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Encyclopedia > Milton Friedman
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
Field Economics
Institutions Hoover Institution (1977-2006)
University of Chicago (1946-77)
Columbia University (1937–41; 43–45; 64–65)
NBER (1937-40)
Alma mater Columbia University (Ph.D.)
University of Chicago (M.A.)
Rutgers University (B.A.)
Academic advisor   Simon Kuznets
Notable students   Gary Becker
Known for Analysis of money
Leader of Chicago School
Notable prizes John Bates Clark Medal (1951)
Prize in Economics (1976)
Presidential Medal of Freedom 1988
National Medal of Science 1988

Milton Friedman (July 31, 1912November 16, 2006) was an American Nobel Laureate economist and public intellectual.[1] An advocate of economic freedom, Friedman made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics. In 1976, he was awarded the Nobel memorial Prize in Economic Sciences for his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.[2] Image File history File linksMetadata Download high-resolution version (2400x2994, 295 KB) From www. ... is the 212th day of the year (213th in leap years) in the Gregorian calendar. ... 1912 (MCMXII) was a leap year starting on Monday in the Gregorian calendar (or a leap year starting on Tuesday in the 13-day-slower Julian calendar). ... This article is about the borough of New York City. ... New York, New York and NYC redirect here. ... is the 320th day of the year (321st in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... San Francisco redirects here. ... Official language(s) English Capital Sacramento Largest city Los Angeles Largest metro area Greater Los Angeles Area  Ranked 3rd  - Total 158,302 sq mi (410,000 km²)  - Width 250 miles (400 km)  - Length 770 miles (1,240 km)  - % water 4. ... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Hoover Tower at the Hoover Institution The Hoover Institution on War, Revolution, and Peace is a public policy think tank and library founded by Herbert Hoover at Stanford University, his alma mater. ... For other uses, see University of Chicago (disambiguation). ... Alma Mater 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, nonpartisan research organization dedicated to studying the science and empirics of economics, especially the American economy. ... Alma Mater Columbia University is a private university in the United States and a member of the Ivy League. ... For other uses, see University of Chicago (disambiguation). ... “Rutgers” redirects here. ... Simon Smith Kuznets (April 30, 1901 – July 8, 1985) was an American economist at Wharton School of the University of Pennsylvania who won the 1971 Nobel Prize in Economics for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social... Gary Stanley Becker (born December 2, 1930) is an economist and a Nobel laureate. ... For other uses, see Money (disambiguation). ... The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ... 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 made a significant contribution to economic thought and knowledge. Named after the American Neoclassical economist John Bates Clark (1847-1938), it is considered... Image File history File links Nobel_prize_medal. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics. ... The Presidential Medal of Freedom The Presidential Medal of Freedom is one of the two highest civilian awards in the United States and is bestowed by the President of the United States (the other award which is considered its equivalent is the Congressional Gold Medal, which is bestowed by an... National Medal of Science The National Medal of Science is an honor given by the President of the United States to individuals in science and engineering who have made important contributions to the advancement of knowledge in the fields of behavioral and social sciences, biology, chemistry, engineering, mathematics and physics. ... is the 212th day of the year (213th in leap years) in the Gregorian calendar. ... 1912 (MCMXII) was a leap year starting on Monday in the Gregorian calendar (or a leap year starting on Tuesday in the 13-day-slower Julian calendar). ... is the 320th day of the year (321st in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... The Nobel Prizes (pronounced no-BELL or no-bell) are awarded annually to people who have done outstanding research, invented groundbreaking techniques or equipment, or made outstanding contributions to society. ... Alan Greenspan, former chairman, United States Federal Reserve. ... An intellectual is a person who uses their intellect to study, reflect, and speculate on a variety of different ideas. ... Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ... Microeconomics (or price theory) is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold. ... Economic history is the study of economic change, and of economic phenomena in the past. ... This article is about the field of statistics. ... Year 1976 Pick up sticks(MCMLXXVI) was a leap year starting on Thursday (link will display full calendar) of the Gregorian calendar. ... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics. ... In economics, consumption refers to the final use of goods and services to provide utility. ... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ...


According to The Economist, Friedman "was the most influential economist of the second half of the 20th century…possibly of all of it."[3] 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. Milton is one of those very few people."[4] 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. In his 1980 television series Free to Choose Friedman explained how the free market works, emphasizing that he believed that it has been shown to solve social and political problems that other systems have failed to address adequately. His books and columns for Newsweek were widely read and even circulated underground behind the Iron Curtain.[5] The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd and edited in London. ... Squalltoonix (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ... Capitalism and Freedom is a non-fiction book written by Nobel Prize in Economics recipient Milton Friedman. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Year 1980 (MCMLXXX) was a leap year starting on Tuesday (link displays the 1980 Gregorian calendar). ... Free to Choose is both a book (ISBN 0156334607) and a ten-part television series. ... The Newsweek logo Newsweek is a weekly news magazine published in New York City and distributed throughout the United States and internationally. ... Warsaw Pact countries to the east of the Iron Curtain are shaded red; NATO members to the west of it — blue. ...


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. He moved away from the idea of central control in the 1950s, along with his close friend George Stigler. Before the 1970s their advocacy of free markets was a minority view among economists. His political philosophy, which Friedman himself 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. He adamantly argued that if capitalism, or economic freedom, is introduced into countries governed by totalitarian regimes, political freedom would tend to result. He lived to see some of his laissez-faire ideas embraced by the mainstream,[6] especially during the 1980s, a watershed decade for the acceptance of Friedman's ideas in many countries. 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, and Margaret Thatcher in Britain. Doctor of Philosophy (Ph. ... Alma Mater Columbia University is a private university in the United States and a member of the Ivy League. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ... George Joseph Stigler (1911 - 1991) was a U.S. economist. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... Consequentialism is the belief that what ultimately matters in evaluating actions or policies of action are the consequences that result from choosing one action or policy rather than the alternative. ... See also Libertarianism and Libertarian Party Libertarian,is a term for person who has made a conscious and principled commitment, evidenced by a statement or Pledge, to forswear violating others rights and usually living in voluntary communities: thus in law no longer subject to government supervision. ... American conservatism is a constellation of political ideologies within the United States under the blanket heading of conservative. ... This article deals with the libertarianism as defined in America and several other nations. ... Freedom is the right, or the capacity, of self-determination, as an expression of the individual will. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Reagan redirects here. ... Martin Brian Mulroney (born March 20, 1939), was the eighteenth Prime Minister of Canada from September 17, 1984, to June 25, 1993 and was leader of the Progressive Conservative Party of Canada from 1983 to 1993. ... Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (née Roberts; born 13 October 1925) served as British Prime Minister from 1979 to 1990 and leader of the Conservative Party from 1975 until 1990, being the first and to date only woman to hold either post. ...


