Milton Friedman

Milton Friedman advocated for free markets and free societies at a time when many social scientists were critical of market solutions to social issues.

Milton Friedman, a prominent U.S. economist, was born on July 31, 1912 in Brooklyn, New York. He later became a leading advocate of monetarism and his ideas influenced economic policies in various countries.

Milton Friedman starts attending Rutgers University for mathematical studies. He meets economists Arthur Burns and Homer Jones during this time.

Milton Friedman studies statistics at Columbia University on a fellowship during the period from September 1, 1933, to July 24, 1934.

Milton Friedman continues his studies in statistics at Columbia University on a fellowship under the guidance of prominent economist and statistician Harold Hotelling during the period from January 1, 1934, to January 1, 1935.

In 1935, Milton Friedman met George Stigler, who later became his lifelong friend and fellow Nobel economist, while working as a research assistant to Henry Shulz at the University of Chicago.

In August 1936, Milton Friedman started working on consumer spending at the National Resources Committee in Washington. This research later influenced his book 'The Theory of the Consumption Function'.

Milton Friedman married Rose Friedman in 1938 after meeting her at the University of Chicago in 1932. Rose Friedman supported Milton's career and they co-authored a memoir together.

In 1940, Milton Friedman was appointed as an assistant professor teaching economics at the University of Wisconsin-Madison. However, he encountered anti-Semitism in the Economics department and returned to government service.

In 1945, Milton Friedman established himself with the publication of 'Income from Independent Professional Practice,' coauthored with Simon Kuznets. The book argued that state licensing procedures restricted entry into the medical field, leading to higher fees charged by doctors.

On January 1, 1946, Milton Friedman was awarded his PhD from Columbia University.

In June 14, 1946, Milton Friedman and his wife welcomed their son into the world, two years after the birth of their daughter.

In 1950, Milton Friedman joined the University of Chicago faculty to teach economic theory. He also rejoined the NBER to lead its study on the role of money in the business cycle.

On November 20, 1951, the American Economic Association honored Milton Friedman with the prestigious John Bates Clark Medal, a significant recognition in the field of economics.

A collection of essays that focus on the importance of positive economics, which is the analysis of what is, rather than what ought to be. It emphasizes the use of empirical evidence and scientific methods in economics.

In his article 'The Role of Government in Education', Friedman proposed supplementing publicly operated schools with privately run but publicly funded schools through a system of school vouchers.

In 1956, Milton Friedman published 'Studies in the Quantity Theory of Money,' where he presented evidence to support the quantity theory of money, stating that the price level depends on the money supply.

In 1957, Milton Friedman published 'A Theory of the Consumption Function', challenging the Keynesian perspective on consumption. He introduced the concept of 'permanent income' as a determinant of annual consumption, diverging from the prevailing view of income adjustment.

Milton Friedman publishes the bestselling book Capitalism and Freedom, advocating for libertarian economic and social policies.

Friedman publishes the NY Times best-selling book, A Monetary History of the United States, focusing on the monetary policies of the country.

In 1964, Milton Friedman, along with Anna J. Schwartz, published 'A Monetary History of the United States, 1867–1960', a monumental work that delves into the monetary history of the United States from 1867 to 1960.

In 1966, Milton Friedman started a regular column on economic affairs in Newsweek, which continued until 1988, providing insights and analysis on economic matters to a wide audience.

Milton Friedman assumes the role of president of the American Economic Association, showcasing his influence and recognition in the field of economics.

Friedman critiqued the Phillips curve and introduced the concept of the natural rate of unemployment, along with Edmund Phelps, highlighting that greater inflation cannot permanently reduce unemployment.

Friedman criticized corporate social responsibility, arguing that businesses often used it to increase returns and described it as 'hypocritical window dressing'. He believed that only monopolistic corporations could make altruistic expenditures on social responsibility.

In 1972, Milton Friedman assumed the presidency of the American Economic Association and utilized his presidential speech to introduce the theory of 'natural unemployment'.

In April 1975, Milton Friedman wrote a letter to Augusto Pinochet, addressing the key economic problems of Chile including inflation and the promotion of a healthy social market economy. Friedman recommended drastic measures to end inflation and reduce the fiscal deficit, advocating for a shock treatment approach.

On May 19, 1976, Milton Friedman was awarded the Nobel Prize in Economic Science for his significant contributions in the areas of consumer behavior, monetary history, and economic stabilization policy.

In 1977, Milton Friedman retired from his position at the University of Chicago and became a senior research fellow at the Hoover Institution at Stanford University.

In 1979, Margaret Thatcher sought assistance from Milton Friedman in implementing monetarist policies in the United Kingdom, following his economic principles.

In 1980, Milton Friedman created the TV show and book 'Free to Choose', which aimed to spread his economic ideas to a wide audience, reaching millions of people globally.

On January 17, 1980, Milton Friedman began advising Ronald Reagan on economic policy, playing a significant role in shaping the economic direction of the United States during Reagan's presidency.

In 1982, Milton Friedman published 'Monetary Trends in the United States and the United Kingdom,' which was the final significant work resulting from his long-term collaboration with Anna J. Schwartz.

In the 1985 edition of Economics, coauthored by Paul Samuelson and William Nordhaus, they emphasized the importance of money as a powerful tool for macroeconomic policymakers, highlighting the Federal Reserve as a crucial factor in policy-making.

In 1988, Milton Friedman was honored with the Presidential Medal of Freedom and the National Medal of Science for his contributions to economics and monetary policy.

Milton Friedman made numerous contributions to economic theory, including the articulation of the permanent income hypothesis and the founding of monetarism. He opposed the Keynesian view that 'money does not matter' and emphasized the impact of changes in the money supply on real economic activity.

After delivering a speech on drug legalization in 1991, Milton Friedman addressed his alleged involvement with the Pinochet regime, clarifying that he was not an advisor to Pinochet but acknowledged the role of University of Chicago students in Chile's economic reforms.

In 1996, Friedman and his wife founded the Friedman Foundation for Educational Choice to advocate school choice and vouchers.

Milton Friedman established The Milton and Rose D. Friedman Foundation to promote parental choice in schooling, reflecting his interest in school vouchers.

Friedman, along with sixteen other economists, opposed the Copyright Term Extension Act and signed an amicus brief in Eldred v. Ashcroft.

Milton Friedman, the influential U.S. economist, passed away on November 16, 2006 in San Francisco, California. He was known for his contributions to monetarism and his impact on economic policies.