13][14] Friedman spent 1941–43 working on wartime tax policy for the Federal Government, as an advisor to senior officials of the United States Department of the Treasury. The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. As a Treasury spokesman in 1942 he advocated a Keynesian policy of taxation, and during this time he helped to invent the payroll withholding tax system. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation Withholding tax is an amount withheld by the party making payment to another (payee and paid to the taxation authorities [15]

In his autobiography, he comments on "how thoroughly Keynesian I was then". [16] As Friedman grew older he reversed himself; in 2006 he observed, "You know, it's a mystery as to why people think Roosevelt's policies pulled us out of the Depression. The problem was that you had unemployed machines and unemployed people. How do you get them together by forming industrial cartels and keeping prices and wages up?"[17]

Academic career

Early years

In 1943, Friedman joined the Division of War Research at Columbia University (headed by Wilson Allen Wallis and Harold Hotelling), where he spent the rest of the war years working as a mathematical statistician, focusing on problems of weapons design, military tactics, and metallurgical experiments. Columbia University is a private University in the United States and a member of the Ivy League. Wilson Allen Wallis (born 1912 in Philadelphia, died October 12, 1998 in Rochester, New York) was an American Economist Harold Hotelling ( Fulda Minnesota, September 29, 1895 &ndash December 26, 1973) was a mathematical statistician and very influential A weapon is a Tool used either in Hunting, or attack or defence in Combat for the purpose of subduing enemy personnel or to destroy enemy weapons Military tactics ( Greek: Taktikē, the art of organizing an army are the techniques for using weapons or military units in combination for engaging and defeating Metallurgy is a domain of Materials science that studies the physical and chemical behavior of metallic elements, their intermetallic compounds, and their Then in 1945, Friedman submitted Incomes from Independent Professional Practice (co-authored with Kuznets and completed in 1940) to Columbia as his doctoral dissertation. The university awarded him a Ph.D. in 1946. "PhD" redirects here for other uses see PhD (disambiguation. Friedman spent the 1945–46 academic year teaching at the University of Minnesota (where his friend George Stigler was employed). The University of Minnesota Twin Cities ( U of M or The U) is the oldest and largest part of the University of Minnesota system.

University of Chicago

In 1946, Friedman accepted an offer to teach economic theory at the University of Chicago (a position opened by Jacob Viner's departure to Princeton University). Princeton University is a private Coeducational research university located in Princeton, New Jersey. Friedman would stay at the University of Chicago for the next 30 years. There he helped build a close-knit intellectual community that produced a number of Nobel Prize winners, known collectively as the Chicago School of Economics.

At the same time he moved to the University of Chicago, Arthur Burns, who was then the head of the National Bureau of Economic Research, asked Friedman to rejoin the Bureau's staff. The National Bureau of Economic Research (NBER is a private nonprofit research organization dedicated to studying the science and empirics of Economics, especially the He accepted the invitation, and assumed responsibility for the Bureau's inquiry into the role of money in the business cycle. Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts. The term business cycle or economic cycle refers to the fluctuations of economic activity during its long term growth trend As a result, he founded the "Workshop in Money and Banking" (the "Chicago Workshop"), which led a revival in monetary studies. During the latter half of the 1940s, Friedman began a collaboration with Anna Schwartz, an economic historian at the Bureau, which 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. Anna Jacobson Schwartz (1915 is an Economist at the National Bureau of Economic Research in New York City. Economic history is the study of how economic phenomena evolved in the past

Friedman spent the 1954–55 academic year as a Visiting Fellow at Gonville and Caius College, Cambridge. Gonville and Caius College Cambridge is a constituent College of Cambridge University, one of the world's most academically respected institutions At the time, the Cambridge economics faculty was deeply divided into a Keynesian majority (including Joan Robinson and Richard Kahn) and a virulently anti-Keynesian minority (headed by Dennis Robertson). In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Joan Violet Robinson ( October 31, 1903 in Surrey - August 5, 1983 in Cambridge) was a post-Keynesian economist Richard Ferdinand Kahn Baron Kahn, CBE, ( 10 August 1905 &ndash 6 June 1989) was a British economist Sir Dennis Holme Robertson ( 23 May 1890 – 21 April 1963) was an English economist who taught at Cambridge Friedman speculates that he was invited to the fellowship because his extreme laissez-faire views were unacceptable to both of the Cambridge factions, a fact that highlights how far out of the mainstream Friedman was in the 1950s. Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do”