Friedman's political positions were buttressed by a large number of technical articles covering a wide range of topics in economics and economic history, which gained the grudging respect of specialists by the early 1960s. His intellectual leadership of the Chicago School, which came to dominate theoretical economics by the 1970s, further strengthened his stature. The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ...

Contents

Biography

Early life and education

Milton 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). He was the first son and youngest child of Sára Eszter Landau and Jenő Saul Friedman,[7] both of whom worked as dry goods merchants. Shortly after Milton's birth, the family relocated to Rahway, New Jersey. A gifted student, Friedman graduated from Rahway High School in 1928, shortly before his 16th birthday. For other meanings, see Brooklyn (disambiguation). ... For other uses, see Jew (disambiguation). ... Berehove is a city in western Ukraine, Zakarpattia Oblast. ... Berehove (Ukrainian: ; Hungarian: ; Rusyn: ; Romanian: ; Russian: , translit. ... ... Merchants function as professional traders, dealing in commodities that they do not produce themselves. ... Coordinates: , Country State County Union Incorporated April 19, 1858 Government  - Type Faulkner Act (Mayor-Council)  - Mayor James J. Kennedy Area  - City  4. ... The Rahway Public Schools are a comprhensive community public school district that serves students in kindergarten through twelfth grade from Rahway, in Union County, New Jersey, United States. ...


Friedman was awarded a competitive scholarship to Rutgers University in New Jersey, graduating with a Bachelor of Arts in 1932.[8] He specialized in Mathematics, and initially intended to become an actuary but found the exams cumbersome and quit. During his time at Rutgers, Friedman fell under the influence of two economics professors, Arthur F. Burns and Homer Jones. 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. “Rutgers” redirects here. ... This article is about the U.S. state. ... A B.A. issued from the University of Tennessee. ... For other meanings of mathematics or uses of math and maths, see Mathematics (disambiguation) and Math (disambiguation). ... Damage from Hurricane Katrina. ... Arthur Frank Burns (born April 27, 1904 in Stanyslaviv, Galicia (now Ivano-Frankivsk, Ukraine); died June 6, 1987 in Baltimore) was an American economist. ... Homer Jones (1906-1986) was a prominent American economist. ... For other uses, see The Great Depression (disambiguation). ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ...


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). During this year in Chicago, Friedman's intellectual development was strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. It was also during this time at Chicago that Friedman met his future wife, Rose Director (sister of prominent law professor Aaron Director). 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 private university located in Providence, Rhode Island. ... For other uses, see University of Chicago (disambiguation). ... A Master of Arts is a postgraduate academic masters degree awarded by universities in North America and the United Kingdom (excluding the ancient universities of Scotland and Oxbridge. ... Nickname: Motto: Urbs in Horto (Latin: City in a Garden), I Will Location in the Chicago metro area and Illinois Coordinates: , Country State Counties Cook, DuPage Settled 1770s Incorporated March 4, 1837 Government  - Mayor Richard M. Daley (D) Area  - City  234. ... Jacob Viner (May 3, 1892 - September 12, 1970) was a noted economist. ... Frank Hyneman Knight (November 7, 1885 - April 15, 1972) was an important economist of the twentieth century. ... Henry Calvert Simons was an American economist of the early 20th century. ... Rose Director Friedman (believed to be born the last week of December1911. ... Aaron Director (1901-September 11, 2004), a celebrated professor at the University of Chicago Law School, played a central role in the development of the so-called Chicago School of economics. ...


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. Alma Mater Columbia University is a private university in the United States and a member of the Ivy League. ... This article is about the field of statistics. ... Harold Hotelling (Fulda, Minnesota, September 29, 1895 - December 26, 1973) was a mathematical statistician. ...


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. During this year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis. A research assistant (RA) is a junior graduate scholar, employed on a temporary contract by a college or university for the purpose of academic research. ... Econometrician Henry Schultz ([1893]-[1938]) was born in Szarkowszczyzna, Poland. ... George Joseph Stigler (1911 - 1991) was a U.S. economist. ... Wilson Allen Wallis (born 1912 in Philadelphia, died October 12, 1998 in Rochester, New York) was an American economist and statistician. ...


Federal service

Friedman was 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. For other uses, see Washington, D.C. (disambiguation). ... The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ...


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."[9] 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.[10] In Monetary History of the United States he argues that the Great Depression was caused by monetary contraction, which was the consequence of poor policy making and the continuous crises in the banking system.[11] WPA Graphic The Works Progress Administration (later Work Projects Administration, abbreviated WPA), was created on May 6, 1935 by Presidential order (Congress funded it annually but did not set it up). ... CCC workers on road construction, Camp Euclid, Ohio 1936 The Civilian Conservation Corps (CCC) was a work relief program for young men from unemployed families, established on March 19, 1933 by U.S. President Franklin D. Roosevelt. ... The Public Works Administration of 1933 (PWA) was a part of the first New Deal agency that made contracts with private firms for construction of public works. ... NRA Blue Eagle poster. ... The United States Agricultural Adjustment Act (AAA) (P.L. 73-10 of May 12, 1933) restricted production during the New Deal by paying farmers to reduce crop area. ... In economics, incomes policies are wage and price controls used to fight inflation. ... For other uses, see The Great Depression (disambiguation). ... Contractionary monetary policy is monetary policy that seeks to reduce the size of the money supply. ...


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. This work led to their jointly-authored Incomes from Independent Professional Practice, which introduced the concepts of permanent and transitory income, which was a major component of the Permanent Income Hypothesis which Friedman worked out in greater detail in the 1950s. The book hypothesizes that professional licensing artificially restricts the supply of services and raises prices. The National Bureau of Economic Research (NBER) is a private, nonprofit, nonpartisan research organization dedicated to studying the science and empirics of economics, especially the American economy. ... Simon Smith Kuznets (April 30, 1901 – July 8, 1985) was an American economist at Wharton School of the University of Pennsylvania who won the 1971 Nobel Prize in Economics for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social... To meet Wikipedias quality standards, this article or section may require cleanup. ...


