economist, professor, advisor to presidents and leading
proponent of freedom both in the marketplace and in
society as a whole, was the leader of the Chicago School
of monetary economics. The Chicago School stressed the
importance of the quantity of money as an instrument of
government policy and as a determining factor in business
cycles and inflation. An important part of his extensive
writings and works showed the vital connection between an
economic system with a minimum of government interference
and the extension of and preservation of individual
freedom and liberty. In essence, his philosophy on
economics and political freedom was that freer economic
markets led to freer people.
Milton Friedman and his
economic ideas hit the news in the summer of 2012, when
Republican Presidential nominee Mitt Romney selected
Paul Ryan as his running mate.
Ryan's expertise lay in the economic and budgetary realm,
and Paul Ryan cited the works of Milton Friedman and Ayn
Rand as having been major influences in his political and
Friedman Career and Life Highlights:
Member of the research staff of the National Bureau of
Snowden Russell Distinguished Service Professor
Emeritus of Economics at the University of
1967: President of the
American Economic Association.
1969-1970: Member of
The President’s Commission on an All-Volunteer
Armed Force. (this group recommended the end to the
draft and the beginning of current all-volunteer
Commission on White House Fellows
research fellow at the Hoover Institution.
1981: Appointed to the
Economic Policy Advisory Board by President
1933: M.A. ,University
1946 : Ph.D. ,
1951: won the
John Bates Clark Medal, honoring economists under age
forty for outstanding achievement.
1976 :won the Nobel
Prize in economics for "his achievements in the field
of consumption analysis, monetary history and theory,
and for his demonstration of the complexity of
1988: Awarded the
Presidential Medal of Freedom from President
1988: Recieved the
National Medal of Science.
and other Published Works of Milton
articles by Milton Friedman --General
Roofs or Ceilings?: The
Current Housing Problem with George J. Stigler.
(Foundation for Economic Education, 1946), 22
pp.--attacks rent control
and Freedom (1962)
Universal or Selective? (with Wilbur J. Cohen) (1972)
No Such Thing as a Free Lunch(1975),
column from Newsweek magazine
to Choose: A Personal Statement-with
Rose Friedman, (1980)
"The Case for Overhauling
the Federal Reserve, 1985--Challenge magazine article
Economic Freedom, Human
Freedom, Political Freedom (1992)-- short pamphlet
Drug War as a Socialist Enterprise," in Arnold S.
Trebach, ed. Friedman and Szasz on Liberty and Drugs:
Essays on the Free Market and
Policy Foundation Press: 1992)
Lucky People: Memoirs(with
Rose Friedman) (1998)
George Stigler: A
Personal Reminiscence, Journal of Political Economy Vol.
101, No. 5 (Oct., 1993), pp. 768-773 JSTOR
George J. Stigler,
1911-1991: Biographical Memoir, 1998--National Academy of
Mischief: Episodes in Monetary
"The Case for Free Trade"
with Rose Friedman, 1997--Hoover Digest magazine article
"Reflections on A
Monetary History," The Cato Journal, Vol. 23, 2004--essay
J. Daniel Hammond and
Claire H. Hammond, ed., Making Chicago Price Theory:
Friedman-Stigler Correspondence, 1945-1957. Routledge,
books and articles
"Professor Pigou's Method
for Measuring Elasticities of Demand From Budgetary Data"
The Quarterly Journal of Economics Vol. 50, No. 1 (Nov.,
1935), pp. 151-163 JSTOR
"Marginal Utility of
Money and Elasticities of Demand," The Quarterly Journal
of Economics Vol. 50, No. 3 (May, 1936), pp. 532-533
"The Use of Ranks to
Avoid the Assumption of Normality Implicit in the
Analysis of Variance," Journal of the American
Statistical Association Vol. 32, No. 200 (Dec., 1937),
pp. 675-701 JSTOR
"The Inflationary Gap:
II. Discussion of the Inflationary Gap," American
Economic Review Vol. 32, No. 2, Part 1 (Jun., 1942), pp.