Nobel memorial prize and retirement

In 1976, Friedman won 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". The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time [1] In 1977, at age 65, Friedman retired from the University of Chicago after teaching there for 30 years. He and his wife moved to San Francisco. The City and County of San Francisco is the fourth most populous city From 1977 on, he was affiliated with the Hoover Institution at Stanford University. The Hoover Institution on War Revolution and Peace is a libertarian Public policy Think tank and Library founded in 1919 by U Leland Stanford Junior University, commonly known as Stanford University or simply Stanford, is a private Research university located in During the same year, Friedman was approached by the Palmer R. Chitester Fund[18] 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 in 1980, the ten-part series, entitled Free to Choose, aired on PBS. Free to Choose is both a book (ISBN 978-0-15-633460-0 and a ten-part Television series, advocating US Free market policy The Public Broadcasting Service ( PBS) is a Non-profit Public broadcasting Television service with 354 member TV stations in the The companion book to the series (co-authored by Milton and his wife, Rose Friedman), also entitled Free to Choose, was the bestselling nonfiction book of 1980 and has since been translated into 14 foreign languages. Rose Director Friedman, also known as Rose D Friedman and Rose Director, is the widow of Milton Friedman, the winner of the 1976 Nobel Prize

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. The United States Presidency of Ronald Reagan, also known as the Reagan Administration, was a Republican administration headed by In 1988, he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom. The National Medal of Science is an honor bestowed by the President of the United States to individuals in Science and Engineering who have made important The Presidential Medal of Freedom is a decoration bestowed by the President of the United States and is along with the equivalent Congressional Gold Medal bestowed Milton Friedman is today known as one of the most influential economists of the 20th century. [19][20] Throughout the 1980s and 1990s, Friedman continued to write op-eds and appear in the media. An editorial, leader (UK or leading article (UK is an article in a Newspaper or Magazine that expresses the opinion of the Editor He made several trips to Eastern Europe and to China. Eastern Europe is a general term that refers to the Geopolitical region encompassing the easternmost part of the European continent. China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National

In Friedman's last email interview in 2006, he said that the greatest threat to the world's economy is "Islamofascism, with terrorism as its weapon". [21] Milton Friedman died at the age of 94 in San Francisco on November 16, 2006. The City and County of San Francisco is the fourth most populous city Events 534 - A second and final revision of the Codex Justinianus is published Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. [22][23] Friedman's son is the philosopher and economist David D. Friedman. David Director Friedman (born February 12, 1945) is a writer who became a leading figure in the anarcho-capitalist community with the publication of his

Scholarly contributions

Economics

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. In Economics, the quantity theory of money is a theory emphasizing the Positive relationship of overall prices or the nominal value of expenditures to the Monetarism is the set of views associated with modern quantity theory. Monetarism is a school of economic thought concerning the determination of national income and monetary Economics. Its origins can be traced back to the 16th-century School of Salamanca or even further but Friedman's contribution is largely responsible for its modern formulation. The School of Salamanca is the Renaissance of thought in diverse intellectual areas by Spanish theologians, rooted in the intellectual and pedagogical He co-authored, with Anna Schwartz, A Monetary History of the United States (1963), which sought to examine the role of the money supply and economic activity in U. Anna Jacobson Schwartz (1915 is an Economist at the National Bureau of Economic Research in New York City. The Economy of the United States is the largest national economy in the world S. history. A striking conclusion of their research was one regarding the role of money supply fluctuations as contributing to economic fluctuations. Several regression studies with David Meiselman in 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 in the money supply was primarily on output but that the longer-run effect was primarily on the price level.

Friedman was the leading proponent of the monetarist school of economic thought. Monetarism is a school of economic thought concerning the determination of national income and monetary Economics. He maintained that there is a close and stable link between inflation and the money supply, mainly that the phenomenon of inflation is to be regulated by controlling the amount of money poured into the national economy by the Federal Reserve Bank. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time Friedman's arguments were designed to counter popular claims that inflation at the time was the result of increases in the oil price, or increases in wages: as he wrote,

Inflation is always and everywhere a monetary phenomenon. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time

—Milton Friedman, A Monetary History of the United States 1867-1960 (1963)

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 severely restricted. Fiscal policy, taking the scope of Budgetary policy, refers to government policy that attempts to influence the direction of the economy through changes in government taxes Supply and demand is an Economic model describing effects on price and quantity in a Market. Friedman wrote extensively on the Great Depression, which he called 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 Great Contraction is Milton Friedman 's term for the Great Depression. In Economics a shock is an unexpected or unpredictable event that affects an economy either positively or negatively