In 1940, Friedman was appointed an assistant professor teaching Economics at the University of Wisconsin-Madison, but encountered anti-Semitism in the Economics department and decided to return to government service.[12] University of Wisconsin redirects here. ... The Eternal Jew: 1937 German poster. ...


Friedman spent 1941-1943 working on wartime tax policy for the Federal Government, as an advisor to senior officials of the United States Department of the Treasury. As a Treasury spokesman in 1942 he advocated a Keynesian policy of taxation, and during this time he helped to invent the payroll withholding tax system.[13] “Taxes” redirects here. ... The U.S. Treasury building today. ... Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ... The principle of a withholding tax is that it is withheld (retained) by the payer and given directly to the taxation authorities. ...


In his autobiography, he comments on "how thoroughly Keynesian I was then."[14] 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?"[15] FDR redirects here. ... For other uses, see The Great Depression (disambiguation). ...


Academic career

Early Years

In 1943, Friedman joined the Division of War Research at Columbia University (headed by W. Allen Wallis and Henry 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. A weapon is a tool used to kill or incapacitate a person or animal, or destroy a military target. ... Military tactics (Greek: Taktikē, the art of organizing an army) are the collective name for methods for engaging and defeating an enemy in battle. ... Metallurgy is a domain of materials science and of materials engineering that studies the physical and chemical behavior of metallic elements and their mixtures, which are called alloys. ...


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. Doctor of Philosophy (Ph. ...


Milton and Rose Friedman's son, David Director Friedman, was born during their time at Columbia, on February 2, 1945. David D. Friedman (b. ...


Friedman spent the 1945-46 academic year teaching at the University of Minnesota (where his friend George Stigler was employed) This article is about the oldest and largest campus of the University of Minnesota. ...


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). Friedman would stay at the University of Chicago for the next thirty 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. Princeton University is a private coeducational research university located in Princeton, New Jersey. ... The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ...


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. He accepted the invitation, and assumed responsibility for the Bureau's inquiry into the role of money in the business cycle. As a result, he 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. For other uses, see Money (disambiguation). ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... Anna Schwartz is an economist who has changed our understanding of how the world works. ... Economic history is the study of economic change, and of economic phenomena in the past. ...


Friedman spent the latter part of 1950 in Paris, where he assisted the US administrators of the Marshall Plan in formulating their response to the Schuman Declaration. This led Friedman to the study of floating exchange rates which resulted in his The Case for Flexible Exchange Rates. This article is about the capital of France. ... Map of Cold-War era Europe and the Near East showing countries that received Marshall Plan aid. ... The Quai dOrsay, home of the French Foreign Office. ... This article or section is in need of attention from an expert on the subject. ...

Friedman spent the 1954-55 academic year as a Visiting Fellow at Gonville and Caius College, Cambridge. 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). 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 which highlights how far out of the mainstream Friedman was in the 1950s. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Capitalism and Freedom is a non-fiction book written by Nobel Prize in Economics recipient Milton Friedman. ... Full name Gonville and Caius College Motto Named after Edmund Gonville & John Caius Previous names Gonville Hall (1348), Gonville & Caius (1557) Established 1348, refounded 1557 Sister College(s) Brasenose College Master Sir Christopher Hum Location Trinity St Undergraduates 468 Postgraduates 291 Homepage Boatclub Gonville and Caius College, Cambridge is a... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... Joan Violet Robinson (1903 in Surrey - 1983) was a Keynesian economist who was well known for her knowledge of monetary economics and wide-ranging contributions to economic theory. ... Richard Ferdinand Kahn was born in 1905, in Hampstead, England. ... Sir Dennis Holme Robertson (May 23, 1890-April 21, 1963) was an English economist who taught at Cambridge and London Universities. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ...


In 1962, in his first major salvo as a public intellectual, Friedman published "Capitalism and Freedom", a major defense of capitalism and critique of the New Deal and the emerging welfare state. The book would eventually sell half a million copies. An intellectual is a person who uses their intellect to study, reflect, and speculate on a variety of different ideas. ... Capitalism and Freedom is a non-fiction book written by Nobel Prize in Economics recipient Milton Friedman. ... For other uses, see Capitalism (disambiguation). ... There are three main interpretations of the idea of a welfare state: the provision of welfare services by the state. ...


Friedman served as an economic adviser to Barry Goldwater during his failed 1964 presidential campaign. Like Friedman, Goldwater had come to reject the New Deal and called for a return to economic freedom. This position was extreme in 1964, but gained momentum over the next two decades, finally culminating in the presidency of Ronald Reagan. Barry Morris Goldwater (January 1, 1909 – May 29, 1998) was a five-term United States Senator from Arizona (1953–1965, 1969–87) and the Republican Partys nominee for president in the 1964 election. ... Reagan redirects here. ...


In 1966, Friedman began publishing a tri-weekly column for Newsweek magazine, giving his ideas wider public dissemination. (He would continue writing this column until 1983.) The Newsweek logo Newsweek is a weekly news magazine published in New York City and distributed throughout the United States and internationally. ...


Friedman became one of Richard Nixon's economic advisors in the late 1960s. In 1968, he served on Nixon's committee of economic advisers. Friedman later remarked that Nixon did not always follow his advice. For example Nixon imposed wage and price controls with disastrous results for the economy.[16] In 1969, Nixon appointed him to the Advisory Commission on an All-Volunteer Force (the "Gates Commission"), on which Friedman loudly advocated against the draft and in favor of a voluntary military, a result which was achieved in the US in 1973. Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was the 37th President of the United States, serving from 1969 to 1974. ... Thomas Sovereign Gates Jr. ... The United States has employed conscription (mandatory military service, also called the draft) several times, usually during war but also during the nominal peace of the Cold War. ... A volunteer military or all-volunteer military is one which derives its manpower from volunteers rather than conscription or mandatory service. ...


In 1975, Friedman was a keynote speaker at a high-profile economic conference in Santiago, Chile where he, along with other members of the University of Chicago paved the way for economic freedom. Friedman subsequently wrote in a published letter that his visit to Chile and meeting Pinochet provoked criticism from the left, but no such criticism was heard when he met the top communist Chinese leadership in Beijing. For other uses, see University of Chicago (disambiguation). ... General Augusto José Ramón Pinochet Ugarte1 (born November 25, 1915) was head of the military government that ruled Chile from 1973 to 1990. ...