"The Spendings Tax as a
Wartime Fiscal Measure," American Economic Review Vol.
33, No. 1, Part 1 (Mar., 1943), pp. 50-62 JSTOR
Taxing to Prevent
Inflation: Techniques for Estimating Revenue Requirements
(Columbia U.P. 1943, 236pp) with Carl Shoup and Ruth P.
Income from Independent
Professional Practice with Simon Kuznets (1945),
Friedman's PhD thesis
"Lange on Price
Flexibility and Employment: A Methodological Criticism,"
American Economic Review Vol. 36, No. 4 (Sep., 1946), pp.
"Utility Analysis of
Choices Involving Risk" with Leonard Savage, 1948,
Journal of Political Economy Vol. 56, No. 4 (Aug., 1948),
pp. 279-304 JSTOR
"A Monetary and Fiscal
Framework for Economic Stability", 1948, American
Economic Review, Vol. 38, No. 3 (Jun., 1948), pp. 245-264
"A Fiscal and Monetary
Framework for Economic Stability," Econometrica Vol. 17,
Supplement: Report of the Washington Meeting (Jul.,
1949), pp. 330-332 JSTOR
"The Marshallian Demand
Curve," The Journal of Political Economy Vol. 57, No. 6
(Dec., 1949), pp. 463-495 JSTOR
"Wesley C. Mitchell as an
Economic Theorist," The Journal of Political Economy Vol.
58, No. 6 (Dec., 1950), pp. 465-493 JSTOR
"Some Comments on the
Significance of Labor Unions for Economic Policy", 1951,
in D. McC. Wright, editor, The Impact of the Union.
Currency," Journal of Political Economy Vol. 59, No. 3
(Jun., 1951), pp. 203-232 JSTOR
"Price, Income, and
Monetary Changes in Three Wartime Periods," American
Economic Review Vol. 42, No. 2, Papers and Proceedings of
the Sixty-fourth Annual Meeting of the American Economic
Association (May, 1952), pp. 612-625 JSTOR
Hypothesis and the Measurability of Utility", with
Leonard Savage, 1952, Journal of Political Economy Vol.
60, No. 6 (Dec., 1952), pp. 463-474 JSTOR
The Methodology of
Positive Economics (1953)
in Positive Economics(1953)
"Choice, Chance, and the
Personal Distribution of Income," Journal of Political
Economy Vol. 61, No. 4 (Aug., 1953), pp. 277-290 JSTOR
"The Quantity Theory of
Money: A restatement", 1956, in Friedman, editor, Studies
in Quantity Theory.
A Theory of the
Consumption Function (1957)
"A Statistical Illusion
in Judging Keynesian Models" with Gary S. Becker, Journal
of Political Economy Vol. 65, No. 1 (Feb., 1957), pp.
"The Supply of Money and
Changes in Prices and Output", 1958, in Relationship of
Prices to Economic Stability and Growth.
"The Demand for Money:
Some Theoretical and Empirical Results," Journal of
Political Economy Vol. 67, No. 4 (Aug., 1959), pp.
Program for Monetary
University Press, 1960) 110 pp
"Monetary Data and
National Income Estimates," Economic Development and
Cultural Change Vol. 9, No. 3, (Apr., 1961), pp. 267-286
"The Lag in Effect of
Monetary Policy," Journal of Political EconomyVol. 69,
No. 5 (Oct., 1961), pp. 447-466 JSTOR
"The Interpolation of
Time Series by Related Series," Journal of the American
Statistical Association Vol. 57, No. 300 (Dec., 1962),
pp. 729-757 JSTOR
"Should There be an
Independent Monetary Authority?", in L.B. Yeager, editor,
In Search of a Monetary Constitution
Inflation: Causes and
"Money and Business
Cycles," The Review of Economics and Statistics Vol. 45,
No. 1, Part 2, Supplement (Feb., 1963), pp. 32-64 JSTOR
Monetary History of the United States,
Anna J. Schwartz, 1963.
