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2024-09-22 08:21:10

Milton Friedman

American economist and statistician
American economist and statistician

Milton Friedman, a Nobel Prize-winning economist, was a key figure in the Chicago school of economics. He advocated for monetarism, free markets, and minimal government intervention, influencing policies worldwide.

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1900-01
Milton Friedman's advocacy for free markets

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

1912-07-31
Birth of Milton Friedman

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.

1928-09
Attending Rutgers University

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

1932
Graduation from Rutgers University

Milton Friedman graduated from Rutgers University in 1932, where he was awarded a competitive scholarship.

1933-09-01
Friedman studies statistics at Columbia University

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

1934-01-01
Friedman studies statistics at Columbia University under Harold Hotelling

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.

1935-03-21
Friedman meets George Stigler

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.

1936-08-26
Friedman begins work on consumer spending at National Resources Committee

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'.

1938
Marriage to Rose Friedman

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.

1940
Friedman appointed as assistant professor at University of Wisconsin-Madison

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.

1943-01-16
Birth of Daughter

On January 16, 1943, Milton Friedman and his wife welcomed their daughter into the world.

1945
Income from Independent Professional Practice

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 profession, leading to higher fees for doctors.

1946-01-01
Awarded PhD from Columbia

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

1946-06-14
Birth of Son

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

1947
Inaugural Meeting of the Mont Pelerin Society

In 1947, Milton Friedman attended the first meeting of the Mont Pelerin Society, where he was influenced by Friedrich Hayek's book 'The Road to Serfdom'.

1950
Joined University of Chicago Faculty and NBER

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.

1951-11-20
Friedman awarded John Bates Clark Medal

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.

1953
Essays in Positive 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.

1955
Proposal for School Vouchers

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.

1956
Publication of Studies in the Quantity Theory of Money

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.

1957
A Theory of the Consumption Function

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.

1962-01-01
Milton Friedman's World Travel

On January 1, 1962, Milton Friedman and his wife embarked on a journey across 22 different countries, showcasing their adventurous spirit and curiosity about the world.

1962-08-19
Publishes Capitalism and Freedom

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

1963-01-17
Publishes A Monetary History of the United States

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

1964
Publication of A Monetary History of the United States

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.

1966
Column Launch in Newsweek

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.

1967-08
Becomes president of the American Economic Association

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

1968
Critique of the Phillips Curve

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.

1970
Criticism of Corporate Social Responsibility

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.

1972-02-27
Friedman becomes president of the American Economic Association

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

1975-04-21
Milton Friedman's Letter to Augusto Pinochet

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.

1976-05-19
Receives Nobel Prize for Economic Science

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.

1977
Milton Friedman Retires from University of Chicago

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.

1979-01-01
Implementation of Friedman-style Monetarist Policies in the U.K.

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

1980-01-01
Creation of TV Show and Book 'Free to Choose'

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.

1980-01-17
Advising Ronald Reagan on Economic Policy

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.

1982
Publication of Monetary Trends in the United States and the United Kingdom

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.

1984-08-31
Lecture at University of Iceland

During his visit to Iceland in 1984, Milton Friedman gave a lecture at the University of Iceland on the 'tyranny of the status quo' and engaged in a debate with socialist intellectuals regarding the charging of fees for attending lectures.

1985
Paul Samuelson and William Nordhaus on the power of money in macroeconomic policy

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.

1988
Receiving Presidential Medal of Freedom and National Medal of Science

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.

1989
Contributions to economic theory

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.

1990
Attendance at The Future of Freedom Conference

Friedman attended The Future of Freedom Conference in 1990, a gathering for libertarians, showcasing his involvement in libertarian circles.

1991
Speech on Drug Legalization

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.

1996
Founding of the Friedman Foundation for Educational Choice

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

1998
Establishment of The Milton and Rose D. Friedman Foundation

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

2002
Opposition to Copyright Term Extension Act

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

2005
Advocacy for Economic Benefits of Legalization of Marijuana

Friedman and more than 500 other economists advocated discussions regarding the economic benefits of the legalization of marijuana in 2005.

2006-11-16
Death of Milton Friedman

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.

2006-12-04
Ibsen Martinez at Econlib

Ibsen Martinez gave a lecture at Econlib on December 4, 2006.

2008
Milton Friedman on Economics: Selected Papers

A collection of selected papers by Milton Friedman on economics, edited by Gary S. Becker in 2008.

2011-10-03
Joshua Hall on The Worldwide Decline in Conscription at Econlib

Joshua Hall presented a talk on The Worldwide Decline in Conscription at Econlib on October 3, 2011.

2013-06-03
Pedro Schwartz on Education Vouchers at Econlib

Pedro Schwartz discussed Education Vouchers at Econlib on June 3, 2013.

2014
Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics

A book by Daniel Stedman Jones published in 2014, exploring the influence of Hayek and Friedman on neoliberal politics.

2019-08-05
Peter Boettke on The Role of the Economist in a Free Society at Econlib

Peter Boettke discussed The Role of the Economist in a Free Society from Friedman to Coase at Econlib on August 5, 2019.

2023
Milton Friedman: The Last Conservative

A book by Jennifer Burns published in 2023, focusing on Milton Friedman's conservative ideology.

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Milton Friedman
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