Milton Friedman

Extracted Attributes

• Awards

  Nobel Memorial Prize in Economic Sciences (1976), Grand Cordon of the First Class Order of the Sacred Treasure (1986), Presidential Medal of Freedom (1988), National Medal of Science (1988)

• Parents

  Sára Ethel (née Landau) Friedman, Jenő Saul Friedman

• Alma Mater

  Rutgers University, University of Chicago, Columbia University

• Occupation

  Economist, Statistician

• Nationality

  American

• Date of Birth

  1912-07-31

• Date of Death

  2006-11-16

• Notable Works

  Capitalism and Freedom (1962), A Monetary History of the United States, 1867–1960 (1963), Free to Choose (1980)

• Place of Birth

  Brooklyn, New York City, United States

• Place of Death

  San Francisco, United States

• Economic School

  Chicago school of economics, Monetarism

• Key Theories/Concepts

  Consumption analysis, Monetary history and theory, Stabilization policy, Consumption smoothing, Natural rate of unemployment, Phillips curve (vertical in long run), Stagflation, Friedman doctrine (shareholder theory), Permanent income hypothesis, Friedman rule, Friedman's k-percent rule

Timeline

• Born in Brooklyn, New York City. (Source: Wikipedia)

  1912-07-31

• Earned an undergraduate degree in mathematics and economics from Rutgers University. (Source: Web Search)

  1932-XX-XX

• Began working as a member of the research staff of the National Bureau of Economic Research. (Source: Web Search)

  1937-XX-XX

• Began teaching at the University of Chicago. (Source: Web Search)

  1946-XX-XX

• Published "Essays in Positive Economics." (Source: Web Search)

  1953-XX-XX

• Published his influential book "Capitalism and Freedom." (Source: Summary)

  1962-XX-XX

• Co-authored "A Monetary History of the United States, 1867–1960" with Anna Schwartz. (Source: Web Search)

  1963-XX-XX

• Received the Nobel Memorial Prize in Economic Sciences. (Source: Summary)

  1976-XX-XX

• Retired from the University of Chicago. (Source: Wikipedia)

  1977-XX-XX

• Became a Senior Research Fellow at the Hoover Institution, Stanford University. (Source: Web Search)

  1977-XX-XX

• Published "Free to Choose." (Source: Web Search)

  1980-XX-XX

• Became Emeritus Professor in Economics at the University of Chicago. (Source: Wikipedia)

  1983-XX-XX

• Awarded the Grand Cordon of the First Class Order of the Sacred Treasure by the Japanese government. (Source: Web Search)

  1986-XX-XX

• Awarded the Presidential Medal of Freedom. (Source: Web Search)

  1988-XX-XX

• Received the National Medal of Science. (Source: Web Search)

  1988-XX-XX

• Died in San Francisco. (Source: Wikipedia)

  2006-11-16

Milton Friedman

Milton Friedman ( ; July 31, 1912 – November 16, 2006) was an American economist and statistician 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. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory which would later become part of mainstream economics and he was among the first to propagate the theory of consumption smoothing. During the 1960s, he became the main advocate opposing both Marxist and Keynesian government and economic policies, and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its initial conclusions. He theorized that there existed a natural rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. 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. Friedman promoted a macroeconomic viewpoint known as monetarism and argued that a steady, small expansion of the money supply was the preferred policy, as compared to rapid and unexpected changes. His ideas concerning monetary policy, taxation, privatization, and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's monetary policy in response to the 2008 financial crisis. After retiring from the University of Chicago in 1977, and becoming emeritus professor in economics in 1983, Friedman served as an advisor to Republican U.S. president Ronald Reagan and Conservative British prime minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. 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, school vouchers, and opposition to the war on drugs and support for drug liberalization policies. His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice. Friedman's works cover a broad range of economic topics and public policy issues. His books and essays have had global influence, including in former communist states. A 2011 survey of economists commissioned by the EJW ranked Friedman as the second-most popular economist of the 20th century, following only John Maynard Keynes. Upon his death, The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it".