Religious Views

Milton Friedman was not very outspoken on how he viewed the cosmos, and generally only discussed the concept of God when asked. He was known to have told others that he did not 'believe in' God, but thought it was impossible to know whether he existed or not, so he considered himself technically agnostic. He claimed that religious views had little to do with economics, but much more with values. He said he could have good values without believing in such a deity.[17]


Nobel prize and retirement

In 1976, Friedman won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy." The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics. ... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ...

In 1977, at age 65, Friedman retired from the University of Chicago after teaching there for thirty years. He and his wife moved to San Francisco. From 1977 on, he was affiliated with the Hoover Institution at Stanford University. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Free to Choose is both a book (ISBN 0156334607) and a ten-part television series. ... This page is a candidate for speedy deletion. ... Hoover Tower at the Hoover Institution The Hoover Institution on War, Revolution, and Peace is a public policy think tank and library founded by Herbert Hoover at Stanford University, his alma mater. ... Stanford redirects here. ...


In 1977, Friedman was approached by the Palmer R. Chitester Fund 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. The companion book to the series (co-authored by Milton and Rose Friedman), also entitled Free to Choose, was the bestselling nonfiction book of 1980 and has since been translated into 14 foreign languages. Free to Choose is both a book (ISBN 0156334607) and a ten-part television series. ... Not to be confused with Public Broadcasting Services in Malta. ...


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. In 1988, he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom. Milton Friedman is today known as one of the most influential economists of the 20th century.[18] President Reagan, with his Cabinet and staff, in the Oval Office (February 4, 1981) Headed by U.S. President Ronald Reagan from 1981 to 1989, the Reagan Administration was conservative, steadfastly anti-Communist and in favor of tax cuts and smaller government. ... National Medal of Science The National Medal of Science is an honor given by the President of the United States to individuals in science and engineering who have made important contributions to the advancement of knowledge in the fields of behavioral and social sciences, biology, chemistry, engineering, mathematics and physics. ... The Presidential Medal of Freedom The Presidential Medal of Freedom is one of the two highest civilian awards in the United States and is bestowed by the President of the United States (the other award which is considered its equivalent is the Congressional Gold Medal, which is bestowed by an...


Throughout the 1980s and 1990s, Friedman continued to write op-eds and appear in the media. He made several trips to Eastern Europe and to China. An Op-Ed is a piece of writing expressing an opinion. ... Pre-1989 division between the West (grey) and Eastern Bloc (orange) superimposed on current national boundaries: Russia (dark orange), other countries of the former USSR (medium orange),members of the Warsaw pact (light orange), and other former Communist regimes not aligned with Moscow (lightest orange). ...


A proponent of school vouchers since the 1950s, in 1996, the Friedmans established the Milton and Rose D. Friedman Foundation to advocate for school vouchers. An education voucher, commonly called a school voucher, is a certificate by which parents are given the ability to pay for the education of their children at a school of their choice, rather than the public school to which they were assigned. ...


The Friedmans' memoirs, Two Lucky People by Milton and Rose Friedman, were published in 1998.


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."[19]


Milton Friedman died at the age of 94 in San Francisco on November 16, 2006 of heart failure.[20][21] Friedman's son is the philosopher and economist David D. Friedman. This page is a candidate for speedy deletion. ... is the 320th day of the year (321st in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... David D. Friedman (b. ...


Awards

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 made a significant contribution to economic thought and knowledge. Named after the American Neoclassical economist John Bates Clark (1847-1938), it is considered... The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics. ... National Medal of Science The National Medal of Science is an honor given by the President of the United States to individuals in science and engineering who have made important contributions to the advancement of knowledge in the fields of behavioral and social sciences, biology, chemistry, engineering, mathematics and physics. ... The Presidential Medal of Freedom The Presidential Medal of Freedom is one of the two highest civilian awards in the United States and is bestowed by the President of the United States (the other award which is considered its equivalent is the Congressional Gold Medal, which is bestowed by an...

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. Monetarism is the set of views associated with modern quantity theory. Its origins can be traced back to the 16th century School of Salamanca or even further but Friedman's contribution is largely responsible for its modern formulation. 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.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. In economics, the velocity of money refers to a key term in the quantity theory of money, which centers on the equation of exchange: where is the total amount of money in circulation in an economy at any one time (say, on average during a month). ... Monetarism is a set of views concerning the determination of national income and monetary economics. ... The School of Salamanca is the renaissance of thought in diverse intellectual areas by Spanish theologians, rooted in the intellectual and pedagogical work of Francisco de Vitoria. ... Anna Schwartz is an economist who has changed our understanding of how the world works. ... The United States economy has the worlds largest gross domestic product (GDP), $13. ...


Friedman was the leading proponent of the monetarist school of economic thought. 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; he 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. 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 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."[22] 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. 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."[23] Monetarism is a set of views concerning the determination of national income and monetary economics. ... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... The Great Contraction is Milton Friedmans term for the Great Depression. ... In economics a shock is an unexpected or unpredictable event that affects an economy. ... The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. ... George Joseph Stigler (1911 - 1991) was a U.S. economist. ... Rational expectations is a theory in economics originally proposed by John F. Muth (1961) and later developed by Robert E. Lucas Jr. ... Robert Emerson Lucas, Jr. ...


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.[24] Other important contributions include his critique of the Phillips curve and the concept of the natural rate of unemployment (1968). Each of these has implications for the effect of monetary and fiscal policy on output in the short run and the long run. To meet Wikipedias quality standards, this article or section may require cleanup. ... Phillips curve The Phillips curve is a historical inverse relation and tradeoff between the rate of unemployment and the rate of inflation in an economy. ... -1...


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. 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. Milton Friedmans book Essays in Positive Economics (1953) has as its lead an original essay The Methodology of Positive Economics, on which this article focuses. ... The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ...


Statistics

During World War II, Milton Friedman and others worked to develop a more efficient 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...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.'"[25] Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... The New Palgrave Dictionary of Economics is an eight-volume reference work scheduled for publication 30 May 2008, edited by Steven N. Durlauf and Lawrence E. Blume. ...