"Money and Business
Cycles" with A. J. Schwartz, 1963, Review of Economics
"The Relative Stability
of Monetary Velocity and the Investment Multiplier in the
United States, 1898-1958", with D. Meiselman, 1963, in
"A Reply to Donald
Hester", with D. Meiselman, 1964
"Reply to Ando and
Modigliani and to DePrano and Mayer," with David
Meiselman. American Economic Review Vol. 55, No. 4 (Sep.,
1965), pp. 753-785 JSTOR
"Interest Rates and the
Demand for Money," Journal of Law and Economics Vol. 9
(Oct., 1966), pp. 71-85 JSTOR
The Balance of Payments:
Free Versus Fixed Exchange Rates with Robert V. Roosa
"The Monetary Theory and
Policy of Henry Simons," Journal of Law and Economics
Vol. 10 (Oct., 1967), pp. 1-13 JSTOR
"What Price Guideposts?",
in G.P. Schultz, R.Z. Aliber, editors, Guidelines
"The Role of Monetary
Policy." American Economic Review, Vol. 58, No. 1 (Mar.,
1968), pp. 1-17 JSTOR presidential address to American
"Money: the Quantity
Theory", 1968, IESS
"The Definition of Money:
Net Wealth and Neutrality as Criteria" with Anna J.
Schwartz, Journal of Money, Credit and Banking Vol. 1,
No. 1 (Feb., 1969), pp. 1-14 JSTOR
'Monetary vs. Fiscal
Policy with Walter W. Heller (1969)
"Comment on Tobin", 1970,
Quarterly Journal of Economics
"Monetary Statistics of
the United States: Sources, methods. with Anna J.
"A Theoretical Framework
for Monetary Analysis," Journal of Political Economy Vol.
78, No. 2 (Mar., 1970), pp. 193-238 JSTOR
The Counter-Revolution in
Monetary Theory 1970.
"A Monetary Theory of
National Income", 1971, Journal of Political Economy
"Government Revenue from
Inflation," Journal of Political Economy Vol. 79, No. 4
(Jul., 1971), pp. 846-856 JSTOR
"Have Monetary Policies
Failed?" American Economic Review Vol. 62, No. 1/2
(1972), pp. 11-18 JSTOR
"Comments on the
Critics," Journal of Political Economy Vol. 80, No. 5
(Sep., 1972), pp. 906-950 JSTOR
"Comments on the
Critics", 1974, in Gordon, ed. Milton Friedman and his
"Monetary Correction: A
proposal for escalation clauses to reduce the cost of
ending inflation", 1974
Optimum Quantity of Money: And Other
Milton Friedman in
Australia, 1975 (1975)
Friedman's Monetary Framework: A Debate with His
"Comments on Tobin and
Buiter", 1976, in J. Stein, editor, Monetarism.
Unemployment: Nobel lecture", 1977, Journal of Political
Economy. Vol. 85, pp. 451-72. JSTOR
on Galbraith, and on curing the British
by Milton Friedman (1977)
invisible hand in economics and
(Inaugural Singapore lecture) by Milton Friedman
(Paperback - 1981)
the United States and the United Kingdom, 1873-1975.",
with A.J. Schwartz, 1982, J Int Money and Finance
Monetary Trends in the
United States and the United Kingdom: Their relations to
income, prices and interest rates, 1876-1975. with Anna
J. Schwartz, 1982
"Monetary Policy: Theory
and Practice," Journal of Money, Credit and Banking Vol.
14, No. 1 (Feb., 1982), pp. 98-118 JSTOR
"Monetary Policy: Tactics
versus strategy", 1984, in Moore, editor, To Promote
“Lessons from the
1979-1982 Monetary Policy Experiment, ” Papers and
Proceedings, American Economic Association. pp. 397-401.
