Milton Friedman

Milton Friedman (/ˈfriːdmən/; July 31, 1912 – November 16,
2006) was an American economist 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.[4] With
George Stigler

George Stigler and others, Friedman was among the
intellectual leaders of the second generation of
Chicago

Chicago price theory,
a methodological movement at the University of Chicago's Department of
Economics, Law School, and Graduate School of Business from the 1940s
onward. Several students and young professors that were recruited or
mentored by Friedman at
Chicago

Chicago went on to become leading economists;
they include Gary Becker, Robert Fogel, Thomas Sowell,[5] and Robert
Lucas Jr.[6]
Friedman's challenges to what he later called "naive Keynesian"
theory[7] began with his 1950s reinterpretation of the consumption
function. In the 1960s, he became the main advocate opposing Keynesian
government policies,[8] and described his approach (along with
mainstream economics) as using "Keynesian language and apparatus" yet
rejecting its "initial" conclusions.[9] He theorized that there
existed a "natural" rate of unemployment, and argued that employment
above this rate would cause inflation to accelerate.[10] He argued
that the
Phillips curve

Phillips curve was, in the long run, vertical at the "natural
rate" and predicted what would come to be known as stagflation.[11]
Friedman promoted an alternative macroeconomic viewpoint known as
"monetarism", and argued that a steady, small expansion of the money
supply was the preferred policy.[12] His ideas concerning monetary
policy, taxation, privatization and deregulation influenced government
policies, especially during the 1980s. His monetary theory influenced
the Federal Reserve's response to the global financial crisis of
2007–08.[13]
Friedman was an advisor to Republican U.S. President Ronald Reagan[3]
and Conservative British Prime Minister Margaret Thatcher.[14] His
political philosophy extolled the virtues of a free market economic
system with minimal intervention. He once stated that his role in
eliminating U.S. conscription was his proudest accomplishment. In his
1962 book Capitalism and Freedom, Friedman advocated policies such as
a volunteer military, freely floating exchange rates, abolition of
medical licenses, a negative income tax, and school vouchers.[15] His
support for school choice led him to found the Friedman Foundation for
Educational Choice, later renamed EdChoice.[16]
Milton Friedman's works include monographs, books, scholarly articles,
papers, magazine columns, television programs, and lectures, and cover
a broad range of economic topics and public policy issues.[17] His
books and essays have had global influence, including in former
communist states.[18][19][20][21] A survey of economists ranked
Friedman as the second-most popular economist of the twentieth century
after John Maynard Keynes,[22] and The
Economist

Economist described him as "the
most influential economist of the second half of the 20th
century ... possibly of all of it".[23]
Contents
1 Early life
2 Public service
3 Academic career
3.1 Early years
3.2 University of Chicago
3.2.1 Capitalism and Freedom
4 Personal life
4.1 Retirement
4.2 Later life
4.3 Death
5 Scholarly contributions
5.1 Economics
5.2 Statistics
6 Public policy positions
6.1 Federal Reserve
6.2 Exchange rates
6.3 School choice
6.4 Conscription
6.5 Foreign policy
6.6
Libertarianism

Libertarianism and the Republican Party
6.7 Public goods and monopoly
6.8 Social security, welfare programs, and negative income tax
6.9 Drug policy
6.10 Gay rights
6.11 Economic freedom
7 Honors, recognition, and influence
7.1 Nobel Memorial Prize in Economic Sciences
7.2 Hong Kong
7.3 Chile
7.4 Iceland
7.5 Estonia
7.6 United Kingdom
8 Criticism
8.1 Visit to Chile
9 Selected bibliography
10 See also
11 References
12 Cited sources
13 Further reading
14 External links
Early life[edit]
Friedman was born in Brooklyn, New York on July 31, 1912. His parents,
Sára Ethel (née Landau) and Jenő Saul Friedman,[24] were Jewish
immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary
(now
Berehove

Berehove in Ukraine). They both worked as dry goods merchants.
Shortly after Milton's birth, the family relocated to Rahway, New
Jersey. In his early teens, Friedman was injured in a car accident,
which scarred his upper lip.[25][26] A talented student, Friedman
graduated from
Rahway High School

Rahway High School in 1928, just before his 16th
birthday.[27][28]
In 1932, Friedman graduated from Rutgers University, where he
specialized in mathematics and economics and initially intended to
become an actuary. During his time at Rutgers, Friedman became
influenced by two economics professors,
Arthur F. Burns

Arthur F. Burns and Homer
Jones, who convinced him that modern economics could help end the
Great Depression.
After graduating from Rutgers, Friedman was offered two scholarships
to do graduate work—one in mathematics at
Brown University

Brown University and the
other in economics at the University of Chicago.[29] Friedman chose
the latter, thus earning a
Master of Arts degree in 1933. He was
strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. It
was at
Chicago

Chicago that Friedman met his future wife, economist Rose
Director. During the 1933–1934 academic year he had a fellowship at
Columbia University, where he studied statistics with renowned
statistician and economist Harold Hotelling. He was back in Chicago
for the 1934–1935 academic year, working as a research assistant for
Henry Schultz, who was then working on Theory and Measurement of
Demand. That year, Friedman formed what would prove to be lifelong
friendships with
George Stigler

George Stigler and W. Allen Wallis.[30]
Public service[edit]
Friedman was initially unable to find academic employment, so in 1935
he followed his friend
W. Allen Wallis

W. Allen Wallis to Washington, D.C., where
Franklin D. Roosevelt's
New Deal

New Deal was "a lifesaver" for many young
economists.[31] 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

National Recovery Administration and
the Agricultural Adjustment Administration."[32] Foreshadowing his
later ideas, he believed price controls interfered with an essential
signaling mechanism to help resources be used where they were most
valued. Indeed, Friedman later concluded that all government
intervention associated with the
New Deal

New Deal was "the wrong cure for the
wrong disease," arguing that the money supply should simply have been
expanded, instead of contracted.[33] Later, Friedman and his colleague
Anna Schwartz wrote A Monetary History of the United States,
1867–1960, which argued that the
Great Depression

Great Depression was caused by a
severe monetary contraction due to banking crises and poor policy on
the part of the Federal Reserve.[34]
During 1935, he began work for the National Resources Planning
Board,[35] 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 began employment with the National
Bureau of Economic Research during autumn 1937 to assist Simon Kuznets
in his work on professional income. This work resulted in their
jointly authored publication Incomes from Independent Professional
Practice, which introduced the concepts of permanent and transitory
income, a major component of the Permanent Income Hypothesis that
Friedman worked out in greater detail in the 1950s. The book
hypothesizes that professional licensing artificially restricts the
supply of services and raises prices.
During 1940, Friedman was appointed an assistant professor teaching
Economics at the University of Wisconsin–Madison, but encountered
antisemitism in the Economics department and decided to return to
government service.[36][37] From 1941 to 1943 Friedman worked 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 during 1942 he advocated a Keynesian policy of
taxation. He helped to invent the payroll withholding tax system,
since the federal government badly needed money in order to fight the
war.[38] He later said, "I have no apologies for it, but I really wish
we hadn't found it necessary and I wish there were some way of
abolishing withholding now."[39]
Academic career[edit]
Early years[edit]
In 1940, Friedman accepted a position at the University of
Wisconsin–Madison, but left because of differences with faculty
regarding United States involvement in World War II. Friedman believed
the United States should enter the war.[40] In 1943, Friedman joined
the Division of War Research at
Columbia University

Columbia University (headed by W.
Allen Wallis and Harold Hotelling), where he spent the rest of World
War II working as a mathematical statistician, focusing on problems of
weapons design, military tactics, and metallurgical
experiments.[40][41]
In 1945, Friedman submitted Incomes from Independent Professional
Practice (co-authored with Kuznets and completed during 1940) to
Columbia as his doctoral dissertation. The university awarded him a
PhD

PhD in 1946. Friedman spent the 1945–1946 academic year teaching at
the
University of Minnesota

University of Minnesota (where his friend
George Stigler

George Stigler was
employed). On February 12, 1945, his son,
David D. Friedman

David D. Friedman was born.
University of Chicago[edit]
University of Chicago
In 1946, Friedman accepted an offer to teach economic theory at the
University of Chicago

University of Chicago (a position opened by departure of his former
professor
Jacob Viner to Princeton University). Friedman would work
for the
University of Chicago

University of Chicago for the next 30 years. There he
contributed to the establishment of an intellectual community that
produced a number of Nobel Prize winners, known collectively as the
Chicago

Chicago school of economics.
At that time, Arthur F. 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 initiated the "Workshop in Money and Banking" (the "Chicago
Workshop"), which promoted a revival of monetary studies. During the
latter half of the 1940s, Friedman began a collaboration with Anna
Schwartz, an economic historian at the Bureau, that 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.
Friedman spent the 1954–1955 academic year as a Fulbright Visiting
Fellow at Gonville and Caius College, Cambridge. At the time, the
Cambridge economics faculty was divided into a Keynesian majority
(including
Joan Robinson
.jpg/440px-Joan_Robinson_(1973).jpg)
Joan Robinson and Richard Kahn) and an anti-Keynesian
minority (headed by Dennis Robertson). Friedman speculated that he was
invited to the fellowship, because his views were unacceptable to both
of the Cambridge factions. Later his weekly columns for Newsweek
magazine (1966–84) were well read and increasingly influential among
political and business people.[42] From 1968 to 1978, he and Paul
Samuelson participated in the Economics Cassette Series, a biweekly
subscription series where the economist would discuss the days' issues
for about a half-hour at a time.[43][44]
Friedman was an economic adviser to Republican presidential candidate
Barry Goldwater

Barry Goldwater during 1964.
Capitalism and Freedom[edit]
His
Capitalism and Freedom

Capitalism and Freedom brought him national and international
attention outside academia. It was published in 1962 by the University
of
Chicago

Chicago Press and consists of essays that used non-mathematical
economic models to explore issues of public policy.[45] It sold over
400,000 copies in the first eighteen years[46] and more than half a
million since 1962. It has been translated into eighteen languages.
Friedman talks about the need to move to a classically liberal
society, that free markets would help nations and individuals in the
long-run and fix the efficiency problems currently faced by the United
States and other major countries of the 1950s and 1960s. He goes
through the chapters specifying a specific issue in each respective
chapter from the role of government and money supply to social welfare
programs to a special chapter on occupational licensure. Friedman
concludes
Capitalism and Freedom