Other 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 various libertarian policies such as decriminalization of drugs and prostitution. 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.[26] Friedman did, however, believe a nation could compel military training as a reserve in case of war time.[27] He served as a member of President Reagan's Economic Policy Advisory Board in 1981. In 1988, he received both the Presidential Medal of Freedom and the National Medal of Science. 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. 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."[28] The Fed redirects here. ... This article is about the political philosophy based on private property rights. ... Recreational drug use is the use of psychoactive drugs for recreational rather than medical or spiritual purposes, although the distinction is not always clear. ... Whore redirects here. ... The United States has employed conscription (mandatory military service, also called the draft) several times, usually during war but also during the nominal peace of the Cold War. ... The Presidential Medal of Freedom The Presidential Medal of Freedom is one of the two highest civilian awards in the United States and is bestowed by the President of the United States (the other award which is considered its equivalent is the Congressional Gold Medal, which is bestowed by an... National Medal of Science The National Medal of Science is an honor given by the President of the United States to individuals in science and engineering who have made important contributions to the advancement of knowledge in the fields of behavioral and social sciences, biology, chemistry, engineering, mathematics and physics. ... The Republican Party is one of two major contemporary political parties in the United States of America, along with the Democratic Party. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam...


Friedman was supportive of the state provision of some public goods that the market is not seen as being able to provide. However, he saw the scope of such goods as being minimal. And, he 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. 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. It may be argued that the carrying of mail is a technical monopoly and that a government monopoly is the least of evils. 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."[29] In recent years, Friedman devoted much of his effort to promoting school vouchers that can be used to pay for tuition at both private and public schools, saying, "What is needed in America is a voucher of substantial size available to all students, and free of excessive regulations." His idea was that vouchers would allow private schools to compete with the public school monopoly. In economics, a public good is one that cannot or will not be produced for individual profit, since it is difficult to get people to pay for its large beneficial externalities. ... A legal monopoly, statutory monopoly, or de jure monopoly is a monopoly that is protected by law from competition. ... A USPS Truck at Night A U.S. Post Office sign The United States Postal Service (USPS) is the United States government organization responsible for providing postal service in the United States and is generally referred to as 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 particular good or service and competition is prohibited by law. ... In economics, the term natural monopoly is used to refer to two different things. ... scheiiiißßßßßee!!!!!!!!!!!!!regional, local; for levels below the national, it is a local monopoly. ... An education voucher, commonly called a school voucher, is a certificate by which parents are given the ability to pay for the education of their children at a school of their choice, rather than the public school to which they were assigned. ... Educational oversight Secretary Deputy Secretary U.S. Department of Education Margaret Spellings Raymond Simon National education budget $1. ...


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 2005, Friedman and more than 500 other economists called for discussions regarding the economic benefits of the legalization of marijuana.[30] In economics, a negative income tax (abbreviated NIT) is a method of tax reform that has been discussed among economists but never fully implemented. ... This article is about financial assistance paid by government organizations. ... World laws on cannabis possession (small amount). ...


Michael Walker of the Fraser Institute and Friedman hosted a series of conferences from 1986 to 1994. The goal was to create a clear definition of Economic freedom and a method for measuring it. 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. There are several people with the name Michael Walker: Michael Walker, a councillor in Canada who advocates a Province of Toronto Michael Walker, a Canadian economist who founded the Fraser Institute Michael Walker, a film director who wrote and directed the psychological thriller Chasing Sleep Michael Walker, the British Chief... The Fraser Institute is a libertarian think tank based in Canada. ...


Along with sixteen other distinguished economists he opposed the Sonny Bono Copyright Term Extension Act and filed an amicus brief in Eldred v. Ashcroft.[5] The Sonny Bono Copyright Term Extension Act of 1998 extended copyright terms in the United States by 20 years. ... Definition and Explanation: Amicus curiæ (Latin for friend of the court; plural amici curiæ) briefs are legal documents filed by non-litigants in appellate court cases, which include additional information or arguments that those outside parties wish to have considered in that particular case. ... Holding 20-year retroactive extension of existing copyright terms did not violate the Copyright Clause or the First Amendment of the United States Constitution. ...


Criticism

Princeton economist Paul Krugman has written:

Monetarism was a powerful force in economic debate for about three decades after Friedman first propounded the doctrine in his 1959 book A Program for Monetary Stability. Today, however, it is a shadow of its former self, for two main reasons.


First, when the United States and the United Kingdom tried to put monetarism into practice at the end of the 1970s, both experienced dismal results: in each country steady growth in the money supply failed to prevent severe recessions. The Federal Reserve officially adopted Friedman-type monetary targets in 1979, but effectively abandoned them in 1982 when the unemployment rate went into double digits. This abandonment was made official in 1984, and ever since then the Fed has engaged in precisely the sort of discretionary fine-tuning that Friedman decried. For example, the Fed responded to the 2001 recession by slashing interest rates and allowing the money supply to grow at rates that sometimes exceeded 10 percent per year. Once the Fed was satisfied that the recovery was solid, it reversed course, raising interest rates and allowing growth in the money supply to drop to zero.


Second, since the early 1980s the Federal Reserve and its counterparts in other countries have done a reasonably good job, undermining Friedman's portrayal of central bankers as irredeemable bunglers. Inflation has stayed low, recessions—except in Japan, of which more in a second—have been relatively brief and shallow. And all this happened in spite of fluctuations in the money supply that horrified monetarists, and led them—Friedman included—to predict disasters that failed to materialize. As David Warsh of The Boston Globe pointed out in 1992, "Friedman blunted his lance forecasting inflation in the 1980s, when he was deeply, frequently wrong."[31]

Other honors, recognition, and influence

Friedman allowed the Cato Institute to use his name for its Milton Friedman Prize for Advancing Liberty in 2001. 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 and Mart Laar, former Estonian Prime Minister in 2006. The Cato Institute is a libertarian think tank headquartered in Washington, D.C. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace by striving to achieve greater involvement... Peter Bauer (born October 29, 1957) is perhaps best known as the Help Desk Director for the National Association of Photoshop Professionals (NAPP). ... For the Spanish conquistador, see Hernando de Soto (explorer). ... This article does not cite any references or sources. ...


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. 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. Aaron Director (1901-September 11, 2004), a celebrated professor at the University of Chicago Law School, played a central role in the development of the so-called Chicago School of economics. ... David D. Friedman (b. ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ...


At a ceremony celebrating Friedman's achievements, Alan Greenspan said "There are many Nobel Prize winners in economics, but few have achieved the mythical status of Milton Friedman."[32] Squalltoonix (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ...