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

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. The foreign exchange ( currency or forex or FX) market refers to the market for currencies. In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how Friedman's macroeconomic theories were soon displaced. 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. George Joseph Stigler ( January 17, 1911 December 1, 1991) was a U Rational expectations is an assumption used in many contemporary macroeconomic models, and also in other areas of contemporary Economics and Game theory Robert Emerson Lucas Jr (born September 15, 1937, Yakima Washington) is an American Economist at the University of Chicago "[24]

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. The permanent income hypothesis (PIH is a theory of consumption that was developed by the American Economist Milton Friedman. [25] 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 rise 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). The Phillips curve is a historical inverse relation between the rate of Unemployment and the rate of Inflation in an Economy. The natural rate of unemployment is a concept of economic activity developed in particular by Milton Friedman and Edmund Phelps in the 1960s This critique associated his name, together with that of Edmumd Phelps, with the insight that a government that brings about higher 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 in the labour market.

Friedman's essay "The Methodology of Positive Economics" (1953) set the epistemological course for his own subsequent research and to a degree that of the Chicago School of Economics. Milton Friedman 's book Essays in Positive Economics (1953 has as its lead an original essay "The Methodology of Positive Economics" on which this article focuses Epistemology (from Greek επιστήμη - episteme, "knowledge" + λόγος, " Logos " or theory of knowledge 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 (hair color, etc. ) but by its simplicity and fruitfulness as an engine of prediction.

Statistics

Although less popularly known for these advances, Friedman was also widely agreed to be a brilliant statistician. One of his most famous contributions to statistics is sequential sampling. Statistics is a mathematical science pertaining to the collection analysis interpretation or explanation and presentation of Data. "Friedman did statistical work at the Division of War Research at Columbia. He and his colleagues came up with a sampling technique, known as sequential sampling, which became, in the words of The New Palgrave Dictionary of Economics, 'the standard analysis of quality control inspection. The New Palgrave Dictionary of Economics, 2nd Edition is an eight-volume reference work published in May 2008 edited by Steven N ' 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. '"[26]

Other work

"He was also a key member of the team that developed a new proximity fuse for anti-aircraft projectiles, preventing bombs from going off unless they are near the object they are meant to destroy"[26] during the second world war.

Public policy positions

Friedman was in favor of abolishing the Federal Reserve System and replacing it with a mechanical system in nature that would keep the quantity of money going up at a steady rate, issued directly by the government and cutting back on fractional reserve banking powers for the banks. Friedman also supported libertarian policies such as decriminalization of drugs and prostitution. Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the Recreational drug use is the use of Psychoactive drugs for Recreational purposes rather than for work, medical or spiritual purposes Prostitution is the act of performing Sexual activity in exchange for Money. During the Nixon administration he headed the committee to explore a move towards a paid/volunteer armed force. He would later state that his role in eliminating the draft was his proudest accomplishment. The Draft redirects here For other uses see Draft. Conscription in the United States has been employed several times usually during [27] Friedman did, however, believe a nation could compel military training as a reserve in case of war time. [28] He served as a member of President Reagan's Economic Policy Advisory Board in 1981. Economics is the social science that studies the production distribution, and consumption of goods and services. In 1988, he received the Presidential Medal of Freedom and the National Medal of Science. The Presidential Medal of Freedom is a decoration bestowed by the President of the United States and is along with the equivalent Congressional Gold Medal bestowed The National Medal of Science is an honor bestowed by the President of the United States to individuals in Science and Engineering who have made important He said that he was a libertarian philosophically, but a member of the U. S. Republican Party for the sake of "expediency" ("I am a libertarian with a small 'l' and a Republican with a capital 'R. ' And I am a Republican with a capital 'R' on grounds of expediency, not on principle. ") But, he said, "I think the term classical liberal is also equally applicable. Classical liberalism (also known as traditional liberalism, Laissez-faire liberalism, Market liberalism or in much of the world I don't really care very much what I'm called. I'm much more interested in having people thinking about the ideas, rather than the person. "[29]

Friedman was supportive of the state provision of some public goods that the market is not seen as being able to provide. In Economics, a public good is a good that is non-rivaled and non-excludable. However, he saw the scope of such goods as being minimal, and argued that many of the services performed by government could be performed better by the private sector. Above all, if some public goods are provided by the state, he believed that they should not be a legal monopoly where private competition is prohibited. A legal monopoly, statutory monopoly, or de jure monopoly is a Monopoly that is protected by law from competition For, example, in response to the United States Post Office's legal monopoly on mail, he said

There is no way to justify our present public monopoly of the post office. In Economics, government monopoly (or public monopoly) is a form of Coercive monopoly in which a Government agency is the sole provider of a It may be argued that the carrying of mail is a technical monopoly and that a government monopoly is the least of evils. Natural monopoly is a term used in Economics to refer to two different things In Economics, government monopoly (or public monopoly) is a form of Coercive monopoly in which a Government agency is the sole provider of a Along these lines, one could perhaps justify a government post office, but not the present law, which makes it illegal for anybody else to carry the mail. If the delivery of mail is a technical monopoly, no one else will be able to succeed in competition with the government. If it is not, there is no reason why the government should be engaged in it. The only way to find out is to leave other people free to enter.