Capitalism and Freedom with his "classical liberal" stance,
that government should stay out of matters that do not need and should
only involve itself when absolutely necessary for the survival of its
people and the country. He recounts how the best of a country's
abilities come from its free markets while its failures come from
government intervention.[47]
Personal life[edit]
Retirement[edit]
In 1977, at the age of 65, Friedman retired from the University of
Chicago

Chicago after teaching there for 30 years. He and his wife moved to
San Francisco

San Francisco where he became a visiting scholar at the Federal
Reserve Bank of San Francisco. From 1977 on, he was affiliated with
the
Hoover Institution

Hoover Institution at Stanford University. During the same year,
Friedman was approached by the Free To Choose Network 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
during 1980, the ten-part series, titled Free to Choose, was broadcast
by the
Public Broadcasting Service

Public Broadcasting Service (PBS). The companion book to the
series (co-authored by Milton and his wife, Rose Friedman), also
titled Free To Choose, was the bestselling nonfiction book of 1980 and
has since been translated into 14 foreign languages.
Friedman served as an unofficial adviser to
Ronald Reagan

Ronald Reagan during his
1980 presidential campaign, and then served on the President's
Economic Policy Advisory Board
.svg/540px-Countries_by_Real_GDP_Growth_Rate_(2016).svg.png)
Economic Policy Advisory Board for the rest of the Reagan
Administration. Ebenstein says Friedman was "the 'guru' of the Reagan
administration."[3] In 1988 he received the National Medal of Science
and Reagan honored him with the Presidential Medal of Freedom.
Milton Friedman

Milton Friedman is known now as one of the most influential economists
of the 20th century.[48][49] Throughout the 1980s and 1990s, Friedman
continued to write editorials and appear on television. He made
several visits to Eastern Europe and to China, where he also advised
governments. He was also for many years a Trustee of the Philadelphia
Society.[50][51][52]
Later life[edit]
According to a 2007 article in Commentary magazine, his "parents were
moderately observant Jews, but Friedman, after an intense burst of
childhood piety, rejected religion altogether."[53] He described
himself as an agnostic.[54] Friedman wrote extensively of his life and
experiences, especially in 1998 in his memoirs with his wife Rose,
titled Two Lucky People.
Death[edit]
Friedman died of heart failure at the age of 94 years in San Francisco
on November 16, 2006.[55] He was still a working economist performing
original economic research; his last column was published in The Wall
Street Journal the day after his death.[56] He was survived by his
wife (who died on August 18, 2009) and their two children, David,
known for the anarcho-capitalist book The Machinery of Freedom, and
bridge expert Jan Martel.
Scholarly contributions[edit]
See also: Friedman–Savage utility function, Friedman rule,
Friedman's k-percent rule, and Friedman test
Economics[edit]
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

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; however, Friedman's contribution
is largely responsible for its modern popularization. He co-authored,
with Anna Schwartz, A Monetary History of the United States,
1867–1960 (1963), which was an examination of the role of the money
supply and economic activity in the U.S. history. A striking
conclusion of their research regarded the way in which money supply
fluctuations contribute to economic fluctuations. Several regression
studies with David Meiselman during 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 of the money supply was primarily on
output but that the longer-run effect was primarily on the price
level.
Friedman was the main proponent of the monetarist school of economics.
He maintained that there is a close and stable association between
inflation and the money supply, mainly that inflation could be avoided
with proper regulation of the monetary base's growth rate. He famously
used the analogy of "dropping money out of a helicopter",[57] in order
to avoid dealing with money injection mechanisms and other factors
that would overcomplicate his models.
Friedman's arguments were designed to counter the popular concept of
cost-push inflation, that the increased general price level at the
time was the result of increases in the price of oil, or increases in
wages; as he wrote,
Inflation

Inflation is always and everywhere a monetary phenomenon.
— Milton Friedman, 1963.[58]
Friedman 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 restricted severely. Friedman wrote extensively
on the Great Depression, which he termed 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.
— Milton Friedman, Two Lucky People, 233[59]
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. His close friend
George Stigler

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."[60] The relationship between Friedman and Lucas, or new
classical macroeconomics as a whole, was highly complex. The
Friedmanian
Phillips curve

Phillips curve was an interesting starting point for
Lucas, but he soon realized that the solution provided by Friedman was
not quite satisfactory. Lucas elaborated a new approach in which
rational expectations were presumed instead of the Friedmanian
adaptive expectations. Due to this reformulation, the story in which
the theory of the new classical
Phillips curve

Phillips curve was embedded radically
changed. This modification, however, had a significant effect on
Friedman’s own approach, so, as a result, the theory of the
Friedmanian
Phillips curve

Phillips curve also changed.[61] Moreover, new classical
Neil Wallace, who was a graduate student at the University of Chicago
between 1960 and 1963, regarded Friedman’s theoretical courses as a
mess.[62] This evaluation clearly indicates the broken relationship
between Friedmanian monetarism and new classical macroeconomics.
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.[63] This work contended that rational
consumers would spend a proportional amount of what they perceived to
be their permanent income. Windfall gains would mostly be saved. Tax
reductions likewise, as rational consumers would predict that taxes
would have to increase later to balance public finances. Other
important contributions include his critique of the
Phillips curve

Phillips curve and
the concept of the natural rate of unemployment (1968). This critique
associated his name, together with that of Edmund Phelps, with the
insight that a government that brings about greater inflation cannot
permanently reduce unemployment by doing so. Unemployment may be
temporarily lower, if the inflation is a surprise, but in the long run
unemployment will be determined by the frictions and imperfections of
the labor market.
Friedman's essay "The Methodology of Positive Economics" (1953)
provided the epistemological pattern for his own subsequent research
and to a degree that of the
Chicago

Chicago School. 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 but by its simplicity and fruitfulness as an
engine of prediction. That is, students should measure the accuracy of
its predictions, rather than the 'soundness of its assumptions'. His
argument was part of an ongoing debate among such statisticians as
Jerzy Neyman, Leonard Savage, and Ronald Fisher.[64]
Statistics[edit]
One of his most famous contributions to statistics is sequential
sampling. Friedman did statistical work at the Division of War
Research at Columbia, where he and his colleagues came up with the
technique. It later became, in the words of The New Palgrave
Dictionary of Economics, "the standard analysis of quality control
inspection". The dictionary adds, "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."[65]
Public policy positions[edit]
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e
Federal Reserve[edit]
Due to its poor performance,[66] Friedman believed that the Federal
Reserve Board should be abolished.[67][68] Friedman was deeply
critical about
Federal Reserve

Federal Reserve policies, even during the so-called
'Volcker shock' that was labelled 'monetarist.'[69] He further
believed that if the money supply was to be centrally controlled (as
by the
Federal Reserve

Federal Reserve System) that the preferable way to do it would
be with a mechanical system that would keep the quantity of money
increasing at a steady rate.
Exchange rates[edit]
Friedman was a strong advocate for floating exchange rates throughout
the entire Bretton-Woods period. He argued that a flexible exchange
rate would make external adjustment possible and allow countries to
avoid
Balance of Payments

Balance of Payments crises. He saw fixed exchange rates as an
undesirable form of government intervention. The case was articulated
in an influential 1953 paper, "The Case for Flexible Exchange Rates",
at a time, when most commentators regarded the possibility of floating
exchange rates as a fantasy.[70][71]
School choice[edit]
In his 1955 article "The Role of Government in Education"[72] Friedman
proposed supplementing publicly operated schools with privately run
but publicly funded schools through a system of school vouchers.[73]
Reforms similar to those proposed in the article were implemented in,
for example,
Chile

Chile in 1981 and Sweden in 1992.[74] In 1996, Friedman,
together with his wife, founded the Friedman Foundation for
Educational Choice to advocate school choice and vouchers. In 2016,
the Friedman Foundation changed its name to
EdChoice to honor the
Friedmans' desire to have the educational choice movement live on
without their names attached to it after their deaths.[16]
Conscription[edit]
While
Walter Oi is credited with establishing the economic basis for a
volunteer military,
Milton Friedman

Milton Friedman was a proponent, stating that the
draft was "inconsistent with a free society."[75][76] In Capitalism
and Freedom, he argued that conscription is inequitable and arbitrary,
preventing young men from shaping their lives as they see fit.[77]
During the Nixon administration he headed the committee to research a
conversion to paid/volunteer armed force. He would later state that
his role in eliminating the conscription in the United States was his
proudest accomplishment.[12] Friedman did, however, believe a nation
could compel military training as a reserve in case of war time.[77]
Foreign policy[edit]
Biographer
Lanny Ebenstein noted a drift over time in Friedman's views
from an interventionist to a more cautious foreign policy.[78] He
supported US involvement in the Second World War and initially
supported a hard line against Communism, but moderated over time.[78]
However Friedman did state in a 1995 interview that he is an
anti-interventionist.[79] He opposed the
Gulf War

Gulf War and the Iraq
War.[78] In a spring 2006 interview, Friedman said that the USA's
stature in the world had been eroded by the Iraq War, but that it
might be improved if Iraq were to become a peaceful and independent
country.[80]
Libertarianism

Libertarianism and the Republican Party[edit]
Friedman was a supporter of the candidacy of
Barry Goldwater

Barry Goldwater against
Lyndon Johnson

Lyndon Johnson following Kennedy in 1964.[1] Later, he served as a
member of President Reagan's
Economic Policy Advisory Board
.svg/540px-Countries_by_Real_GDP_Growth_Rate_(2016).svg.png)
Economic Policy Advisory Board starting
at 1981. In 1988, he received the
Presidential Medal of Freedom

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."[81]
Public goods and monopoly[edit]
Friedman was supportive of the state provision of some public goods
that private businesses are not considered as being able to provide.
However, 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, he wrote:
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.
— Milton Friedman, Friedman, Milton & Rose D. Capitalism and
Freedom,
University of Chicago

