Milton Friedman

Milton Friedman
Milton Friedman (/ˈfriːdmən/ ( listen); July 31, 1912 –

Milton Friedman
November 16, 2006) was an American economist and
statistician 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.[6] With George Stigler and others,
Friedman was among the intellectual leaders of the Chicago
school of economics, a neoclassical school of economic
thought associated with the work of the faculty at the
University of Chicago that rejected Keynesianism in favor
of monetarism until the mid-1970s, when it turned to new
classical macroeconomics heavily based on the concept of
rational expectations.[7] Several students, young professors
and academics who were recruited or mentored by
Friedman at Chicago went on to become leading
economists, including Gary Becker,[8] Robert Fogel,[9]
Thomas Sowell[10] and Robert Lucas Jr.[11] Friedman in 2004
Born July 31, 1912
Friedman's challenges to what he called "naive Keynesian
Brooklyn, New York City,
theory"[12] began with his interpretation of consumption,
U.S.
which tracks how consumers spend. He introduced a theory
which would later become part of the mainstream and Died November 16, 2006
among the first to propagate the theory of consumption (aged 94)
smoothing.[6][13] During the 1960s, he became the main San Francisco, California,
advocate opposing Keynesian government policies,[14] and U.S.
described his approach (along with mainstream economics)
Political party Republican[1]
as using "Keynesian language and apparatus" yet rejecting
its initial conclusions.[15] He theorized that there existed a Spouse Rose Friedman (m. 1936)
natural rate of unemployment and argued that Children David D. Friedman · Jan
unemployment below this rate would cause inflation to Martel
accelerate.[a][16] He argued that the Phillips curve was in the
long run vertical at the "natural rate" and predicted what Institution National Resources
would come to be known as stagflation.[17] Friedman Planning Board (1935–
promoted a macroeconomic viewpoint known as 1937)
monetarism and argued that a steady, small expansion of the National Bureau of
money supply was the preferred policy, as compared to Economic Research
rapid, and unexpected changes.[18] His ideas concerning (1937–1940)
monetary policy, taxation, privatization and deregulation Columbia University
influenced government policies, especially during the 1980s. (1937–1941; 1943–1945;
His monetary theory influenced the Federal Reserve's
1964–1965)
monetary policy in response to the global financial crisis of
2007–2008.[19] University of Wisconsin,
After retiring from the University of Chicago in 1977, and Madison (1940)
becoming Emeritus professor in economics in 1983,[20] U.S. Department of the
Friedman was an advisor to Republican President Ronald Treasury (1941–1943)
Reagan and Conservative British Prime Minister Margaret
University of Chicago
Thatcher.[21] His political philosophy extolled the virtues of
a free market economic system with minimal government (1946–1977)
intervention in social matters. He once stated that his role in University of Cambridge
eliminating conscription in the United States was his (1954–1955)
proudest achievement.[18] In his 1962 book Capitalism and Hoover Institution,
Freedom, Friedman advocated policies such as a volunteer
Stanford University
military, freely floating exchange rates, abolition of medical
(1977–2006)
licenses, a negative income tax, school vouchers[22] and
opposition to the war on drugs and support for drug School or Chicago School;
liberalization policies. His support for school choice led him tradition Classical Liberalism
to found the Friedman Foundation for Educational Choice, Alma mater Rutgers University (BA)
later renamed EdChoice.[23][24]
Friedman's works cover a broad range of economic topics (MA)
and public policy issues.[20] His books and essays have had Columbia University
global influence, including in former communist (PhD)
states.[25][26][27][28] A 2011 survey of economists
commissioned by the EJW ranked Friedman as the second- Doctoral Simon Kuznets
most popular economist of the 20th century, following only advisor
John Maynard Keynes.[29] Upon his death, The Economist Doctoral Phillip Cagan
described him as "the most influential economist of the students Harry Markowitz
second half of the 20th century ... possibly of all of it".[30] Lester G. Telser[2]
David I. Meiselman
Early life Neil Wallace
Miguel Sidrauski
Edgar L. Feige
Other notable Thomas Sowell
students
Influences Smith · Knight · Kuznets ·
Viner · Hotelling · Burns ·
Hayek · H. Jones · H.C.