—Milton Friedman, Friedman, Milton & Rose D. Capitalism and Freedom, University of Chicago Press, 1982, 29

Friedman made headlines by proposing a negative income tax to replace the existing welfare system and then opposing the bill to implement it because it merely supplemented the existing system rather than replace it. In Economics, a negative income tax (abbreviated NIT) is a Progressive income tax system where people earning below a certain amount receive supplemental Welfare is financial assistance paid to people by governments

In 2005, Friedman and more than 500 other economists called for discussions regarding the economic benefits of the legalization of marijuana. Since the 20th century most countries have enacted laws affecting the legality of cannabis regarding the cultivation use possession or transfer of cannabis for recreational [30]

Michael Walker of the Fraser Institute and Friedman hosted a series of conferences from 1986 to 1994. Michael Walker PhD (born 1945, in Corner Brook Newfoundland) is a Canadian Economist. The Fraser Institute is Conservative and Libertarian Think tank based in Canada that espouses Free market principles The goal was to create a clear definition of Economic freedom and a method for measuring it. Economic freedom is freedom to produce trade and consume any goods and services acquired without the use of force fraud or theft Eventually this resulted in the first report on worldwide economic freedom, Economic Freedom in the World. These annual report has since provided data for numerous peer-reviewed studies and has influenced policy in several nations.

Along with sixteen other distinguished economists he opposed the Sonny Bono Copyright Term Extension Act and filed an amicus brief in Eldred v. Ashcroft. The Copyright Term Extension Act (CTEA of 1998 &ndash alternatively known as the Sonny Bono Copyright Term Extension Act, Sonny Bono Act, or Pejoratively Amicus curiae or amicus curiæ (plural amici curiae) is a Legal Latin phrase literally translated as "friend of the court" Eldred v Ashcroft, 537 US 186 (2003 challenged the constitutionality of the 1998 Sonny Bono Copyright Term Extension Act (CTEA [31]

Honors, recognition, and influence

Friedman allowed the Cato Institute to use his name for its Milton Friedman Prize for Advancing Liberty in 2001. The Cato Institute is a Libertarian Think tank headquartered in Washington D The Cato Institute is a Libertarian Think tank headquartered in Washington D The award is given out biannually. The Friedman Prize went to the late British economist Peter Bauer in 2002, Peruvian economist Hernando de Soto in 2004, Mart Laar, former Estonian Prime Minister in 2006 and a young Venezuelan student Yon Goicoechea in 2008. Hernando de Soto (born 1941 - 06-02) is a Peruvian Economist known for his work on the Informal economy and on the importance of Mart Laar (born April 22 1960 in Viljandi) is an Estonian statesman historian and a founding Yon Goicoechea is the 2008 Milton Friedman Prize for Advancing Liberty winner

His wife Rose, sister of Aaron Director, with whom he founded the Milton and Rose D. Friedman Foundation for School Choice, served in the international selection committee. Aaron Director ( September 21, 1901 &ndash September 11, 2004) a celebrated professor at the University of Chicago Law School, played Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. Friedman's son, David D. Friedman, has carried on his tradition of arguing in favor of free markets, but to a further extreme, advocating anarcho-capitalism. David Director Friedman (born February 12, 1945) is a writer who became a leading figure in the anarcho-capitalist community with the publication of his Anarcho-capitalism (also known as Free-market anarchism) is an individualist anarchist Political philosophy that advocates the elimination

Hong Kong

Friedman once said "if you want to see capitalism in action, go to Hong Kong". Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders [32] He believed the Hong Kong economy was the best example of a laissez-faire capitalism economy. Hong Kong's highly favorable geographical position and Entrepot trading opportunities are wealth-generating assets Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do”

One month before his death, he wrote the article "Hong Kong Wrong - What would Cowperthwaite say?" in the Wall Street Journal, criticizing Donald Tsang, Chief Executive of Hong Kong, for abandoning "positive noninterventionism". Sir Donald Tsang Yam-Kuen, GBM, KBE, JP (born 7 October 1944 is the current Chief Executive and Head of Government of Hong [33] Tsang later said he was merely changing the slogan to "big market, small government", where small government is defined as less than 20% of GDP. In a debate between Tsang and Alan Leong, rivals for the position of Chief Executive, Leong brought up the topic and accused Tsang of angering Friedman to death. Alan Leong Kah Kit, SC ( (born 22 February 1958 is a member of the Legislative Council of Hong Kong, representing the Kowloon East geographical