University of Chicago Press, 1982, p. 29
Social security, welfare programs, and negative income tax[edit]
In 1962, Friedman criticized Social Security in his book Capitalism
and Freedom arguing that it had created welfare dependency.[82]
However, in the penultimate chapter of the same book, Friedman argued
that while capitalism had greatly reduced the extent of poverty in
absolute terms, "poverty is in part a relative matter, [and] even in
[wealthy Western] countries, there are clearly many people living
under conditions that the rest of us label as poverty." Friedman noted
that while private charity could be one recourse for alleviating
poverty (and cited late 19th century Britain and the United States as
exemplary periods of extensive private charity and eleemosynary
activity), Friedman also noted that:
It can be argued that private charity is insufficient because the
benefits from it accrue to people other than those who make the
gifts—... a neighborhood effect. I am distressed by the sight of
poverty; I am benefited by its alleviation; but I am benefited equally
whether I or someone else pays for its alleviation; the benefits of
other people's charity therefore partly accrue to me. To put it
differently, we might all of us be willing to contribute to the relief
of poverty, provided everyone else did. We might not be willing to
contribute the same amount without such assurance. In small
communities, public pressure can suffice to realize the proviso even
with private charity. In the large impersonal communities that are
increasingly coming to dominate our society, it is much more difficult
for it to do so.
Suppose one accepts, as I do, this line of reasoning as justifying
governmental action to alleviate poverty; to set, as it were, a floor
under the standard of life of every person in the community. [While
there are questions of how much should be spent and how, the]
arrangement that recommends itself on purely mechanical grounds is a
negative income tax.... The advantages of this arrangement are clear.
It is directed specifically at the problem of poverty. It gives help
in the form most useful to the individual, namely, cash. It is general
and could be substituted for the host of special measures now in
effect. It makes explicit the cost borne by society. It operates
outside the market. Like any other measures to alleviate poverty, it
reduces the incentives of those helped to help themselves, but it does
not eliminate that incentive entirely, as a system of supplementing
incomes up to some fixed minimum would. An extra dollar earned always
means more money available for expenditure.
Friedman argued further that other advantages of the negative income
tax were that it could fit directly into the tax system, would be less
costly, and would reduce the administrative burden of implementing a
social safety net.[83] Friedman reiterated these arguments 18 years
later in Free to Choose, with the additional proviso that such a
reform would only be satisfactory if it replaced the current system of
welfare programs rather than augment it.[84] According to economist
Robert H. Frank, writing in The New York Times, Friedman's views in
this regard were grounded in a belief that while "market
forces ... accomplish wonderful things", they "cannot ensure a
distribution of income that enables all citizens to meet basic
economic needs".[85]
Drug policy[edit]
Friedman also supported libertarian policies such as legalization of
drugs and prostitution. During 2005, Friedman and more than 500 other
economists advocated discussions regarding the economic benefits of
the legalization of marijuana.[86]
Gay rights[edit]
Friedman was also a supporter of gay rights.[87] He never specifically
supported same-sex marriage, instead saying "I do not believe there
should be any discrimination against gays."[88]
Economic freedom[edit]
Michael Walker of the
Fraser Institute

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.[89] This annual report has
since provided data for numerous peer-reviewed studies and has
influenced policy in several nations.
Along with sixteen other distinguished economists he opposed the
Copyright Term Extension Act
.svg/280px-Great_Seal_of_the_United_States_(obverse).svg.png)
Copyright Term Extension Act and filed an amicus brief in Eldred v.
Ashcroft.[90] He supported the inclusion of the word "no-brainer" in
the brief.[91]
Friedman argued for stronger basic legal (constitutional) protection
of economic rights and freedoms to further promote
industrial-commercial growth and prosperity and buttress democracy and
freedom and the rule of law generally in society.[92]
Honors, recognition, and influence[edit]
Friedman in 1976
George H. Nash, a leading historian of American conservatism, says
that by, "the end of the 1960s he was probably the most highly
regarded and influential conservative scholar in the country, and one
of the few with an international reputation."[93] Friedman allowed the
libertarian
Cato Institute

Cato Institute to use his name for its biannual Milton
Friedman Prize for Advancing
Liberty

Liberty beginning in 2001. A Friedman
Prize was given to the late British economist Peter Bauer in 2002,
Peruvian economist Hernando de Soto in 2004, Mart Laar, former
Estonian Prime Minister in 2006 and a young Venezuelan student Yon
Goicoechea in 2008. His wife Rose, sister of Aaron Director, with whom
he initiated the Friedman Foundation for Educational Choice, served on
the international selection committee.[94][95] Friedman was also a
recipient of the Nobel Memorial Prize in Economics.
Upon Friedman's death, Harvard President
Lawrence Summers

Lawrence Summers called him
"The Great Liberator" saying "... any honest Democrat will admit
that we are now all Friedmanites." He said Friedman's great popular
contribution was "in convincing people of the importance of allowing
free markets to operate."[96]
In 2013 Stephen Moore, a member of the editorial forward of the Wall
Street Journal said, "Quoting the most-revered champion of free-market
economics since
Adam Smith

Adam Smith has become a little like quoting the
Bible." He adds, "There are sometimes multiple and conflicting
interpretations."[97]
Nobel Memorial Prize in Economic Sciences[edit]
Friedman won the Nobel Memorial Prize in Economic Sciences, the sole
recipient for 1976, "for his achievements in the fields of consumption
analysis, monetary history and theory and for his demonstration of the
complexity of stabilization policy."[4]
Hong Kong[edit]
Friedman once said, "If you want to see capitalism in action, go to
Hong Kong."[98] He wrote in 1990 that the Hong Kong economy was
perhaps the best example of a free market economy.[99]
One month before his death, he wrote the article "Hong Kong Wrong –
What would Cowperthwaite say?" in the Wall Street Journal, criticizing
Donald Tsang, the Chief Executive of Hong Kong, for abandoning
"positive noninterventionism."[100] 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 his rival, Alan Leong, before the 2007 Chief Executive
election, Leong introduced the topic and jokingly accused Tsang of
angering Friedman to death.
Chile[edit]
Main articles:
Miracle of Chile

Miracle of Chile and
Chicago

Chicago Boys
During 1975, two years after the military coup that brought military
dictator President
Augusto Pinochet

Augusto Pinochet to power and ended the government
of Salvador Allende, the economy of
Chile

Chile experienced a severe crisis.
Friedman and
Arnold Harberger accepted an invitation of a private
Chilean foundation to visit
Chile

Chile and speak on principles of economic
freedom.[101] He spent seven days in
Chile

Chile giving a series of lectures
at the Universidad Católica de
Chile

Chile and the (National) University of
Chile. One of the lectures was entitled "The Fragility of Freedom" and
according to Friedman, "dealt with precisely the threat to freedom
from a centralized military government."[102]
In an April 21, 1975, letter to Pinochet, Friedman considered the "key
economic problems of
Chile

Chile are clearly ... inflation and the
promotion of a healthy social market economy".[103] He stated that
"There is only one way to end inflation: by drastically reducing the
rate of increase of the quantity of money ..." and that
"... cutting government spending is by far and away the most
desirable way to reduce the fiscal deficit, because it ...
strengthens the private sector thereby laying the foundations for
healthy economic growth".[103] As to how rapidly inflation should be
ended, Friedman felt that "for
Chile

Chile where inflation is raging at
10–20% a month ... gradualism is not feasible. It would involve
so painful an operation over so long a period that the patient would
not survive." Choosing "a brief period of higher unemployment..." was
the lesser evil.. and that "the experience of Germany, ... of
Brazil ..., of the post-war adjustment in the U.S. ... all
argue for shock treatment". In the letter Friedman recommended to
deliver the shock approach with "... a package to eliminate the
surprise and to relieve acute distress" and "... for definiteness
let me sketch the contents of a package proposal ... to be taken
as illustrative" although his knowledge of
Chile

Chile was "too limited to
enable [him] to be precise or comprehensive". He listed a "sample
proposal" of 8 monetary and fiscal measures including "the removal of
as many as obstacles as possible that now hinder the private market.
For example, suspend ... the present law against discharging
employees". He closed, stating "Such a shock program could end
inflation in months". His letter suggested that cutting spending to
reduce the fiscal deficit would result in less transitional
unemployment than raising taxes.
Sergio de Castro, a Chilean
Chicago

Chicago School graduate, became the
nation's Minister of Finance in 1975. During his six-year tenure,
foreign investment increased, restrictions were placed on striking and
labor unions, and GDP rose yearly.[104] A foreign exchange program was
created between the Catholic University of
Chile

Chile and the University of
Chicago. Many other
Chicago

Chicago School alumni were appointed government
posts during and after the Pinochet years; others taught its economic
doctrine at Chilean universities. They became known as the Chicago
Boys.[105]
Friedman did not criticize Pinochet's dictatorship at the time, nor
the assassinations, illegal imprisonments, torture, or other
atrocities that were well known by then.[106] In 1976 Friedman
defended his unofficial adviser position with: "I do not consider it
as evil for an economist to render technical economic advice to the
Chilean Government, any more than I would regard it as evil for a
physician to give technical medical advice to the Chilean Government
to help end a medical plague."[107]
Friedman defended his activity in
Chile

Chile on the grounds that, in his
opinion, the adoption of free market policies not only improved the
economic situation of
Chile

Chile but also contributed to the amelioration
of Pinochet's rule and to the eventual transition to a democratic
government during 1990. That idea is included in Capitalism and
Freedom, in which he declared that economic freedom is not only
desirable in itself but is also a necessary condition for political
freedom. In his 1980 documentary Free to Choose, he said the
following: "
Chile

Chile is not a politically free system, and I do not
condone the system. But the people there are freer than the people in
Communist societies because government plays a smaller role.
... The conditions of the people in the past few years has been
getting better and not worse. They would be still better to get rid of
the junta and to be able to have a free democratic system."[108][109]
In 1984, Friedman stated that he has "never refrained from criticizing
the political system in Chile."[102] In 1991 he said: "I have nothing
good to say about the political regime that Pinochet imposed. It was a
terrible political regime. The real miracle of
Chile