Simons · Stigler · Schultz
· George
Contributions Price theory
Monetarism
Applied macroeconomics
Jenő Saul Friedman, Milton Floating exchange rates
Friedman's father
Permanent income
hypothesis
Friedman was born in Brooklyn, New York on July 31, Helicopter money
1912. His parents, Sára Ethel (née Landau) and Jenő Saul
Volunteer military
Friedman, were Jewish working-class immigrants from
Beregszász in Carpathian Ruthenia, Kingdom of Hungary
(now Berehove in Ukraine).[31][32] They emigrated to
America in their early teens.[31] They both worked as dry Natural rate of
goods merchants. Friedman was their fourth child and only unemployment
son, as well as the youngest of the children. [33] Shortly Friedman test
after his birth, the family relocated to Rahway, New
K-percent rule
Jersey.[34]
Awards Member of the American
Philosophical Society
(1957)[3]
Member of the National
Academy of Sciences
(1973)
National Medal of
Science (1988)
Presidential Medal of
Freedom (1988)
Nobel Memorial Prize in
Milton Friedman and future wife Rose Economic Sciences
Friedman in 1935 (1976)
John Bates Clark Medal
Friedman's father, Jenő Saul Friedman, died during (1951)
Friedman's senior year of high school, leaving Friedman and
two older sisters to care for his mother, Sára Ethel Information (https://ideas.repec.org/e/pfr1
Friedman.[31] 0.html) at IDEAS / RePEc
Signature
In his early teens, Friedman was injured in a car accident,
which scarred his upper lip.[35][36] A talented student and an
avid reader, Friedman graduated from Rahway High School
in 1928, just before his 16th birthday.[33][37][38] Although
no family members had gone to university before Milton, Friedman was awarded a competitive scholarship
to Rutgers University (then a private university receiving limited support from the State of New Jersey, e.g.,
for such scholarships).[33] Friedman was expected to finance the cost of university himself.[31] He
graduated from Rutgers in 1932.[39]
Friedman initially intended to become an actuary or mathematician, however, the state of the economy,
which was at this point in a deep depression, convinced him to become an economist.[33][34] He was
offered two scholarships to do graduate work, one in mathematics at Brown University and the other in
economics at the University of Chicago, where he would later teach.[40][41] Friedman chose the latter,
earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and
Henry Simons. Friedman met his future wife, economist Rose Director, while at the University of
Chicago.[42]
During the 1933–1934 academic year, he had a fellowship at Columbia University, where he studied
statistics with 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.[43]
During the aforementioned 1934–35 academic year, Friedman formed what would later prove to be lifetime
friendships with George Stigler and W. Allen Wallis, both of whom taught with Friedman at the University
of Chicago.[44] Milton Friedman was also influenced by two lifelong friends, Arthur Burns and Homer
Johnson. They helped Milton Friedman better understand the depth of economic thinking.[45]
Public service
Friedman was unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to
Washington, D.C., where Franklin D. Roosevelt's New Deal was "a lifesaver" for many young
economists.[46] At this stage, Friedman said 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 and the Agricultural Adjustment
Administration".[47] 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 was "the wrong cure for the
wrong disease", arguing the Federal Reserve was to blame, and that they should have expanded the money
supply in reaction to what he later described in A Monetary History of the United States as "The Great
Contraction".[48] Later, Friedman and his colleague Anna Schwartz wrote A Monetary History of the
United States, 1867–1960, which argued that the Great Depression was caused by a severe monetary
contraction due to banking crises and poor policy on the part of the Federal Reserve.[49] Robert J. Shiller
describes the book as the "most influential account" of the Great Depression.[50]
During 1935, he began working for the National Resources Planning Board,[51] 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, a book which first
described consumption smoothing and the Permanent Income Hypothesis. Friedman
began employment with the National Bureau of Economic Research during the
autumn of 1937 to assist Simon Kuznets in his work on professional income. This
work resulted in their jointly authored publication Incomes from Independent The NBER,
Professional Practice, which introduced the concepts of permanent and transitory where Friedman
income, a major component of the Permanent Income Hypothesis that Friedman worked, starting
worked out in greater detail in the 1950s. The book hypothesizes that professional in 1937
licensing artificially restricts the supply of services and raises prices.[52]
Incomes from Independent Professional Practice remained quite controversial within the economics
community because of Friedman's hypothesis that barriers to entry, which were exercised and enforced by
the American Medical Association, led to higher than average wages for physicians, compared to other
professional groups.[20][52] Barriers to entry are a fixed cost which must be incurred regardless of any
outside factors such as work experience, or other factors of human capital.[53]
During 1940, Friedman was appointed as an assistant professor teaching Economics at the University of
Wisconsin–Madison, but encountered anti semitism in the Economics department and returned to