"Has Government Any Role
in Money?" with Anna J. Schwartz, 1986, JME
"Quantity Theory of
Money", in J. Eatwell, M. Milgate, P. Newman, eds., The
New Palgrave (1998)
"Money and the Stock
Market," Journal of Political Economy Vol. 96, No. 2
(Apr., 1988), pp. 221-245 JSTOR
Journal of Economic Perspectives Vol. 4, No. 4 (Autumn,
1990), pp. 85-104 JSTOR
"The Crime of 1873,"
Journal of Political Economy Vol. 98, No. 6 (Dec., 1990),
pp. 1159-1194 JSTOR
"Franklin D. Roosevelt,
Silver, and China," Journal of Political Economy Vol.
100, No. 1 (Feb., 1992), pp. 62-83 JSTOR
Books and other works
About Milton Friedman
Chao, Hsiang-ke. "Milton
Friedman and the Emergence of the Permanent Income
Hypothesis" History of Political Economy 2003 35(1):
77-104. Issn: 0018-2702 Fulltext in Project Muse
A.W. Bob Coats; "The
Legacy of Milton Friedman as Teacher" Economic Record,
Vol. 77, 2001
Frazer, William. Power
and Ideas: Milton Friedman and the Big U-Turn. Vol. 1:
The Background. Vol. 2: The U-Turn. Gainesville, Fla.:
Gulf/Atlantic, 1988. 867 pp.
Hammond, J. Daniel.
"Remembering Economics" Journal of the History of
Economic Thought 2003 25(2): 133-143. Issn: 1042-7716;
focus is on Friedman
Hirsch, Abraham, and Neil
de Marchi. Milton Friedman: Economics in Theory and
Practice (1990) his methodology
Jordan, Jerry L., Allan
H. Meltzer, Thomas J. Sargent and Anna J. Schwartz;
"Milton, Money, and Mischief: Symposium and Articles in
Honor of Milton Friedman's 80th Birthday" Economic
Inquiry. Volume: 31. Issue: 2. 1993. pp 197+.
Kasper, Sherryl. The
Revival of Laissez-Faire in American Macroeconomic
Theory: A Case Study of Its Pioneers (2002)
Leeson, Robert, ed.
Ideology and International Economy: The Decline and Fall
of Bretton Woods (2003)
Powell, Jim. The Triumph
of Liberty (New York: Free Press, 2000). See profile of
Friedman in the chapter "Inflation and Depression."
Rayack; Elton. Not So
Free to Choose: The Political Economy of Milton Friedman
and Ronald Reagan Praeger, 1987; attacks Friedman's
policies from the left
Steindl, Frank G.
"Friedman and Money in the 1930s" History of Political
Economy 2004 36(3): 521-531. Issn: 0018-2702 lecture
notes from his 1940 course show he did not criticize the
Fed at that time, and did not emphasize money.
Tavlas, George S.
"Retrospectives: Was the Monetarist Tradition Invented?"
Journal of Economic Perspectives 1998 12(4): 211-222.
Issn: 0895-3309 Fulltext in JSTOR
Stigler, George Joseph.
Memoirs of an Unregulated Economist (1988)
Wahid, Abu N. M. ed;
Frontiers of Economics: Nobel Laureates of the Twentieth
Century. Greenwood Press. 2002 pp 109-15.
and Links on Milton Friedman:
& Rose D. Friedman Foundation
understanding of the need for major reform in K-12
education and of the role that competition through
educational choice can play in achieving that
Paul Kling. November 18, 2006
of the Milton Friedman Papers
Hoover Institution Archives Speeches and writings,
correspondence, notes, statistics, printed matter, sound
recordings, videotapes, and photographs, relating to
economic theory, economic conditions in the United
States, and governmental economic policy.
Honors Milton Friedman for Lifetime
Market offers poor better learning--USA
Today, May 19, 2002
Friedman at 90 --
by Thomas Sowell, July 25, 2002