Chile is not how well
it has done economically; the real miracle of
Chile

Chile is that a military
junta was willing to go against its principles and support a free
market regime designed by principled believers in a free market. [...]
In Chile, the drive for political freedom, that was generated by
economic freedom and the resulting economic success, ultimately
resulted in a referendum that introduced political democracy. Now, at
long last,
Chile

Chile has all three things: political freedom, human
freedom and economic freedom.
Chile

Chile will continue to be an interesting
experiment to watch to see whether it can keep all three or whether,
now that it has political freedom, that political freedom will tend to
be used to destroy or reduce economic freedom."[110] He stressed that
the lectures he gave in
Chile

Chile were the same lectures he later gave in
China and other socialist states.[111]
During the 2000
PBS

PBS documentary
The Commanding Heights

The Commanding Heights (based on the
book), Friedman continued to argue that "free markets would undermine
[Pinochet's] political centralization and political
control.",[112][113] and that criticism over his role in
Chile

Chile missed
his main contention that freer markets resulted in freer people, and
that Chile's unfree economy had caused the military government.
Friedman advocated for free markets which undermined "political
centralization and political control".[114]
Iceland[edit]
Friedman visited
Iceland

Iceland during the autumn of 1984, met with important
Icelanders and gave a lecture at the University of
Iceland

Iceland on the
"tyranny of the status quo." He participated in a lively television
debate on August 31, 1984 with socialist intellectuals, including
Ólafur Ragnar Grímsson, who later became the president of
Iceland.[115] 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
previous lectures had not been free-of-charge in a meaningful sense:
lectures always have related costs. What mattered was whether
attendees or non-attendees covered those costs. Friedman thought that
it was fairer that only those who attended paid. In this discussion
Friedman also stated that he did not receive any money for delivering
that lecture.
Estonia[edit]
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

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

Milton Friedman Prize for Advancing Liberty, awarded by the Cato
Institute.[116]
United Kingdom[edit]
After 1950 Friedman was frequently invited to lecture in Britain, and
by the 1970s his ideas had gained widespread attention in conservative
circles. For example, he was a regular speaker at the Institute of
Economic Affairs (IEA), a libertarian think tank. Conservative
politician
Margaret Thatcher

Margaret Thatcher closely followed IEA programs and ideas,
and met Friedman there in 1978. He also strongly influenced Keith
Joseph, who became Thatcher's senior advisor on economic affairs, as
well as Alan Walters and Patrick Minford, two other key advisers.
Major newspapers, including the Daily Telegraph, The Times, and The
Financial Times

Financial Times all promulgated Friedman's monetarist ideas to British
decision-makers. Friedman's ideas strongly influenced Thatcher and her
allies when she became Prime Minister in 1979.[117][118]
Criticism[edit]
Econometrician David Hendry criticized part of Friedman's and Anna
Schwartz's 1982 Monetary Trends.[119] When asked about it during an
interview with Icelandic TV in 1984,[120] Friedman said that the
criticism referred to a different problem from that which he and
Schwartz had tackled, and hence was irrelevant,[121] and pointed out
the lack of consequential peer review amongst econometricians on
Hendry's work.[122] In 2006, Hendry said that Friedman was guilty of
"serious errors" of misunderstanding that meant "the t-ratios he
reported for UK money demand were overstated by nearly 100 per cent",
and said that, in a paper published in 1991 with Neil Ericsson,[123]
he had refuted "almost every empirical claim […] made about UK money
demand" by Friedman and Schwartz.[124] A 2004 paper updated and
confirmed the validity of the Hendry–Ericsson findings through
2000.[125]
Although Keynesian Nobel laureate
Paul Krugman

Paul Krugman praised Friedman as a
"great economist and a great man" after Friedman's death in 2006, and
acknowledged his many, widely accepted contributions to empirical
economics, Krugman had been, and remains, a prominent critic of
Friedman. Krugman has written that "he slipped all too easily into
claiming both that markets always work and that only markets work.
It's extremely hard to find cases in which Friedman acknowledged the
possibility that markets could go wrong, or that government
intervention could serve a useful purpose."[126]
In her book The Shock Doctrine, author and social activist Naomi Klein
criticized Friedman's economic liberalism, identifying it with the
principles that guided the economic restructuring that followed the
military coups in countries such as
Chile

Chile and Argentina. Based on
their assessments of the extent to which what she describes as
neoliberal policies contributed to income disparities and inequality,
both Klein and
Noam Chomsky

Noam Chomsky have suggested that the primary role of
what they describe as neoliberalism was as an ideological cover for
capital accumulation by multinational corporations.[127]
Visit to Chile[edit]
Because of his involvement with the Pinochet government, there were
international protests when Friedman was awarded the Nobel Prize in
1976.[128] Friedman was accused of supporting the military
dictatorship in
Chile

Chile because of the relation of economists of the
University of Chicago

University of Chicago to Pinochet, and a controversial seven-day
trip[129] he took to
Chile

Chile during March 1975 (less than two years
after the coup that deposed President Salvador Allende). Friedman
answered that he never was an adviser to the dictatorship, but only
gave some lectures and seminars on inflation, and met with officials,
including Augusto Pinochet, while in Chile.[130]
Chilean economist
Orlando Letelier
.jpg/440px-Orlando_Letelier,_Washingron_DC,_1976_(de_Marcelo_Montecino).jpg)
Orlando Letelier asserted that Pinochet's
dictatorship resorted to oppression because of popular opposition to
Chicago

Chicago School policies in Chile.[131] After a 1991 speech on drug
legalisation, Friedman answered a question on his involvement with the
Pinochet regime, saying that he was never an advisor to Pinochet (also
mentioned in his 1984
Iceland

Iceland interview[102]), but that a group of his
students at the
University of Chicago

University of Chicago were involved in Chile's
economic reforms. Friedman credited these reforms with high levels of
economic growth and with the establishment of democracy that has
subsequently occurred in Chile.[132][133] In October 1988, after
returning from a lecture tour of China during which he had met with
Zhao Ziyang, General Secretary of the Communist Party of China.
Friedman wrote to
The Stanford Daily

The Stanford Daily asking if he should anticipate a
similar "avalanche of protests for having been willing to give advice
to so evil a government? And if not, why not?"[134]
Selected bibliography[edit]
Main article:
Milton Friedman

Milton Friedman bibliography
A Theory of the Consumption Function (1957)
A Program for Monetary Stability (Fordham University Press, 1960) 110
pp. online version
Capitalism and Freedom

Capitalism and Freedom (1962), highly influential series of essays
that established Friedman's position on major issues of public policy
excerpts
A Monetary History of the United States, 1867–1960, with Anna J.
Schwartz, 1963; part 3 reprinted as The Great Contraction
"The Role of Monetary Policy." American Economic Review, Vol. 58, No.
1 (Mar. 1968), pp. 1–17
JSTOR

JSTOR presidential address to American
Economics Association
"
Inflation

Inflation and Unemployment: Nobel Lecture", 1977, Journal of
Political Economy. Vol. 85, pp. 451–72. JSTOR
Free to Choose: A Personal Statement, with Rose Friedman, (1980),
highly influential restatement of policy views
The Essence of Friedman, essays edited by Kurt R. Leube, (1987)
(ISBN 0-8179-8662-6)
Two Lucky People: Memoirs (with Rose Friedman) ISBN 0-226-26414-9
(1998) excerpt and text search
Milton Friedman

Milton Friedman on Economics: Selected Papers by Milton Friedman,
edited by Gary S. Becker (2008)
See also[edit]
Conservatism portal
Liberalism portal
Libertarianism

Libertarianism portal
Friedman's k-percent rule
Friedman rule
Friedman–Savage utility function
The monetary-fiscal policy debate
History of economic thought
List of economists
List of Jewish Nobel laureates
List of
Presidential Medal of Freedom

Presidential Medal of Freedom recipients
"We are all Keynesians now"
References[edit]
^ a b Ebenstein 2007, p. 89
^ Charles Moore (2013). Margaret Thatcher: The Authorized Biography,
Volume One: Not For Turning. Penguin. pp. 576–77.
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^ a b c Ebenstein 2007, p. 208
^ a b "
Milton Friedman

Milton Friedman on nobelprize.org". Nobel Prize. 1976.
Retrieved February 20, 2008.
^
Thomas Sowell

Thomas Sowell (September 16, 2016). A Personal Odyssey. Free Press.
p. 320. ISBN 0743215087.
^ Johan Van Overtveldt (2009). The
Chicago

Chicago School: How the University
of
Chicago

Chicago Assembled the Thinkers Who Revolutionized Economics and
Business. Agate Publishing. ISBN 978-1-57284-649-4.
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Economist

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Phillips curve

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Paul Krugman, Peddling Prosperity: Economic Sense and Nonsense in an
Age of Diminished Expectations (1995) p. 43 online
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Federal Reserve

Federal Reserve Board, April 13,
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responding to a financial crisis largely lined up with the principal
financial and monetary policy measures taken since 2007." Nelson,
"Review," in Journal of Economic Literature (December 2012) 50#4 pp.
1106–09
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Milton Friedman Biography & Facts". Encyclopedia Britannica.
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_(cropped).JPG/440px-Václav_Klaus_Praha_2015_(2)_(cropped).JPG)
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Klein's disastrous yet popular polemic against the great free market
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"Economic Professors' Favorite Economic Thinkers, Journals, and
Blogs", Econ Journal Watch 8(2): 126–46, May 2011.
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23, 2006. Retrieved February 20, 2008.
^ "Who's who in American Jewry". 1980.
^ Ebenstein 2007, p. 10
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Chicago

Chicago 1998,
p. 22.
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^
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Milton Friedman

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^
Milton Friedman

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institution in the US that has such a high public standing and such a
poor record of performance" "It's done more harm than good"
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Federal Reserve Policy during the 1980s. Cahiers
d'économie Politique/Papers in Political Economy, (1), pp. 107–50.
^ William Ruger (August 1, 2013). Milton Friedman. Bloomsbury
Publishing. pp. 72–. ISBN 978-1-62356-617-3.
^ Atish R. Ghosh, Mahvash S. Qureshi, and Charalambos G. Tsangarides
(2014) Friedman Redux: External Adjustment and Exchange Rate
Flexibility. International Monetary Fund
^
Milton Friedman