Chile

For more information on Milton Friedman's views on Chile, see Miracle of Chile. The " Miracle of Chile " is a term coined by Milton Friedman to describe the Augusto Pinochet 's support for liberal economic reforms in Chile

In 1975, two years after the military coup that toppled the government of Salvador Allende, the economy of Chile experienced a crisis. Salvador Isabelino Allende Gossens (June 26 1908 – September 11 1973 was President of Chile from November 1970 until his death during the coup d'état of Chile, officially the Republic of Chile ( Spanish:) is a country in South America occupying a long and narrow Coastal strip wedged between the Friedman accepted the invitation of a private foundation to visit Chile and lecture on principles of economic freedom. Friedman also met with the military dictator, President Augusto Pinochet, during his visit, but he did not serve as a formal advisor to the Chilean government. A military dictatorship is a Form of government wherein the political power resides with the Military; it is similar but not identical to a Stratocracy, Augusto José Ramón Pinochet Ugarte (November Instead, Chilean graduates of The Chicago School of Economics and its new local chapters were appointed to key positions in the new government, which allowed them to advise the dictator on economic policies in accord with the School's economic doctrine.

At home, several critics attacked Friedman's association with Pinochet, who had violently deposed Allende, the elected socialist head of state. [34] He came under heavy criticism from exiled Chilean Foreign Affairs Minister Orlando Letelier, who criticized Friedman's economic theories. Marcos Orlando Letelier del Solar ( April 13, 1932 - September 21, 1976) was a Chilean economist Political figure, In 1976, Letelier wrote:

It is curious that the man who wrote a book, Capitalism and Freedom, to drive home the argument that only classical economic liberalism can support political democracy can now so easily disentangle economics from politics when the economic theories he advocates coincide with an absolute restriction of every type of democratic freedom.

—Orlando Letelier, "The Chicago Boys In Chile", The Nation, 28 August 1976

Friedman encapsulated his philosophy in a lecture at La Universidad Católica de Chile, saying: "free markets would undermine political centralization and political control. Events 475 - The Roman General Orestes forces western Roman Emperor Julius Nepos to flee his Capital Year 1976 ( MCMLXXVI) was a Leap year starting on Thursday (link will display full calendar of the Gregorian calendar. "[35]

According to his critics, Friedman did not criticize Pinochet's dictatorship at the time, nor the assassinations, illegal imprisonments, torture, or other atrocities that were well-known by then. [36] Later, in Free to Choose, he said the following: "Chile is not a politically free system and I do not condone the political system . . . the conditions of the people in the past few years has been getting better and not worse. They would be still better to get rid of the junta and to be able to have a free democratic system. "[37]

When he went to receive his Nobel prize in Stockholm, he was met by demonstrations. In an interview on the PBS program Commanding Heights in 2000, Friedman attributed these demonstrations by opponents he recognized from earlier occasions to communists seeking to discredit anyone with even the slightest connection to Pinochet — such as himself — adding that "there was no doubt that there was a concerted effort to tar and feather me". Commanding Heights The Battle for the World Economy is a book by Daniel Yergin and Joseph Stanislaw, first published as The Commanding Heights The [38]

Friedman defended his role in Chile on the grounds that, in his opinion, the move towards open market policies not only improved the economic situation in Chile but also contributed to the softening of Pinochet's rule and to the eventual transition to a democratic government in 1990. That idea followed from Capitalism and Freedom, in which he declared that economic freedom is not only desirable in itself but is also a necessary condition for political freedom. He stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states. Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution [39] In the 2000 PBS documentary The Commanding Heights, Friedman continued to claim that criticism over his role in Chile missed his main point that freer markets led to freer people, and that Chile's unfree economy had led to the military government. Friedman argued that the economic liberalization he advocated led to the end of military rule and a free Chile. [38]

Iceland

Friedman visited Iceland in the autumn of 1984, met with prominent Icelanders and gave a lecture at the University of Iceland on the Tyranny of the Status Quo. Iceland, officially the Republic of Iceland ( ( Ísland or Lýðveldið Ísland ( He participated in a lively television debate on August 31, 1984 with leading socialist intellectuals, including President Ólafur Ragnar Grímsson. Events 1056 - Byzantine Empress Theodora becomes ill dying suddenly a few days later without children to succeed the Throne Year 1984 ( MCMLXXXIV) was a Leap year starting on Sunday (link displays the 1984 Gregorian calendar) Ólafur Ragnar Grímsson ( (born 14 May 1943) is the fifth and current President of Iceland. [40] When they complained that a fee was charged for attending his lecture at the University and that hitherto lectures by visiting scholars had been free-of-charge, Friedman replied that previous lectures had not been free-of-charge in a meaningful sense: Lectures always have related costs. What mattered was whether attendees covered those costs, or those who did not attend. Friedman thought that it was fairer that only those who attended, paid.