According to Harry Girvetz and Kenneth Minogue, Friedman was co-responsible with Friedrich von Hayek for providing the intellectual foundations for the revival of classical liberalism in the 20th century.[33] Kenneth Minogue (1930-) is Emeritus Professor of Political Science at the London School of Economics. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid...


29 January 2007 has been declared Milton Friedman Day by Arnold Schwarzenegger, Governor of California, to honor his life, works, and achievements, as well as his influence on modern economic and governmental policy.[34] is the 29th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Arnold Alois Schwarzenegger (German pronunciation IPA: ) (born July 30, 1947) is an Austrian-born American bodybuilder, actor, and politician, currently serving as the 38th Governor of the U.S. state of California. ... Governor Arnold Schwarzenegger (left) and Governor Gray Davis (right) with President George W. Bush in 2003 The Governor of California is the highest executive authority in the state government, whose responsibilities include making yearly State of the State addresses to the California State Legislature, submitting the budget, and ensuring that...


China

Milton Friedman delivered a speech entitled "The Chinese Economic Reform" in 1988 to Chinese students and scholars in the San Francisco Bay Area. The taped speech was hand-delivered to Deng Xiaoping, the architect of the Chinese Economic Reform. Deng Xiaoping   (simplified Chinese: ; traditional Chinese: ; pinyin: ; Wade-Giles: Teng Hsiao-ping; August 22, 1904 – February 19, 1997) was a prominent Chinese politician and reformer, and the late leader of the Communist Party of China (CCP). ...


Hong Kong

Friedman once said "if you want to see capitalism in action, go to Hong Kong". He believed the Hong Kong economy is the best example of a laissez-faire capitalism economy. The Economy of Hong Kong is widely believed, and some argue incorrectly, to be the most economically free in the world. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ...


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".[35] 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, rival for the position of Chief Executive, Leong brought up the topic and accused Tsang of angering Friedman to death. The Wall Street Journal is an influential international daily newspaper published in New York City, New York with an average daily circulation of 1,800,607 (2002). ... The Honourable Sir Donald Tsang Yam-Kuen[1], GBM, KBE, JP (Traditional Chinese: ; Simplified Chinese: ; Pinyin: , born October 7, 1944) has been the Chief Executive of Hong Kong since 2005. ... Alan Leong Kah Kit, SC (Traditional Chinese: ) (born February 22, 1958) is a member of the Legislative Council of Hong Kong, representing the Kowloon East geographical constituency and the vice-chairperson of the Independent Police Complaints Council. ...


Just before he died, he criticized Hong Kong's kindergarten voucher system as "not properly structured". A school voucher, also called an education voucher, is a certificate by which parents are given the ability to pay for the education of their children at a school of their choice, rather than the public school (UK state school) to which they were assigned. ...


Chile

For more information on Milton Friedman's views on Chile, see Miracle of Chile.

In 1975, two years after the military coup that toppled the government of Salvador Allende, the economy of Chile was in a shambles. Friedman accepted the invitation of a private foundation to visit Chile and lecture on principles of economic freedom. Friedman also met with President Augusto Pinochet during his visit, but he did not serve as a formal advisor to the Chilean government. The Miracle of Chile is a phrase coined by Milton Friedman in 1982 to describe the liberal, monetarist economic reforms implemented in Chile under the government of President Augusto Pinochet. ... Salvador Isabelino Allende Gossens[1] (July 26, 1908 – September 11, 1973) was President of Chile from November 1970 until his death during the coup détat of September 11, 1973. ... Augusto José Ramón Pinochet Ugarte[1] (November 25, 1915 – December 10, 2006) was President of Chile as a military dictator [2] from 1974 to 1990, and head of the military junta from 1973 to 1974. ...


At home, certain elements assailed Friedman's association with Pinochet, whose administration the political left regarded as illegal for having violently deposed Allende, the western hemisphere's first freely-elected socialist head of state.[36]


Friedman's basic philosophy was neatly encapsulated in a lecture advocating economic monetarism, presented at La Universidad Católica de Chile: "free markets would undermine political centralization and political control."[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 to communists seeking to discredit anyone with only the slightest connection to Pinochet--such as himself--by opponents he recognized from earlier occasions, adding that "there was no doubt that there was a concerted effort to tar and feather me."[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 constitutional transition to a democratic government in 1990. He also stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states.[39] In the 2000 PBS documentary The Commanding Heights, Friedman also noted that this criticism was misdirected and missed his main point. Friedman advocated that freer markets led to free people, and that Chile had an unfree economy which led to the military government, which then implemented open economy policies. Friedman argued that the economic liberalization he advocated led to the end of military rule and a free society.[40] Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to control by the community[1] for the purposes of increasing social and economic equality and cooperation. ...


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. He participated in a lively television debate August 31st with leading socialist intellectuals, including President Ólafur Ragnar Grímsson. 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 of course previous lectures had not been free-of-charge in a meaningful sense: There were always costs attached to lectures. What mattered was whether those who attended the lecture, were charged, or those who did not attend. He himself thought that it was fairer that only those who attended, paid. When Friedman was introduced, at a luncheon, to a governor of Iceland’s Central Bank with the words, that this person would become unemployed if Friedman’s theories were implemented in Iceland, Friedman immediately responded: "No, you would not become unemployed. You would only have to move to a more beneficial kind of employment." Ólafur Ragnar Grímsson ( ) (born 14 May 1943, in Ísafjörður, Iceland) is the fifth and current President of Iceland, from 1996 to present, re-elected unopposed in 2000, and was re-elected for a third term in 2004. ...


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 programme of monetary and fiscal stabilisation, ambitious privatisation, reduction of taxes (e.g. the corporate incomes tax from 45% to 18%), the definition of exclusive use rights in the fisheries, abolition of various government funds for aiding loss-making enterprises and liberalisation of currency transfers and capital markets. In 1975, Iceland had the 53rd freest economy in the world, whereas in 2004, it had the 9th freest economy, according to the Economic Freedom Index designed by Canada’s Fraser Institute. According to the index designed by the Heritage Foundation, Iceland has the 5th freest economy in the world. Davíð Oddsson was Prime Minister for thirteen and a half years, to 2004. Geir H. Haarde who followed him as leader of the Independence Party and who is at present Prime Minister, follows the same policies.[41] The Independence Party (Sjálfstæðisflokkurinn) is a center-right political party in Iceland. ... This article or section may contain original research or unverified claims. ... The annual surveys Economic Freedom of the World and Index of Economic Freedom are two indices which attempt to measure the degree of economic freedom, using a definition for this similar to laissez-faire capitalism, in the worlds nations. ... The Fraser Institute is a libertarian think tank based in Canada. ... The annual surveys Economic Freedom of the World and Index of Economic Freedom are two indices which attempt to measure the degree of economic freedom, using a definition for this similar to laissez-faire capitalism, in the worlds nations. ... The Heritage Foundation is one of the most prominent conservative think tanks in the United States. ... This article or section may contain original research or unverified claims. ... Geir Hilmar Haarde (born April 8, 1951) is an Icelandic politician. ...