Milton Friedman (1955). Robert A. Solo, ed. "The Role of Government
in Education," as printed in the book Economics and the Public
Interest (PDF).
Rutgers University

Rutgers University Press. pp. 123–144.
^ Leonard Ross and Richard Zeckhauser (December 1970). "Review:
Education Vouchers". The Yale Law Journal. 80 (2): 451–61.
doi:10.2307/795126. JSTOR 795126.
^ Martin Carnoy (August 1998). "National Voucher Plans in
Chile

Chile and
Sweden: Did
Privatization Reforms Make for Better Education?".
Comparative Education Review. 42 (3): 309–37. doi:10.1086/447510.
JSTOR 1189163.
^
Milton Friedman

Milton Friedman (1991). The War on Drugs. America's Drug
Forum.
^ Bernard Rostker (2006). I Want You!: The Evolution of the
All-Volunteer Force. Rand Corporation. p. 4.
ISBN 978-0-8330-3895-1.
^ a b
Milton Friedman

Milton Friedman (November 15, 2002). Capitalism and Freedom.
University Of
Chicago

Chicago Press. p. 36.
^ a b c Ebenstein 2007, pp. 231–232
^ Milton Friedman, RIP – Antiwar.com Blog. Antiwar.com (November 16,
2006). Retrieved on 2017-09-06.
^ Ebenstein 2007, p. 243
^ "Friedman and Freedom". Queen's Journal. Archived from the original
on August 11, 2006. Retrieved February 20, 2008. , Interview with
Peter Jaworski. The Journal, Queen's University, March 15, 2002 –
Issue 37, Volume 129
^ Friedman, Milton (2002) [1962],
Capitalism and Freedom

Capitalism and Freedom (40th
anniversary ed.), Chicago:
University of Chicago

University of Chicago Press,
pp. 182–189, ISBN 978-0-226-26421-9
^ Friedman, Milton (2002) [1962],
Capitalism and Freedom

Capitalism and Freedom (40th
anniversary ed.), Chicago:
University of Chicago

University of Chicago Press,
pp. 190–195, ISBN 978-0-226-26421-9
^ Friedman, Milton; Friedman, Rose (1990) [1980], Free to Choose: A
Personal Statement (1st Harvest ed.), New York: Harcourt,
pp. 119–124, ISBN 978-0-156-33460-0
^ Frank, Robert H. (November 23, 2006). "The Other Milton Friedman: A
Conservative With a Social Welfare Program". The New York Times. The
New York Times Company.
^ "An open letter". Prohibition Costs. Retrieved November 9,
2012.
^ "Milton Friedman". Liberal Democratic Party (Australia). Archived
from the original on April 10, 2013. Retrieved February 19,
2013.
^ Ebenstein 2007, p. 228
^ "Economic Freedom of the World project". Fraser Institute. Retrieved
February 16, 2016.
^ "In the Supreme Court of the United States" (PDF). Harvard Law
School. Archived from the original (PDF) on April 2, 2015. Retrieved
February 20, 2008.
^ Lawrence Lessig (November 19, 2006). "only if the word 'no-brainer'
appears in it somewhere: RIP
Milton Friedman

Milton Friedman (Lessig Blog)".
Lessig.org. Archived from the original on April 2, 2015. Retrieved
April 2, 2013.
^ "A New British Bill of Rights: The Case For". ISR Online Guide.
Archived from the original on March 4, 2016. Retrieved February 16,
2016.
^ Ebenstein 2007, p. 260
^ "Selection Committee Announced for the 2008
Milton Friedman

Milton Friedman Prize
for Advancing Liberty," Cato Institute, September 5, 2007. Accessed
January 4, 2014.
^
Milton Friedman Prize

Milton Friedman Prize page at
Cato Institute

Cato Institute website. Accessed
January 5, 2014.
^ Larry Summers (November 19, 2006). "The Great Liberator". The New
York Times.
^ Stephen Moore, What Would
Milton Friedman

Milton Friedman Say?" Wall Street Journal,
May 30, 2013 p. A13
^ Waldemar Ingdahl (March 22, 2007). "Real Virtuality". The American.
Retrieved February 20, 2008.
^
Milton Friedman

Milton Friedman and
Rose Friedman

Rose Friedman (1990). Free to Choose: A Personal
Statement. Harvest Books. p. 34. ISBN 0-15-633460-7.
^ Friedman, Milton (October 6, 2006). "Dr. Milton Friedman". Opinion
Journal. Retrieved February 20, 2008.
^ Letter from
Arnold Harberger to Stig Ramel as reprinted in the Wall
Street Journal October 12, 1976, and in Two Lucky People: Memoirs By
Milton Friedman, Rose D. Friedman. Appendix A, pp. 598–99.
Accessible at books.google.com
^ a b c
Milton Friedman

Milton Friedman (August 31, 1984).
Iceland

Iceland Television Debate
(Flash Video) (Television production). Reykjavík: Icelandic State
Television. Event occurs at 009:48:00. Retrieved June 27, 2010.
^ a b [http:// Two Lucky People: Memoirs By Milton Friedman, Rose D.
Friedman. Appendix A, pp. 591–93. Letter from Friedman to Pinochet,
April 21, 1975.]
^ William Ray Mask II (May 2013). The Great Chilean Recovery:
Assigning Responsibility For The Chilean Miracle(s) (Thesis).
California

California State University, Fresno. hdl:10211.3/105425.
^ "
Chile

Chile and the "
Chicago

Chicago Boys"". The Hoover Institution. Stanford
University. Retrieved June 20, 2014. [permanent dead link]
^ Hugh O'Shaughnessy (December 11, 2006). "General Augusto Pinochet".
The Independent. Retrieved February 20, 2008.
^
Newsweek

Newsweek of June 14, 1976
^ "
Free to Choose

Free to Choose Vol. 5". Archived from the original on February 9,
2008. Retrieved February 20, 2008.
^ Frances Fox Piven vs. Milton Friedman, Thomas Sowell, debate, 1980,
YouTube.
^ The Smith Center: Milton Friedman's lecture Archived September 22,
2013, at the Wayback Machine., "Economic Freedom, Human Freedom,
Political Freedom", by Milton Friedman, delivered November 1, 1991.
^ Friedman 1999, pp. 600–01
^ "Interview with Jeffery Sachs on the "Miracle of Chile"". PBS.
Retrieved February 20, 2008.
^ "Commanding Heights: Milton Friedman". PBS. Retrieved December 29,
2008.
^ "
Milton Friedman

Milton Friedman interview". PBS. Retrieved February 20, 2008.
^ Friedman, Milton; Grímsson, Ólafur Ragnar.
Milton Friedman

Milton Friedman on
Icelandic State Television in 1984.
^ "Mart Laar". Cato Institute. Retrieved February 20,
2008. [permanent dead link]
^ John F. Lyons (2013). America in the British Imagination: 1945 to
the Present. Palgrave Macmillan. p. 102.
ISBN 9781137376800.
^ Subroto Roy & John Clarke, eds. (2005), Margaret Thatcher's
Revolution: How it Happened and What it Meant. Continuum.
ISBN 0826484840
^ David F. Hendry; Neil R. Ericsson (October 1983). "Assertion without
Empirical Basis: An Econometric Appraisal of 'Monetary Trends
in ... the United Kingdom' by
Milton Friedman

Milton Friedman and Anna Schwartz,"
in Monetary Trends in the United Kingdom, Bank of England Panel of
Academic Consultants, Panel Paper No. 22, pp. 45–101.
See also
Federal Reserve

Federal Reserve International Finance Discussion Paper No.
270 (December 1985), which is a revised and shortened version of
Hendry–Ericsson 1983.
^ "M.Friedman –
Iceland

Iceland TV (1984)". YouTube. Retrieved February 16,
2016.
^ van Steven Moore, CMA (August 31, 1984). "
Milton Friedman

Milton Friedman –
Iceland

Iceland 2 of 8". YouTube. Retrieved April 22, 2014.
^ J. Daniel Hammond (2005). Theory and Measurement: Causality Issues
in Milton Friedman's Monetary Economics. Cambridge U.P.
pp. 193–99. ISBN 0521022649.
^ David F. Hendry; Neil R. Ericsson (July 1989). "An Econometric
Analysis of UK Money
Demand

Demand in Monetary Trends in the United States
and the United Kingdom by
Milton Friedman

Milton Friedman and Anna J. Schwartz" (PDF).
International Finance Discussion Papers: 355. Federal Reserve.
Retrieved August 2, 2013.
^ David F. Hendry (April 25, 2013). "Friedman's t-ratios were
overstated by nearly 100%". ft.com. Retrieved May 1, 2013.
^ Escribano, Alvaro (2004). "Nonlinear error correction: The case of
money demand in the United Kingdom (1878–2000)" (PDF). Macroeconomic
Dynamics. 8 (1): 76–116. doi:10.1017/S1365100503030013.
Escribano's approach had already been recognized by Friedman,
Schwartz, Hendry et al. (p. 14 of the pdf) as yielding
significant improvements over previous money demand equations.
^ The New York Review of Books, Who Was Milton Friedman?, February 15,
2007
^
Noam Chomsky

Noam Chomsky (1999). Profit Over People:
Neoliberalism

Neoliberalism and Global
Order. New York, NY: Seven Stories Press.
^ Burton Feldman (2000). "Chapter 9: The Economics Memorial Prize".
The Nobel Prize: A History of Genius, Controversy, and Prestige. New
York: Arcade Publishing. p. 350. ISBN 1-55970-537-X.
^ O'Shaughnessy, Hugh (December 11, 2006). "General Augusto Pinochet".
The Independent.
^
Milton Friedman

Milton Friedman and Rose D. Friedman. "Two Lucky People: One Week in
Stockholm". Hoover Digest: Research and Opinion on Public Policy. 1998
(4). Archived from the original on March 14, 2008.
^
Orlando Letelier
.jpg/440px-Orlando_Letelier,_Washingron_DC,_1976_(de_Marcelo_Montecino).jpg)
Orlando Letelier (August 28, 1976), "Economic Freedom's Awful Toll",
The Nation.
^ The Drug War as a Socialist Enterprise, Milton Friedman, From:
Friedman & Szasz on
Liberty