Friedman made a great impact on a group of young intellectuals in the Independence Party, including Davíð Oddsson who became Prime Minister in 1991 and began a radical program of monetary and fiscal stabilization, privatization, tax rate reduction (e. The Independence Party ( Sjálfstæðisflokkurinn) is a Right-wing Political party in Iceland. Davíð Oddsson (IPA ˈɔtsɔn (born 17 January 1948 in Reykjavík) is an Icelandic politician and the longest-serving Prime Minister g. , lowering the corporate income tax rate from 45% to 18%), definition of exclusive use rights in fisheries, abolition of various government funds for aiding unprofitable enterprises and liberalization of currency transfers and capital markets. In 1975, Iceland had the 53rd freest economy in the world, while in 2004, it had the 9th freest economy, according to the Economic Freedom of the World index designed by Canada’s Fraser Institute. See also Index of Economic Freedom The annual survey Economic Freedom of the World is an indicator which attempts to measure the degree of Economic The Fraser Institute is Conservative and Libertarian Think tank based in Canada that espouses Free market principles According to the index designed by the Heritage Foundation, Iceland as of 2008 has the 5th freest economy in the world. The Index of Economic Freedom is a series of 10 economic measurements created by the Wall Street Journal and The Heritage Foundation to measure the degree of Economic freedom The Heritage Foundation is an American conservative Think tank. Davíð Oddsson was Prime Minister for thirteen and a half years, to 2004. Davíð Oddsson (IPA ˈɔtsɔn (born 17 January 1948 in Reykjavík) is an Icelandic politician and the longest-serving Prime Minister The present Prime Minister, Geir H. Haarde supports similar policies. [41]

Estonia

Although Friedman never visited Estonia, his book Free to Choose exercised a great influence on that nation's then 32-year-old prime minister, Mart Laar, who has claimed that it was the only book on economics he had read before taking office. Estonia, officially the Republic of Estonia ( Eesti or Eesti Vabariik) is a Country in Northern Europe in the Baltic region Free to Choose is both a book (ISBN 978-0-15-633460-0 and a ten-part Television series, advocating US Free market policy Mart Laar (born April 22 1960 in Viljandi) is an Estonian statesman historian and a founding Laar's reforms are often credited with responsibility for transforming Estonia from an impoverished Soviet Republic to the "Baltic Tiger". A prime element of Laar's program was introduction of the flat tax. A flat tax (short for flat rate tax is a Tax system with a constant tax rate Laar won the 2006 Milton Friedman Prize for Advancing Liberty, awarded by the Cato Institute. The Cato Institute is a Libertarian Think tank headquartered in Washington D [42]

As a result of Laar's adherence to the principles in Free to Choose, Estonia now consistently ranks highly in the Heritage Foundation/Wall Street Journal Economic Freedom Index. [43]

Criticism

Friedman has attracted substantial criticism over his views, both from economic libertarians and those on the left.

Criticism from fellow economists

Princeton University economist Paul Krugman, while regarding him as a 'great economist and a great man', criticized him in this way:

In the aftermath of the Great Depression, there were many people saying that markets can never work. Princeton University is a private Coeducational research university located in Princeton, New Jersey. Paul Robin Krugman ( born February 28 1953 is an American Economist, Columnist, Author, and Intellectual. Friedman had the intellectual courage to say that markets can too work, and his showman's flair combined with his ability to marshal evidence made him the best spokesman for the virtues of free markets since Adam Smith. But he slipped all too easily into claiming both that markets always work and that only markets work. It's extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose. [44]

Libertarian Criticisms

In 1971, Murray Rothbard wrote a lengthy article for The Individualist which heavily criticized several of Friedman's viewpoints as totalitarian and statist. Murray Newton Rothbard (March 2 1926 – January 7 1995 was an American economist of the Austrian School who helped define modern Libertarianism In particular, Rothbard criticized Friedman's viewpoint that the micro- and macro-spheres are entirely separate with the government needing to take an active role in the macro-sphere as false and dangerous, the view that it is beneficial for the government to control currency to maintain constant price levels as bogus and harmful, and the viewpoint that nonpaying benefiters positive externalities created by various services should be taxed to pay producers of that service as an absurd position that opens the door for the most ridiculous forms of totalitarianism. In Economics, an externality is an impact on any party not directly involved in an economic decision More generally, he criticizes Friedman's efforts to make the government more efficient as highly detrimental to individual liberty, and concludes that "And so, as we examine Milton Friedman’s credentials to be the leader of free-market economics, we arrive at the chilling conclusion that it is difficult to consider him a free-market economist at all. "[45]

