Milton Friedman


Milton Friedman

Milton Friedman

Milton Friedman- (1912-2006)

Milton Friedman, 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 Congressman 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 economic philosophy.



 Milton Friedman Career and Life Highlights:


1937-1981: Member of the research staff of the National Bureau of Economic Research.

1946-1976: Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago.

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 military.

1971-1973: President's Commission on White House Fellows

1977-2006: Senior research fellow at the Hoover Institution.

1981: Appointed to the Economic Policy Advisory Board by President Reagan


1932: BA, Rutgers University

1933: M.A. ,University of Chicago

1946 : Ph.D. , Columbia University

Awards and Citations:

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 stabilization policy."

1988: Awarded the Presidential Medal of Freedom from President Reagan.

1988: Recieved the National Medal of Science.

Books and other Published Works of Milton Friedman:

Books and 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

Capitalism and Freedom (1962)

Social Security: Universal or Selective? (with Wilbur J. Cohen) (1972)

There's No Such Thing as a Free Lunch(1975), column from Newsweek magazine

Free 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

"The Drug War as a Socialist Enterprise," in Arnold S. Trebach, ed. Friedman and Szasz on Liberty and Drugs: Essays on the Free Market and Prohibition(Drug Policy Foundation Press: 1992)

Two 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 Science

Money Mischief: Episodes in Monetary History(1994)

"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, 2006.

Scientific 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 JSTOR

"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. 314-320 JSTOR

"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. Mack

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. 613-631 JSTOR

"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 JSTOR

"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.

"Commodity-Reserve 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

"The Expected-Utility 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)

Essays 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. 64-75 JSTOR

"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. 327-351 JSTOR

A Program for Monetary Stability(Fordham 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 JSTOR

"The Lag in Effect of Monetary Policy," Journal of Political EconomyVol. 69, No. 5 (Oct., 1961), pp. 447-466 JSTOR

Price Theory(1962)

"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 consequences, 1963.

"Money and Business Cycles," The Review of Economics and Statistics Vol. 45, No. 1, Part 2, Supplement (Feb., 1963), pp. 32-64 JSTOR

A Monetary History of the United States, 1867-1960--with Anna J. Schwartz, 1963.

"Money and Business Cycles" with A. J. Schwartz, 1963, Review of Economics & Statistics.

"The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1898-1958", with D. Meiselman, 1963, in Stabilization Policies.

"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 (1967)]

"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 Economics Association

"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. Schwartz, 1970.

"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 Critics.

"Monetary Correction: A proposal for escalation clauses to reduce the cost of ending inflation", 1974

The Optimum Quantity of Money: And Other Essays(1976)

Milton Friedman in Australia, 1975 (1975)

Milton Friedman's Monetary Framework: A Debate with His Critics(1975)

"Comments on Tobin and Buiter", 1976, in J. Stein, editor, Monetarism.

"Inflation and Unemployment: Nobel lecture", 1977, Journal of Political Economy. Vol. 85, pp. 451-72. JSTOR

"Friedman on Galbraith, and on curing the British disease" by Milton Friedman (1977)

"The invisible hand in economics and politics" (Inaugural Singapore lecture) by Milton Friedman (Paperback - 1981)

"Interrelations between 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 Prosperity.

“Lessons from the 1979-1982 Monetary Policy Experiment, ” Papers and Proceedings, American Economic Association. pp. 397-401. (1984).

"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

"Bimetallism Revisited," 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.

Resources and Links on Milton Friedman:


Milton & Rose D. Friedman Foundation

Promoting public 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 reform.

Autobiography--by Milton Friedman

Milton Friedman--Wikipedia article

On Milton Frieman--by Paul Kling. November 18, 2006

Register of the Milton Friedman Papers 1931-1991 - 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.

President Honors Milton Friedman for Lifetime Achievements--May 2002

Friedman: Market offers poor better learning--USA Today, May 19, 2002

Milton Friedman at 90 -- by Thomas Sowell, July 25, 2002

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