Web Search Results

• Milton Friedman - Wikipedia

  Milton Friedman (/ˈfriːdmən/ ⓘ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption "Consumption (economics)") analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the [...] 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", to avoid dealing with money injection mechanisms and other factors that would overcomplicate his models. [...] Friedman was born in Brooklyn, New York City, on July 31, 1912. His parents, Sára Ethel (née Landau) and Jenő Saul Friedman, were Jewish working-class immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary (now Berehove in Ukraine). They emigrated to America in their early teens. They both worked as dry goods merchants. Milton was the youngest of four children and only son. Shortly after his birth, the family relocated to Rahway, New Jersey. Friedman's father died during

• Who Was Milton Friedman and What Is Monetarism? - Investopedia

  Milton Friedman was a U.S. economist and Nobel laureate known as the most influential advocate of free-market capitalism and monetarism in the 20th century. [...] Milton Friedman is widely considered the most influential economic and public policy thinker of the second half of the 20th century, just as Keynes is considered the most influential of the first half. One of Friedman’s most significant accomplishments was the extent to which his theories influenced government policy and public opinion as well as economic research. [...] Milton Friedman (1912 to 2006) was born to immigrant parents in Brooklyn, N.Y., and grew up in a small town in in New Jersey, 20 miles from New York City. In his Nobel biography, Friedman described his family as “warm and supportive,” but the family income as “small and highly uncertain.” His father died during his senior year in high school, and he took various jobs to supplement a scholarship to Rutgers University, where he earned an undergraduate degree in mathematics and economics in 1932.

• Milton Friedman - Biography | Cato Institute

  Skip to main content Live Now Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science, was a Senior Research Fellow at the Hoover Institution, Stanford University, from 1977 to 2006. He was also Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago, where he taught from 1946 to 1976, and was a member of the research staff of the National Bureau of Economic Research from 1937 to 1981. [...] Professor Friedman was a past president of the American Economic Association, the Western Economic Association, and the Mont Pelerin Society, and is a member of the American Philosophical Society and of the National Academy of Sciences. He also had been 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. [...] Professor Friedman was awarded the Presidential Medal of Freedom in 1988 and received the National Medal of Science the same year. 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.

• Friedman doctrine - Wikipedia

  The Friedman doctrine, also called shareholder theory, is a normative theory of business ethics advanced by economist Milton Friedman that holds that the social responsibility of business is to increase its profits. This shareholder primacy approach views shareholders as the economic engine of the organization and the only group to which the firm is socially responsible. As such, the goal of the firm is to increase its profits and maximize returns to shareholders. Friedman argued that the [...] | Works | Essays in Positive Economics (1953) Capitalism and Freedom (1962) Price Theory "Price Theory (Milton Friedman)") (1962) A Monetary History of the United States (1963) Free to Choose (1980) Milton Friedman bibliography | | Philosophy | Friedman doctrine | | Family | Rose Friedman (wife) David D. Friedman (son) Patri Friedman (grandson) | [...] | Milton Friedman | | | --- | --- | | Academic career | Statistics + Friedman test Decision theory + Friedman–Savage utility function Economics + Monetarism + Monetary/fiscal debate + Friedman rule + Friedman's k-percent rule + Miracle of Chile + Permanent income hypothesis |

• What Is Monetarism? - Back to Basics

  Today, monetarism is mainly associated with Nobel Prize–winning economist Milton Friedman. In his seminal work _A Monetary History of the United States, 1867–1960_, which he wrote with fellow economist Anna Schwartz in 1963, Friedman argued that poor monetary policy by the U.S. central bank, the Federal Reserve, was the primary cause of the Great Depression in the United States in the 1930s. In their view, the failure of the Fed (as it is usually called) to offset forces that were putting

• Award

  Presidential Medal of Freedom

• Image

  

• Gender

  male

• Educated At

  University of Cambridge

• Instance Of

  Q5

• Occupation

  economist

• Citizenship

  United States

• Date Of Birth

  7/31/1912

• Date Of Death

  11/16/2006

• Place Of Birth

  Brooklyn

• Place Of Death

  San Francisco

Milton Friedman (/ˈfriːdmən/; July 31, 1912 – November 16, 2006) was an American economist and statistician 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. With George Stigler and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr. Friedman's challenges to what he later called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory which would later become part of the mainstream and among the first to propagate the theory of consumption smoothing. During the 1960s, he became the main advocate opposing Keynesian government policies, and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its initial conclusions. He theorized that there existed a natural rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. 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. Friedman promoted a macroeconomic viewpoint known as monetarism and argued that a steady, small expansion of the money supply was the preferred policy, as compared to rapid, and unexpected changes. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's monetary policy in response to the global financial crisis of 2007–2008. After retiring from the University of Chicago in 1977, and becoming Emeritus professor in economics in 1983, Friedman was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. He once stated that his role in eliminating conscription in the United States was his proudest achievement. 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, school vouchers and opposition to the war on drugs and support for drug liberalization policies. His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice. Friedman's works cover a broad range of economic topics and public policy issues. His books and essays have had global influence, including in former communist states. A 2011 survey of economists commissioned by the EJW ranked Friedman as the second-most popular economist of the 20th century, following only John Maynard Keynes. Upon his death, The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it".