Film appearance

Milton Friedman appeared on the documentary film The Corporation to discuss his views on corporate externalities. The Corporation is a 2003 Canadian Documentary film critical of the modern-day Corporation, considering it as a class of Person and In Economics, an externality is an impact on any party not directly involved in an economic decision He was also interviewed on The One Percent and played the Economist in the 1978 film Tältet. The One Percent is a 2006 documentary about the growing wealth gap between America 's wealthy elite and the citizenry on the whole [46]

See also

Notes

  1. ^ a b Milton Friedman on nobelprize.org. A list of works by the prominent American Economist Milton Friedman follows Videos The Power of Choice (2007 Free to Choose This is an alphabetical list of notable Economists, that is experts in the social science of Economics. This is a list of well-known recipients of the Presidential Medal of Freedom, grouped by the aspect of life in which they are/were renowned Nobel Prize (1976). Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  2. ^ Milton Friedman, a giant among economists. The Economist (2006-11-23). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 800 - Charlemagne arrives at Rome to investigate the alleged crimes of Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  3. ^ The Power of Choice. Free to Choose Media. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  4. ^ Noble, Holcomb B. , "Milton Friedman, a Leading Economist, Dies at 94", New York Times November 16, 2006, obituary. Events 534 - A second and final revision of the Codex Justinianus is published Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar.
  5. ^ Sullivan, Patricia (2006-11-16). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 534 - A second and final revision of the Codex Justinianus is published Milton Friedman, tireless promoter of free markets, dies. Washington Times. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  6. ^ Hermann, Péter ed. Biográf Ki kicsoda 2004. Budapest, Hungary, 2003
  7. ^ Theroux, David J. Budapest ( also /ˈbʊ-/) is the capital city of Hungary. As the largest city of Hungary it serves as the country's principal Political, Hungary (Magyarország 'mɔɟɔrorsaːg) officially in English the Republic of Hungary ( Magyar Köztársaság, literally Magyar (Hungarian Republic (2006-11-18). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 326 - The old St Peter's Basilica is consecrated 1302 - Pope Boniface VIII issues the Papal bull Milton Friedman (1912-2006). The Independent Institute. Retrieved on 2008-02-22. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1495 - King Charles VIII of France enters Naples to claim the city's throne
  8. ^ Friedman, Milton (1976). Milton Friedman - Autobiography. Nobelprize. org. Retrieved on 2007-04-22. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1500 - Portuguese Navigator Pedro Álvares Cabral becomes the first European to sight Brazil.
  9. ^ Feeney, Mark (2006-11-16). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 534 - A second and final revision of the Codex Justinianus is published Nobel laureate economist Milton Friedman dies at 94. The Boston Globe. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  10. ^ Friedman 1999, p.  59
  11. ^ Right from the Start? What Milton Friedman can teach progressives. (PDF). J. Bradford DeLong. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  12. ^ Bernanke 2004, p.  7
  13. ^ Friedman 1999, p.  42
  14. ^ Friedman 1999, pp.  84–85
  15. ^ Schmidt, Mark (2002-07-29). See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Events 1014 - Byzantine-Bulgarian Wars: Battle of Kleidion: Byzantine emperor Basil II inflicts a decisive defeat National Taxpayers Union. Nationals Taxpayers Union. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  16. ^ Friedman & 1999 113
  17. ^ Hawkins, John. Interview with John Hawkins. Right Wing News. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  18. ^ The PRC Fund. The PRC Fund. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  19. ^ Milton Friedman: An enduring legacy. The Economist (2006-11-17). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 284 - Diocletian is proclaimed emperor by his soldiers Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  20. ^ Sullivan, Patricia (2006-11-17). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 284 - Diocletian is proclaimed emperor by his soldiers Economist Touted Laissez-Faire Policy. The Washington Post. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  21. ^ Friedman, Milton (2007-01-22). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 565 - Eutychius is deposed as Patriarch of Constantinople by John Scholasticus. Email from a Nobel Laureate. Opinion Journal. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  22. ^ Christie, Jim (2006-11-16). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 534 - A second and final revision of the Codex Justinianus is published Free market economist Milton Friedman dead at 94. Reuters. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  23. ^ Ambrose, Jay (2006-11-22). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 498 - Kofi Aseidu- After the death of Anastasius II, Symmachus is elected Pope in the Lateran Milton Friedman’s legacy. Examiner. com. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  24. ^ Stigler, George (2003-03-15). George Joseph Stigler ( January 17, 1911 December 1, 1991) was a U Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Events 44 BC - Julius Caesar, Dictator of the Roman Republic, is stabbed to death by Marcus Junius Brutus, Memoirs of an Unregulated Economist. University Of Chicago Press, 34.  