Liberty and Drugs, edited and with a Preface
by Arnold S. Trebach and Kevin B. Zeese. Washington, D.C.: The Drug
Policy Foundation, 1992.
^
YouTube

YouTube clip: ''
Milton Friedman

Milton Friedman – Pinochet and Chile''.
YouTube.com (January 2, 2013). Retrieved on 2017-09-06.
^
Milton Friedman

Milton Friedman and Rose D. Friedman (June 1999). Two Lucky People:
Memoirs.
University of Chicago

University of Chicago Press. ISBN 9780226264158.
Cited sources[edit]
Bernanke, Ben (2004). Essays on the Great Depression. Princeton
University Press. ISBN 0-691-11820-5.
Ebenstein, Alan O. (2007). Milton Friedman: A Biography. St. Martin's
Press. ISBN 978-0-230-60345-5.
Friedman, Milton (1999). Two Lucky People: Memoirs. University of
Chicago

Chicago Press. ISBN 0-226-26415-7.
Further reading[edit]
"Symposium: Why Is There No
Milton Friedman

Milton Friedman Today?". Econ Journal
Watch. 10 (2). May 2013.
McCloskey, Deirdre (Winter 2003). "Other Things Equal: Milton".
Eastern Economic Journal. Palgrave Macmillan. 29 (1): 143–46.
JSTOR 40326463.
Steelman, Aaron (2008). "Friedman, Milton (1912–2006)". In Hamowy,
Ronald. The Encyclopedia of Libertarianism. Thousand Oaks, CA: SAGE;
Cato Institute. pp. 195–97. doi:10.4135/9781412965811.n118.
ISBN 978-1-4129-6580-4. LCCN 2008009151.
OCLC 750831024.
Wood, John Cunningham, and Ronald N. Wood, ed. (1990), Milton
Friedman: Critical Assessments, v. 3. Scroll to chapter-preview links.
Routledge.
External links[edit]
Find more aboutMilton Friedmanat's sister projects
Media from Wikimedia Commons
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Quotations from Wikiquote
Collected Works of
Milton Friedman

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The
Milton Friedman

Milton Friedman papers at the
Hoover Institution

Hoover Institution Archives
Selected Bibliography for
Milton Friedman

Milton Friedman at the University of Chicago
Library
Profile and Papers at Research Papers in Economics/RePEc
"
Milton Friedman

Milton Friedman collected news and commentary". The New York
Times.
Milton Friedman

Milton Friedman on IMDb
Becker Friedman Institute at the University of Chicago
The Foundation for Educational Choice
Milton Fridman at Scarlett
Inflation

Inflation and Unemployment 1976 lecture at NobelPrize.org
Nobel Prize acceptance speech
Milton Friedman

Milton Friedman (1912–2006). The Concise Encyclopedia of Economics.
Library of Economics and Liberty (2nd ed.).
Liberty

Liberty Fund. 2008.
Interview with Milton Friedman, Dominic Streatfeild, May 25, 2000,
source material for Cocaine: An Unauthorised Biography
Milton Friedman

Milton Friedman vs. The Fed Bailout by Michael Hirsh, Newsweek, July
17, 2009
Four Deformations of the Apocalypse, David Stockman, The New York
Times, July 31, 2010
Roberts, Russ. "
Milton Friedman

Milton Friedman Podcasts". EconTalk. Library of
Economics and Liberty.
Milton Friedman

Milton Friedman at Goodreads
Milton Friedman

Milton Friedman publications indexed by Google Scholar
A collection of Milton Friedman's works
Videos
Appearances on C-SPAN
Booknotes interview with Friedman on the 50th Anniversary Edition of
F.A. Hayek's Road to Serfdom, November 20, 1994.[permanent dead link]
In Depth interview with Friedman, September 3, 2000
A film clip "The Open Mind – Living Within Our Means (1975)" is
available at the Internet Archive
A film clip "The Open Mind – A Nobel
Laureate

Laureate on the American
Economy (1977)" is available at the Internet Archive
Milton Friedman

Milton Friedman on Charlie Rose
Free To Choose on YouTube
Milton Friedman, Commanding Heights, PBS, October 1, 2000, interview,
profile and video
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PBS

PBS TV Series by Milton Friedman
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Milton Friedman
Academic career
Statistics
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Decision theory
Friedman–Savage utility function
Economics
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Friedman rule
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Miracle of Chile
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Works
Essays in Positive Economics

Essays in Positive Economics (1953)
Capitalism and Freedom

Capitalism and Freedom (1962)
A Monetary History of the United States
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A Monetary History of the United States (1963)
Free to Choose

Free to Choose (1980)
Milton Friedman

Milton Friedman bibliography
Family
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v
t
e
Laureates of the Nobel Memorial Prize in Economic Sciences
1969–1975
1969
Ragnar Frisch

Ragnar Frisch / Jan Tinbergen
1970 Paul Samuelson
1971 Simon Kuznets
1972
John Hicks / Kenneth Arrow
1973 Wassily Leontief
1974
Gunnar Myrdal
.jpg)
Gunnar Myrdal / Friedrich Hayek
1975
Leonid Kantorovich

Leonid Kantorovich / Tjalling Koopmans
1976–2000
1976 Milton Friedman
1977
Bertil Ohlin

Bertil Ohlin / James Meade
1978 Herbert A. Simon
1979
Theodore Schultz

Theodore Schultz / Arthur Lewis
1980 Lawrence Klein
1981 James Tobin
1982 George Stigler
1983 Gérard Debreu
1984 Richard Stone
1985 Franco Modigliani
1986 James M. Buchanan
1987 Robert Solow
1988 Maurice Allais
1989 Trygve Haavelmo
1990
Harry Markowitz

Harry Markowitz /
Merton Miller

Merton Miller / William F. Sharpe
1991 Ronald Coase
1992 Gary Becker
1993
Robert Fogel

Robert Fogel / Douglass North
1994
John Harsanyi /
John Forbes Nash Jr.

John Forbes Nash Jr. / Reinhard Selten
1995 Robert Lucas Jr.
1996
James Mirrlees / William Vickrey
1997
Robert C. Merton
.jpg/440px-Robert_Merton_November_2010_03(1).jpg)
Robert C. Merton / Myron Scholes
1998 Amartya Sen
1999 Robert Mundell
2000
James Heckman

James Heckman / Daniel McFadden
2001–present
2001
George Akerlof

George Akerlof /
Michael Spence

Michael Spence / Joseph E. Stiglitz
2002
Daniel Kahneman / Vernon L. Smith
2003
Robert F. Engle

Robert F. Engle / Clive Granger
2004
Finn E. Kydland

Finn E. Kydland / Edward C. Prescott
2005
Robert Aumann

Robert Aumann / Thomas Schelling
2006 Edmund Phelps
2007
Leonid Hurwicz

Leonid Hurwicz /
Eric Maskin

Eric Maskin / Roger Myerson
2008 Paul Krugman
2009
Elinor Ostrom

Elinor Ostrom / Oliver E. Williamson
2010 Peter A. Diamond /
Dale T. Mortensen

Dale T. Mortensen / Christopher A. Pissarides
2011
Thomas J. Sargent

Thomas J. Sargent / Christopher A. Sims
2012
Alvin E. Roth

Alvin E. Roth / Lloyd S. Shapley
2013
Eugene Fama

Eugene Fama /
Lars Peter Hansen

Lars Peter Hansen / Robert J. Shiller
2014 Jean Tirole
2015 Angus Deaton
2016 Oliver Hart / Bengt Holmström
2017 Richard Thaler
v
t
e
Chicago

Chicago school of economics
Founders
Frank Knight
Henry Calvert Simons
Jacob Viner
Theodore Schultz
George Stigler
Monetarism
Milton Friedman
Anna J. Schwartz
Karl Brunner
Phillip D. Cagan
Harry G. Johnson
Allan H. Meltzer
David Laidler
New economic history
Douglass North
Robert Fogel
Robert M. Townsend
New social economics
Jacob Mincer
Gary Becker
James Heckman
Thomas Sowell
Sherwin Rosen
Kevin M. Murphy
John A. List
Sudhir Venkatesh
Steven Levitt
Roland Fryer
Public choice school
James M. Buchanan
Gordon Tullock
Randall Holcombe
Anthony Downs
William A. Niskanen
Bryan Caplan
Law and economics
Ronald Coase
Aaron Director
William Landes
Richard Posner
Richard Epstein
Robert Bork
Frank H. Easterbrook
Business and finance
Harry Markowitz
Myron Scholes
Merton Miller
Julian Lincoln Simon
Eugene Fama
Kenneth French
v
t
e
United States
National Medal of Science

