Historical Figure
Milton Friedman
1912–2006
American economist and statistician (1912–2006)
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Biography
Milton Friedman 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 Nobel laureates Gary Becker (1992), Robert Fogel (1993), and Robert Lucas Jr. (1995).
In Their Own Words (5)
Fundamentally, there are only two ways of coordinating the economic activities of millions. One is central direction involving the use of coercion—the technique of the army and of the modern totalitarian state. The other is voluntary co-operation of individuals—the technique of the market place.
Ch. 1 The Relation Between Economic Freedom and Political Freedom, pp. 12-13 , 1962
So the question is, do corporate executives, provided they stay within the law, have responsibilities in their business activities other than to make as much money for their stockholders as possible? And my answer to that is, no they do not.
Interview "Milton Friedman Responds" in Chemtech (February 1974) p. 72. , 1974
As liberals, we take freedom of the individual, or perhaps the family, as our ultimate goal in judging social arrangements. Freedom as a value in this sense has to do with the interrelations among people
Ch. 1 The Relation Between Economic Freedom and Political Freedom, p. 12 , 1962
If we are to use effectively these abstract models and this descriptive material, we must have a comparable exploration of the criteria for determining what abstract model it is best to use for particular kinds of problems, what entities in the abstract model are to be identified with what observable entities, and what features of the problem or of the circumstances have the greatest effect on the accuracy of the predictions yielded by a particular model or theory.
"The Methodology of Positive Economics" (1953) , 1953
The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum for determining the 'rule of the game' and as an umpire to interpret and enforce the rules decided on.
Ch. 1 The Relation Between Economic Freedom and Political Freedom, 2002 edition, p. 15 , 1962
Timeline
The story of Milton Friedman, told in moments.
Publishes Capitalism and Freedom. The book argues for a volunteer military, floating exchange rates, and school vouchers. It's considered radical at the time. Most of his proposals become policy within two decades.
Awarded the Nobel Memorial Prize in Economics. Protesters demonstrate outside the ceremony. His association with Pinochet's Chile haunts him. He gave lectures in Santiago. Critics say he legitimized the regime. He says he was promoting free markets, not dictators.
His television series Free to Choose airs on PBS. Ten episodes explaining free-market economics to a mass audience. Reagan watches. Thatcher watches. Friedman becomes the most influential economist in the English-speaking world.
Dies in San Francisco at 94. Heart failure. His wife Rose, who co-authored several of his books, survives him by three years. His ideas about monetary policy, deregulation, and school choice remain the fault lines of economic debate.
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