  25. ^ Charlie Rose Show. 2005-12-26. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Events 1481 - Battle of Westbrook - Holland defeats troops of Utrecht.
  26. ^ a b The Life and Times of Milton Friedman - Remembering the 20th century's most influential libertarian
  27. ^ Doherty, Brian (1995-06). Best of Both Worlds. Reason Magazine. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  28. ^ Friedman, Milton (2002-11-15). See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Events 655 - Battle of Winwaed: Penda of Mercia is defeated by Oswiu of Northumbria. Capitalism and Freedom. University Of Chicago Press, 36.  
  29. ^ Friedman and Freedom. Queen's Journal. Archived from the original on 2006-08-11. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 2492 BC - Traditional date of the defeat of Bel by Hayk, progenitor and founder of the Armenian nation Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment , Interview with Peter Jaworski. The Journal, Queen's University, March 15, 2002 – Issue 37, Volume 129
  30. ^ An open letter. Events 44 BC - Julius Caesar, Dictator of the Roman Republic, is stabbed to death by Marcus Junius Brutus, See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Prohibition Costs. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  31. ^ In the Supreme Court of the United States. Harvard Law School. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  32. ^ Ingdahl, Waldemar (2007-03-22). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 238 - Gordian I and his son Gordian II are proclaimed Roman emperor. Real Virtuality. The American. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  33. ^ Friedman, Milton (2006-10-06). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 105 BC - Battle of Arausio: The Cimbri inflict the heaviest defeat on the Roman army of Gnaeus Mallius Maximus Dr. Milton Friedman. Opinion Journal. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  34. ^ Profile of Milton Friedman. PBS. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  35. ^ Interview with Jeffery Sachs on the "Miracle of Chile". PBS. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  36. ^ O'Shaughnessy, Hugh (2006-12-11). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 359 - Honoratus, the first known Prefect of the City of Constantinople, takes office General Augusto Pinochet. The Independent. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  37. ^ Free to Choose Vol. 5. Free to Choose. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  38. ^ a b Milton Friedman interview. PBS. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  39. ^ Friedman 1999, pp.  600-601
  40. ^ Friedman, Milton; Grímsson, Ólafur Ragnar. Milton Friedman on Icelandic State Television in 1984.
  41. ^ Gissurarson, Hannes H. (2004-11-29). "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Events 1777 - San Jose California, is founded as el Pueblo de San José de Guadalupe Article on Icelandic economic miracle. The Wall Street Journal. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  42. ^ Mart Laar. Cato Institute. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  43. ^ Index of Economic Freedom 2008. The Heritage Foundation. Retrieved on 2008-02-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1472 - Orkney and Shetland are left by Norway to Scotland, due to a Dowry payment
  44. ^ http://www.nybooks.com/articles/19857
  45. ^ Milton Friedman Unraveled by Murray Rothbard. Originally printed 1971 in The Individualist. Reprinted in the Journal of Libertarian Studies, Fall 2002.
  46. ^ Milton Friedman. IMDB. Additionally, he also starred in and produced a PBS series called "Free to Choose" in the early 1980's, that was later updated and re-released in the 1990's. The series focused on economics, bu also covered a good bit of sociology.

References

Further reading

External links


Persondata
NAME Friedman, Milton
ALTERNATIVE NAMES None
SHORT DESCRIPTION American economist, public intellectual, nobel laureate
DATE OF BIRTH 31 July 1912
PLACE OF BIRTH Brooklyn, New York City, New York, United States
DATE OF DEATH 16 November 2006
PLACE OF DEATH San Francisco, California, United States of America
Events 30 BC - Battle of Alexandria: Mark Antony achieves a minor victory over Octavian 's forces but most of his army subsequently Year 1912 ( MCMXII) was a Leap year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Leap year starting Brooklyn (named after the Dutch town Breukelen) is one of the five boroughs of New York City. The City of New York New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous The United States of America —commonly referred to as the Events 534 - A second and final revision of the Codex Justinianus is published Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. The City and County of San Francisco is the fourth most populous city The United States of America —commonly referred to as the
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