National Medal of Science laureates
Behavioral and social science
1960s
1964: Roger Adams
Othmar H. Ammann
Theodosius Dobzhansky
Neal Elgar Miller
1980s
1986: Herbert A. Simon
1987: Anne Anastasi
George J. Stigler
1988: Milton Friedman
1990s
1990: Leonid Hurwicz
Patrick Suppes
1991: Robert W. Kates
George A. Miller
1992: Eleanor J. Gibson
1994: Robert K. Merton
1995: Roger N. Shepard
1996: Paul Samuelson
1997: William K. Estes
1998: William Julius Wilson
1999: Robert M. Solow
2000s
2000: Gary Becker
2001: George Bass
2003: R. Duncan Luce
2004: Kenneth Arrow
2005: Gordon H. Bower
2008: Michael I. Posner
2009: Mortimer Mishkin
2010s
2011: Anne Treisman
2014: Robert Axelrod
2015: Albert Bandura
Biological sciences
1960s
1963: C. B. van Niel
1964: Marshall W. Nirenberg
1965: Francis P. Rous
George G. Simpson
Donald D. Van Slyke
1966: Edward F. Knipling
Fritz Albert Lipmann
William C. Rose
Sewall Wright
1967: Kenneth S. Cole
Harry F. Harlow
Michael Heidelberger
Alfred H. Sturtevant
1968: Horace Barker
Bernard B. Brodie
Detlev W. Bronk
Jay Lush
Burrhus Frederic Skinner
1969: Robert Huebner
Ernst Mayr
1970s
1970: Barbara McClintock
Albert B. Sabin
1973: Daniel I. Arnon
Earl W. Sutherland Jr.
1974: Britton Chance
Erwin Chargaff
James V. Neel
James Augustine Shannon
1975: Hallowell Davis
Paul Gyorgy
Sterling B. Hendricks
Orville Alvin Vogel
1976: Roger Guillemin
Keith Roberts Porter
Efraim Racker
E. O. Wilson
1979: Robert H. Burris
Elizabeth C. Crosby
Arthur Kornberg
Severo Ochoa
Earl Reece Stadtman
George Ledyard Stebbins
Paul Alfred Weiss
1980s
1981: Philip Handler
1982: Seymour Benzer
Glenn W. Burton
Mildred Cohn
1983: Howard L. Bachrach
Paul Berg
Wendell L. Roelofs
Berta Scharrer
1986: Stanley Cohen
Donald A. Henderson
Vernon B. Mountcastle
George Emil Palade
Joan A. Steitz
1987: Michael E. DeBakey
Theodor O. Diener
Harry Eagle
Har Gobind Khorana
Rita Levi-Montalcini
1988: Michael S. Brown
Stanley Norman Cohen
Joseph L. Goldstein
Maurice R. Hilleman
Eric R. Kandel
Rosalyn Sussman Yalow
1989: Katherine Esau
Viktor Hamburger
Philip Leder
Joshua Lederberg
Roger W. Sperry
Harland G. Wood
1990s
1990: Baruj Benacerraf
Herbert W. Boyer
Daniel E. Koshland Jr.
Edward B. Lewis
David G. Nathan
E. Donnall Thomas
1991: Mary Ellen Avery
G. Evelyn Hutchinson
Elvin A. Kabat
Salvador Luria
Paul A. Marks
Folke K. Skoog
Paul C. Zamecnik
1992: Maxine Singer
Howard Martin Temin
1993: Daniel Nathans
Salome G. Waelsch
1994: Thomas Eisner
Elizabeth F. Neufeld
1995: Alexander Rich
1996: Ruth Patrick
1997: James Watson
Robert A. Weinberg
1998: Bruce Ames
Janet Rowley
1999: David Baltimore
Jared Diamond
Lynn Margulis
2000s
2000: Nancy C. Andreasen
Peter H. Raven
Carl Woese
2001: Francisco J. Ayala
Mario R. Capecchi
Ann Graybiel
Gene E. Likens
Victor A. McKusick
Harold Varmus
2002: James E. Darnell
Evelyn M. Witkin
2003: J. Michael Bishop
Solomon H. Snyder
Charles Yanofsky
2004: Norman E. Borlaug
Phillip A. Sharp
Thomas E. Starzl
2005: Anthony S. Fauci
Torsten N. Wiesel
2006: Rita R. Colwell
Nina Fedoroff
Lubert Stryer
2007: Robert J. Lefkowitz
Bert W. O'Malley
2008: Francis S. Collins
Elaine Fuchs
J. Craig Venter
2009: Susan L. Lindquist
Stanley B. Prusiner
2010s
2010: Ralph L. Brinster
Shu Chien
Rudolf Jaenisch
2011: Lucy Shapiro
Leroy Hood
Sallie Chisholm
2014: May Berenbaum
Bruce Alberts
2015: Stanley Falkow
Rakesh K. Jain
Mary-Claire King
Simon Levin
Chemistry
1980s
1982: F. Albert Cotton
Gilbert Stork
1983: Roald Hoffmann
George C. Pimentel
Richard N. Zare
1986: Harry B. Gray
Yuan Tseh Lee
Carl S. Marvel
Frank H. Westheimer
1987: William S. Johnson
Walter H. Stockmayer
Max Tishler
1988: William O. Baker
Konrad E. Bloch
Elias J. Corey
1989: Richard B. Bernstein
Melvin Calvin
Rudolph A. Marcus
Harden M. McConnell
1990s
1990: Elkan Blout
Karl Folkers
John D. Roberts
1991: Ronald Breslow
Gertrude B. Elion
Dudley R. Herschbach
Glenn T. Seaborg
1992: Howard E. Simmons Jr.
1993: Donald J. Cram
Norman Hackerman
1994: George S. Hammond
1995: Thomas Cech
Isabella L. Karle
1996: Norman Davidson
1997: Darleane C. Hoffman
Harold S. Johnston
1998: John W. Cahn
George M. Whitesides
1999: Stuart A. Rice
John Ross
Susan Solomon
2000s
2000: John D. Baldeschwieler
Ralph F. Hirschmann
2001: Ernest R. Davidson
Gábor A. Somorjai
2002: John I. Brauman
2004: Stephen J. Lippard
2006: Marvin H. Caruthers
Peter B. Dervan
2007: Mostafa A. El-Sayed
2008: Joanna Fowler
JoAnne Stubbe
2009: Stephen J. Benkovic
Marye Anne Fox
2010s
2010: Jacqueline K. Barton
Peter J. Stang
2011: Allen J. Bard
M. Frederick Hawthorne
2014: Judith P. Klinman
Jerrold Meinwald
2015: A. Paul Alivisatos
Geraldine L. Richmond
Engineering sciences
1960s
1962: Theodore von Kármán
1963: Vannevar Bush
John Robinson Pierce
1964: Charles S. Draper
1965: Hugh L. Dryden
Clarence L. Johnson
Warren K. Lewis
1966: Claude E. Shannon
1967: Edwin H. Land
Igor I. Sikorsky
1968: J. Presper Eckert
Nathan M. Newmark
1969: Jack St. Clair Kilby
1970s
1970: George E. Mueller
1973: Harold E. Edgerton
Richard T. Whitcomb
1974: Rudolf Kompfner
Ralph Brazelton Peck
Abel Wolman
1975: Manson Benedict
William Hayward Pickering
Frederick E. Terman
Wernher von Braun
1976: Morris Cohen
Peter C. Goldmark
Erwin Wilhelm Müller
1979: Emmett N. Leith
Raymond D. Mindlin
Robert N. Noyce
Earl R. Parker
Simon Ramo
1980s
1982: Edward H. Heinemann
Donald L. Katz
1983: William Redington Hewlett
George M. Low
John G. Trump
1986: Hans Wolfgang Liepmann
T. Y. Lin
Bernard M. Oliver
1987: R. Byron Bird
H. Bolton Seed
Ernst Weber
1988: Daniel C. Drucker
Willis M. Hawkins
George W. Housner
1989: Harry George Drickamer
Herbert E. Grier
1990s
1990: Mildred Dresselhaus
Nick Holonyak Jr.
1991: George H. Heilmeier
Luna B. Leopold
H. Guyford Stever
1992: Calvin F. Quate
John Roy Whinnery
1993: Alfred Y. Cho
1994: Ray W. Clough
1995: Hermann A. Haus
1996: James L. Flanagan
C. Kumar N. Patel
1998: Eli Ruckenstein
1999: Kenneth N. Stevens
2000s
2000: Yuan-Cheng B. Fung
2001: Andreas Acrivos
2002: Leo Beranek
2003: John M. Prausnitz
2004: Edwin N. Lightfoot
2005: Jan D. Achenbach
Tobin J. Marks
2006: Robert S. Langer
2007: David J. Wineland
2008: Rudolf E. Kálmán
2009: Amnon Yariv
2010s
2010: Shu Chien
2011: John B. Goodenough
2014: Thomas Kailath
Mathematical, statistical, and computer sciences
1960s
1963: Norbert Wiener
1964: Solomon Lefschetz
H. Marston Morse
1965: Oscar Zariski
1966: John Milnor
1967: Paul Cohen
1968: Jerzy Neyman
1969: William Feller
1970s
1970: Richard Brauer
1973: John Tukey
1974: Kurt Gödel
1975: John W. Backus
Shiing-Shen Chern
George Dantzig
1976: Kurt Otto Friedrichs
Hassler Whitney
1979: Joseph L. Doob
Donald E. Knuth
1980s
1982: Marshall Harvey Stone
1983: Herman Goldstine
Isadore Singer
1986: Peter Lax
Antoni Zygmund
1987: Raoul Bott
Michael Freedman
1988: Ralph E. Gomory
Joseph B. Keller
1989: Samuel Karlin
Saunders Mac Lane
Donald C. Spencer
1990s
1990: George F. Carrier
Stephen Cole Kleene
John McCarthy
1991: Alberto Calderón
1992: Allen Newell
1993: Martin David Kruskal
1994: John Cocke
1995: Louis Nirenberg
1996: Richard Karp
Stephen Smale
1997: Shing-Tung Yau
1998: Cathleen Synge Morawetz
1999: Felix Browder
Ronald R. Coifman
2000s
2000: John Griggs Thompson
Karen K. Uhlenbeck
2001: Calyampudi R. Rao
Elias M. Stein
2002: James G. Glimm
2003: Carl R. de Boor
2004: Dennis P. Sullivan
2005: Bradley Efron
2006: Hyman Bass
2007: Leonard Kleinrock
Andrew J. Viterbi
2009: David B. Mumford
2010s
2010: Richard A. Tapia
S. R. Srinivasa Varadhan
2011: Solomon W. Golomb
Barry Mazur
2014: Alexandre Chorin
David Blackwell
2015: Michael Artin
Physical sciences
1960s
1963: Luis W. Alvarez
1964: Julian Schwinger
Harold Clayton Urey
Robert Burns Woodward
1965: John Bardeen
Peter Debye
Leon M. Lederman
William Rubey
1966: Jacob Bjerknes
Subrahmanyan Chandrasekhar
Henry Eyring
John H. Van Vleck
Vladimir K. Zworykin
1967: Jesse Beams
Francis Birch
Gregory Breit
Louis Hammett
George Kistiakowsky
1968: Paul Bartlett
Herbert Friedman
Lars Onsager
Eugene Wigner
1969: Herbert C. Brown
Wolfgang Panofsky
1970s
1970: Robert H. Dicke
Allan R. Sandage
John C. Slater
John A. Wheeler
Saul Winstein
1973: Carl Djerassi
Maurice Ewing
Arie Jan Haagen-Smit
Vladimir Haensel
Frederick Seitz
Robert Rathbun Wilson
1974: Nicolaas Bloembergen
Paul Flory
William Alfred Fowler
Linus Carl Pauling
Kenneth Sanborn Pitzer
1975: Hans A. Bethe
Joseph O. Hirschfelder
Lewis Sarett
Edgar Bright Wilson
Chien-Shiung Wu
1976: Samuel Goudsmit
Herbert S. Gutowsky
Frederick Rossini
Verner Suomi
Henry Taube
George Uhlenbeck
1979: Richard P. Feynman
Herman Mark
Edward M. Purcell
John Sinfelt
Lyman Spitzer
Victor F. Weisskopf
1980s
1982: Philip W. Anderson
Yoichiro Nambu
Edward Teller
Charles H. Townes
1983: E. Margaret Burbidge
Maurice Goldhaber
Helmut Landsberg
Walter Munk
Frederick Reines
Bruno B. Rossi
J. Robert Schrieffer
1986: Solomon J. Buchsbaum
H. Richard Crane
Herman Feshbach
Robert Hofstadter
Chen-Ning Yang
1987: Philip Abelson
Walter Elsasser
Paul C. Lauterbur
George Pake
James A. Van Allen
1988: D. Allan Bromley
Paul Ching-Wu Chu
Walter Kohn
Norman F. Ramsey
Jack Steinberger
1989: Arnold O. Beckman
Eugene Parker
Robert Sharp
Henry Stommel
1990s
1990: Allan M. Cormack
Edwin M. McMillan
Robert Pound
Roger Revelle
1991: Arthur L. Schawlow
Ed Stone
Steven Weinberg
1992: Eugene M. Shoemaker
1993: Val Fitch
Vera Rubin
1994: Albert Overhauser
Frank Press
1995: Hans Dehmelt
Peter Goldreich
1996: Wallace S. Broecker
1997: Marshall Rosenbluth
Martin Schwarzschild
George Wetherill
1998: Don L. Anderson
John N. Bahcall
1999: James Cronin
Leo Kadanoff
2000s
2000: Willis E. Lamb
Jeremiah P. Ostriker
Gilbert F. White
2001: Marvin L. Cohen
Raymond Davis Jr.
Charles Keeling
2002: Richard Garwin
W. Jason Morgan
Edward Witten
2003: G. Brent Dalrymple
Riccardo Giacconi
2004: Robert N. Clayton
2005: Ralph A. Alpher
Lonnie Thompson
2006: Daniel Kleppner
2007: Fay Ajzenberg-Selove
Charles P. Slichter
2008: Berni Alder
James E. Gunn
2009: Yakir Aharonov
Esther M. Conwell
Warren M. Washington
2010s
2011: Sidney Drell
Sandra Faber
Sylvester James Gates
2014: Burton Richter
Sean C. Solomon
2015: Shirley Ann Jackson
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Presidents of the American Economic Association
1886–1900
Francis A. Walker (1886)
Charles F. Dunbar (1893)
John B. Clark (1894)
Henry C. Adams (1896)
Arthur T. Hadley (1898)
Richard T. Ely