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. 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. Laar won the 2006 Milton Friedman Prize for Advancing Liberty, awarded by the Cato Institute. Free to Choose is both a book (ISBN 0156334607) and a ten-part television series. ... This article does not cite any references or sources. ... A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion on income), as opposed to a graduated, or progressive, scheme. ... The Cato Institute is a libertarian think tank headquartered in Washington, D.C. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace by striving to achieve greater involvement...


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. Free to Choose is both a book (ISBN 0156334607) and a ten-part television series. ...


Works

A list of works by the prominent American economist Milton Friedman follows: // The Power of Choice (2007) Free to Choose Media. ...

See also

Wikiquote has a collection of quotations related to:

Image File history File links This is a lossless scalable vector image. ... Wikiquote is one of a family of wiki-based projects run by the Wikimedia Foundation, running on MediaWiki software. ... Image File history File links WikiNews-Logo. ... Wikinews is a free-content news source and a project of the Wikimedia Foundation. ... Rose Director Friedman (believed to be born the last week of December1911. ... The Chicago School of Economics is the term for the style of economics practiced at and disseminated from the University of Chicago after 1946. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... For the school of international relations, see Neoliberalism in international relations. ... The Chicago Boys (c. ... The Mont Pelerin Society (MPS) is an international organization composed of economists, intellectuals, business leaders, and others who favour economic liberalism. ... The Cato Institute is a libertarian think tank headquartered in Washington, D.C. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace by striving to achieve greater involvement... This is an alphabetical list of notable economists. ... 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. ... The Great Contraction is Milton Friedmans term for the Great Depression. ... In economics, a negative income tax (abbreviated NIT) is a method of tax reform that has been discussed among economists but never fully implemented. ... A school voucher, also called an education voucher, is a certificate by which parents are given the ability to pay for the education of their children at a school of their choice, rather than the public school (UK state school) to which they were assigned. ... The Friedman-Savage utility function is the theory that Milton Friedman and Leonard J. Savage put forth in their 1948 paper [1], which argued that the curvature of an individuals utility function differs based upon the amount of wealth the individual has. ...

References

  1. ^ California Gov. Arnold Schwarzenegger said in a statement: Milton was one of the great thinkers and economists of the 20th century, and when I was first exposed to his powerful writings about money, free markets and individual freedom, it was like getting hit by a thunderbolt.[1]
  2. ^ Friedman, Milton. Encyclopædia Britannica. 2007. Encyclopædia Britannica Online. 9 Oct. 2007.
  3. ^ Milton Friedman, a giant among economists from The Economist.
  4. ^ The Power of Choice from Free to Choose Media.
  5. ^ Holcomb B. Noble, "Milton Friedman, a Leading Economist, Dies at 94, New York Times" November 16, 2006, obituary.
  6. ^ Washington Times. Thursday, November 16, 2006. Milton Friedman, tireless promoter of free markets, dies. Patrica Sullivan and Carlos Lozada
  7. ^ Hermann, Péter ed. Biográf Ki kicsoda 2004. Budapest, Hungary, 2003
  8. ^ Friedman, Milton. Milton Friedman - Autobiography. Nobelprize.org. Retrieved on 2007-04-22.
  9. ^ Parker 2002, Friedman, Two Lucky People (1998) p. 59.
  10. ^ DeLong, J. Bradford (2007). Right from the Start? What Milton Friedman can teach progressives. Palgrave, MacMillan. p. 110 [2]
  11. ^ Ben S. Bernanke (2000). Essays on the Great Depression. Princeton University Press. p. 7 ISBN 0691016984
  12. ^ Friedman, Two Lucky People, 42, 84-85.
  13. ^ National Taxpayers Union
  14. ^ Friedman, Two Lucky People, p 113
  15. ^ Friedman, Milton. Interview with John Hawkins. Right Wing News.
  16. ^ Commanding Heights, additional material
  17. ^ An Exchange: My Correspondence With Milton Friedman About God, Economics, Evolution And “Values”. The American View. Retrieved on 2007-08-04.
  18. ^ Milton Friedman: An enduring legacy, The Economist, November 17, 2006, retrieved November 20, 2006; Patricia Sullivan and Carlos Lozada Economist Touted Laissez-Faire Policy, The Washington Post, November 17, 2006, retrieved November 20, 2006
  19. ^ Milton [email protected], Email from a Nobel Laureate, The Wall Street Journal, Monday, January 22, 2007. Retrieved from opinionjournal.com [3]
  20. ^ "Free market economist Milton Friedman dead at 94." Christie, Jim. Reuters. November 16, 2006.
  21. ^ "Milton Friedman’s legacy." Christie, Jim. Examiner.com. November 22, 2006.
  22. ^ (Two Lucky People, p 233)
  23. ^ Stigler, p 34
  24. ^ Interview on Charlie Rose Show 11/17/06, originally broadcast 12/26/05.
  25. ^ Reason Magazine - The Life and Times of Milton Friedman [4]
  26. ^ http://www.reason.com/news/show/29691.html
  27. ^ Capitalism and Freedom, pg 36
  28. ^ Friedman and Freedom, Interview with Peter Jaworski. The Journal, Queen's University, March 15, 2002 - Issue 37, Volume 129
  29. ^ Friedman, Milton & Rose D. Capitalism and Freedom, University of Chicago Press, 1982, p. 29
  30. ^ An open letter, via Prohibitioncosts.org
  31. ^ Friedman?Who Was Milton Friedman? by Paul Krugman, from The New York Review of Books, February and March 2007, with reply to comment in April.
  32. ^ Formaini, Robert L. Milton Friedman—Economist as Public Intellectual. Economic Insights Volume 7, Number 2. Federal Reserve Bank of Dallas. 2002.
  33. ^ Girvetz, Harry K. and Minogue Kenneth. Liberalism, Encyclopedia Britannica (online), p. 16, retrieved May 16,2006
  34. ^ "'Milton Friedman Day' marked" by James Hohmann, in The Stanford Daily (30 January 2007), accessed 30 January 2007.
  35. ^ "http://www.opinionjournal.com/editorial/feature.html?id=110009051" Dr. Milton Friedman, Wall Street Journal - Opinion Journal. October 6, 2006
  36. ^ Profile of Milton Friedman" PBS.org
  37. ^ Interview with Jeffery Sachs on the "Miracle of Chile" PBS.org
  38. ^ Milton Friedman interview PBS.org
  39. ^ Friedman and Friedman, Two Lucky People:Memoirs, p.600-601
  40. ^ Milton Friedman interview PBS.org
  41. ^ Article on Icelandic economic miracle by H.H.Gissurarson in Wall Street Journal 2004.