Richard T. Ely (1900)
1901–1925
Edwin R. A. Seligman (1902)
Frank W. Taussig (1904)
Jeremiah W. Jenks (1906)
Simon N. Patten (1908)
Davis R. Dewey (1909)
Edmund J. James

Edmund J. James (1910)
Henry W. Farnam (1911)
Frank A. Fetter (1912)
David Kinley (1913)
John H. Gray (1914)
Walter F. Willcox (1915)
Thomas N. Carver (1916)
John R. Commons

John R. Commons (1917)
Irving Fisher

Irving Fisher (1918)
Henry B. Gardner (1919)
Herbert J. Davenport

Herbert J. Davenport (1920)
Jacob H. Hollander (1921)
Henry R. Seager (1922)
Carl C. Plehn (1923)
Wesley C. Mitchell (1924)
Allyn A. Young (1925)
1926–1950
Edwin W. Kemmerer

Edwin W. Kemmerer (1926)
Thomas S. Adams (1927)
Fred M. Taylor

Fred M. Taylor (1928)
Edwin F. Gay (1929)
Matthew B. Hammond (1930)
Ernest L. Bogart (1931)
George E. Barnett (1932)
William Z. Ripley

William Z. Ripley (1933)
Harry A. Millis

Harry A. Millis (1934)
John M. Clark (1935)
Alvin S. Johnson (1936)
Oliver M. W. Sprague (1937)
Alvin H. Hansen (1938)
Jacob Viner (1939)
Frederick C. Mills (1940)
Sumner H. Slichter (1941)
Edwin G. Nourse (1942)
Albert B. Wolfe (1943)
Joseph S. Davis (1944)
I. Leo Sharfman (1945)
Emanuel A. Goldenweiser (1946)
Paul H. Douglas (1947)
Joseph A. Schumpeter (1948)
Howard S. Ellis (1949)
Frank H. Knight (1950)
1951–1975
John H. Williams (1951)
Harold A. Innis (1952)
Calvin B. Hoover

Calvin B. Hoover (1953)
Simon Kuznets

Simon Kuznets (1954)
John D. Black (1955)
Edwin E. Witte (1956)
Morris A. Copeland

Morris A. Copeland (1957)
George W. Stocking (1958)
Arthur F. Burns

Arthur F. Burns (1959)
Theodore W. Schultz (1960)
Paul A. Samuelson (1961)
Edward S. Mason (1962)
Gottfried Haberler (1963)
George J. Stigler (1964)
Joseph J. Spengler (1965)
Fritz Machlup

Fritz Machlup (1966)
Milton Friedman

Milton Friedman (1967)
Kenneth E. Boulding

Kenneth E. Boulding (1968)
William J. Fellner (1969)
Wassily Leontief

Wassily Leontief (1970)
James Tobin

James Tobin (1971)
John Kenneth Galbraith

John Kenneth Galbraith (1972)
Kenneth J. Arrow (1973)
Walter W. Heller (1974)
R. Aaron Gordon (1975)
1976–2000
Franco Modigliani

Franco Modigliani (1976)
Lawrence R. Klein (1977)
Jacob Marschak (1978)
Tjalling C. Koopmans (1978)
Robert M. Solow (1979)
Moses Abramovitz (1980)
William J. Baumol (1981)
Gardner Ackley

Gardner Ackley (1982)
W. Arthur Lewis
.jpg)
W. Arthur Lewis (1983)
Charles L. Schultze (1984)
Charles P. Kindleberger (1985)
Alice M. Rivlin (1986)
Gary S. Becker (1987)
Robert Eisner (1988)
Joseph A. Pechman (1989)
Gérard Debreu
.jpeg)
Gérard Debreu (1990)
Thomas C. Schelling (1991)
William Vickrey

William Vickrey (1992)
Zvi Griliches (1993)
Amartya Sen
.jpg/440px-Amartya_Sen_,_c2000_(4379246038).jpg)
Amartya Sen (1994)
Victor R. Fuchs (1995)
Anne O. Krueger (1996)
Arnold C. Harberger (1997)
Robert W. Fogel (1998)
D. Gale Johnson (1999)
Dale W. Jorgenson (2000)
2001–present
Sherwin Rosen (2001)
Robert E. Lucas, Jr. (2002)
Peter A. Diamond (2003)
Martin Feldstein

Martin Feldstein (2004)
Daniel McFadden (2005)
George A. Akerlof (2006)
Thomas J. Sargent

Thomas J. Sargent (2007)
Avinash K. Dixit (2008)
Angus Deaton

Angus Deaton (2009)
Robert E. Hall (2010)
Orley Ashenfelter

Orley Ashenfelter (2011)
Christopher A. Sims

Christopher A. Sims (2012)
Claudia Goldin (2013)
William D. Nordhaus (2014)
Richard Thaler

Richard Thaler (2015)
Robert J. Shiller

Robert J. Shiller (2016)
Alvin E. Roth

Alvin E. Roth (2017)
Olivier Blanchard

Olivier Blanchard (2018)
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John Bates Clark Medal recipients
Paul A. Samuelson (1947)
Kenneth E. Boulding

Kenneth E. Boulding (1949)
Milton Friedman

Milton Friedman (1951)
No Award (1953)
James Tobin

James Tobin (1955)
Kenneth J. Arrow (1957)
Lawrence R. Klein (1959)
Robert M. Solow (1961)
Hendrik S. Houthakker
.jpg/440px-Hendirk_S_Houthakker_(1969).jpg)
Hendrik S. Houthakker (1963)
Zvi Griliches (1965)
Gary S. Becker (1967)
Marc Leon Nerlove (1969)
Dale W. Jorgenson (1971)
Franklin M. Fisher (1973)
Daniel McFadden (1975)
Martin S. Feldstein (1977)
Joseph E. Stiglitz (1979)
A.
Michael Spence

Michael Spence (1981)
James J. Heckman (1983)
Jerry A. Hausman (1985)
Sanford J. Grossman (1987)
David M. Kreps (1989)
Paul R. Krugman (1991)
Lawrence H. Summers (1993)
David Card (1995)
Kevin M. Murphy (1997)
Andrei Shleifer (1999)
Matthew Rabin

Matthew Rabin (2001)
Steven Levitt

Steven Levitt (2003)
Daron Acemoglu

Daron Acemoglu (2005)
Susan C. Athey (2007)
Emmanuel Saez (2009)
Esther Duflo
.jpg/440px-Esther_Duflo_-_Pop!Tech_2009_-_001_(cropped).jpg)
Esther Duflo (2010)
Jonathan Levin (2011)
Amy Finkelstein (2012)
Raj Chetty (2013)
Matthew Gentzkow (2014)
Roland Fryer (2015)
Yuliy Sannikov (2016)
Dave Donaldson (2017)
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Libertarianism
Origins
Age of Enlightenment
Aristotelianism
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Anarchism

Anarchism (Individualist anarchism)
Concepts
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Herbert Spencer
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John Stossel
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Topics
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WorldCat Identities
VIAF: 46761275
LCCN: n79117948
ISNI: 0000 0001 2101 0775
GND: 118535625
SELIBR: 187507
SUDOC: 026875446
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BNE: XX883