The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd and edited in London. ... For other uses, see Budapest (disambiguation). ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 112th day of the year (113th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 216th day of the year (217th in leap years) in the Gregorian calendar. ... Reuters Group plc (LSE: RTR and NASDAQ: RTRSY); pronounced is known as a financial market data provider and a news service that provides reports from around the world to newspapers and broadcasters. ... is the 320th day of the year (321st in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 326th day of the year (327th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Paul Krugman Paul Robin Krugman (born February 28, 1953) is an American economist. ... This article is about the literary magazine. ... The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico. ... is the 30th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 30th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 279th day of the year (280th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Hannes Hólmsteinn Gissurarson Hannes Hólmsteinn Gissurarson (born February 19, 1953) is a professor of political theory at the University of Iceland, a frequent commentator on current affairs in the Icelandic media and a well-known, but controversial, spokesman for the free market and for libertarianism or classical liberalism. ... The Wall Street Journal is an influential international daily newspaper published in New York City, New York with an average daily circulation of 1,800,607 (2002). ...

External links

Image File history File links Broom_icon. ...

Interviews

Massive mark-ups for drugs, areas/drugs/index. ... The libertarian Reason Magazine dedicated an issue to Ayn Rands influence one hundred years after her birth. ... Brian Doherty is a Senior Editor at Reason Magazine. ... EconTalk is a weekly podcast hosted by professor Russell Roberts at George Mason University. ... The Library of Economics and Liberty (econlib. ... EconTalk is a weekly podcast hosted by professor Russell Roberts at George Mason University. ... The Library of Economics and Liberty (econlib. ...

Obituaries

Gary Stanley Becker (born December 2, 1930) is an economist and a Nobel laureate. ... Economist responsible for Harbergers Triangle, used largely in welfare economics. ... Leo Melamed is one of the elder statesmen of the global derivatives market. ... There are several people with the name Michael Walker: Michael Walker, a councillor in Canada who advocates a Province of Toronto Michael Walker, a Canadian economist who founded the Fraser Institute Michael Walker, a film director who wrote and directed the psychological thriller Chasing Sleep Michael Walker, the British Chief... Robert Zimmer, Jr. ... This article does not cite any references or sources. ...

Organizations

Lectures

  • Historical Audio Lecture by Dr. Milton Friedman (1960s) - "Role of Government in Our Society"
  • George Shultz on Milton Friedman
  • An Ethic for the New Global Economy panel discussion at the Stanford Graduate School of Business.
  • Milton Friedman addresses the American Legislative Exchange Council, C-Span, July 21, 2006
  • Milton Friedman's Nobel Prize Lecture

This article or section does not cite its references or sources. ...

Biographies

The Concise Encyclopedia of Economics (CEE) is a widely-used encyclopedia of economics. ... The Library of Economics and Liberty (econlib. ...

Articles

  • March/April 1999 - The Business Community's Suicidal Impulse (talks about protectionism, bank regulation, privatized schooling, antitrust laws, bureaucracy, government burden)
  • Fair versus Free
  • His view of the Chilean government
  • Gary Becker on Friedman's influence in South America
  • Brian Doherty on The Economist and the Dictator
  • The Political Economy of Milton Friedman (Modern Age, Winter 1978)
  • Friedman and China's "Economic Miracle"
  • November 17, 2006 "Milton Friedman and the Economics of Empire: The Road from Serfdom"
  • The Social Responsibility of Business is to Increase its Profits (Milton Friedman on corporate responsibility)
  • Milton Friedman Was Right: "Corporate social responsibility" is bunk by Henry G. Manne
  • Friedman's Sampler - A selection of writings from The Wall Street Journal
  • Milton Friedman Unraveled by Murray Rothbard (1971).
  • Milton Friedman, 1912-2006 by Hans Sennholz (2006).
  • A Charismatic Economist Who Loved to Argue Austan Goolsbee, The New York Times, November 17, 2006.
  • The Life and Times of Milton Friedman. Remembering the 20th century's most influential libertarian. by Brian Doherty from Reason Magazine, March 2007.
  • Who Was Milton Friedman? by Paul Krugman, from The New York Review of Books, February and March 2007, with reply to comment in April.
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 of America
DATE OF DEATH 16 November 2006
PLACE OF DEATH San Francisco, California, United States of America

  Results from FactBites:
 
First Measured Century: Interview: Milton Friedman (3082 words)
Milton Friedman is Professor Emeritus of Economics at the University of Chicago and Senior Fellow at the Hoover Institution.
MILTON FRIEDMAN: Simon Kuznets was an immigrant from Russia that came to this country at the age of, I think, sixteen or seventeen or eighteen, something like that, and studied at Columbia, where he came to the attention of Wesley Mitchell.
MILTON FRIEDMAN: I believe that one of the important factors that affected it, [that is] professional opinion, was the result of our book on the history of money, and the demonstration of the role that the Fed had played in the Great Depression.
Milton Friedman: 1912-2006 (434 words)
Friedman was one of the most influential economists in the twentieth century and probably the most famous one advocating free markets, thanks in large part to his TV series and accompanying book "Free to Choose."
Friedman was challenged by other free-market economists, especially those of the Austrian school associated with Ludwig von Mises and F.A. Hayek, who opposed a government central bank and maintained that currency should be tied to commodities like gold, which were less susceptible to political manipulation.
Friedman, who said he favored economic liberty for pragmatic rather than principled reasons, also came under criticism from libertarians who believed that while markets indeed are the best way to produce wealth, a principled defense of the individual liberty was necessary as well.
  More results at FactBites »

 
 

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