government service.[54][55] 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 needed money to fund the war.[56] 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."[57] In Milton and Rose Friedman's jointly written memoir, he wrote, "Rose
has repeatedly chided me over the years about the role that I played in making possible the current
overgrown government we both criticize so strongly."[56]
Academic career
Early years
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.[58] In 1943, Friedman joined the Division of War Research at 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.[58][59]
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 in
1946.[60][41] Friedman spent the 1945–1946 academic year teaching at the University of Minnesota (where
his friend George Stigler was employed). On February 12, 1945, his only son, David D. Friedman, who
would later follow in his father's footsteps as an economist was born.[61]
In 1946, Friedman accepted an offer to teach economic theory at the

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 for the next 30 years.[41] There he
contributed to the establishment of an intellectual community that
produced a number of Nobel Memorial Prize winners, known
collectively as the Chicago school of economics.[34]
The University of Chicago, where
At the time, Arthur F. Burns, who was then the head of the National
Friedman taught
Bureau of Economic Research, and later chairman of the Federal
Reserve, asked Friedman to rejoin the Bureau's staff.[62] 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.[18][34]
University of Cambridge
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 and Richard Kahn) and an anti-Keynesian minority (headed by Dennis
Robertson). Friedman speculated 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,[63] and helped earn the magazine a
Gerald Loeb Special Award in 1968.[64] 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.[65][66]
A Theory of the Consumption Function
One of Milton Friedman's most popular works, A Theory of the Consumption Function, challenged
traditional Keynesian viewpoints about the household. This work was originally published in 1957 by
Princeton University Press, and it reanalyzed the relationship displayed "between aggregate consumption or
aggregate savings and aggregate income".[13]
Friedman's counterpart Keynes believed people would modify their household consumption expenditures
to relate to their existing income levels.[67] Friedman's research introduced the term "permanent income" to
the world, which was the average of a household's expected income over several years, and he also
developed the permanent income hypothesis. Friedman thought income consisted of several components,
namely transitory and permanent. He established the formula in order to calculate income,
with p representing the permanent component, and t representing the transitory component.[68] Milton
Friedman's research changed how economists interpreted the consumption function, and his work pushed
the idea that current income was not the only factor affecting people's adjustment household consumption
expenditures.[69] Instead, expected income levels also affected how households would change their
consumption expenditures. Friedman's contributions strongly influenced research on consumer behavior,
and he further defined how to predict consumption smoothing, which contradicts Keynes' marginal
propensity to consume. Although this work presented many controversial points of view which differed
from existing viewpoints established by Keynes, A Theory of the Consumption Function helped Friedman
gain respect in the field of economics. His work on the Permanent Income Hypothesis is among the many
contributions which were listed as reasons for his Sveriges-Riskbank Prize in Economic Sciences.[6] His
work was later expanded on by Christopher D. Carroll, especially in regards to the absence of liquidity
constraints.[70][71]
The Permanent Income Hypothesis faces some criticism, mainly from Keynesian economists. The primary
criticism of the hypothesis is based on a lack of liquidity constraints.[72][73]
Capitalism and Freedom
His book Capitalism and Freedom, inspired by a series of lectures he gave at Wabash College,[74] brought
him national and international attention outside academia.[75] It was published in 1962 by the University of
Chicago Press and consists of essays that used non-mathematical economic models to explore issues of
public policy.[76] It sold over 400,000 copies in the first eighteen years and more than half a million since
1962.[77] Capitalism and Freedom was translated into eighteen languages.[78] 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 an 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 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.[79]
Post-retirement
In 1977, at the age of 65, Friedman retired from the University of Chicago after teaching there for 30 years.
He and his wife moved to 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 at Stanford University.[80]
During 1977, Friedman was approached by Bob Chitester and the

Free to Choose Network. They asked him to create a television
program presenting his economic and social philosophy.[81][82][83]
Friedman and his wife Rose 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 (PBS).
An example of a Free to Choose
The companion book to the series (co-authored by Milton and his
Network public lecture (I, Pencil)
wife, Rose Friedman), also titled Free To Choose, was the
bestselling nonfiction book of 1980.[84]
Friedman served as an unofficial adviser to Ronald Reagan during his 1980 presidential campaign, and
then served on the President's Economic Policy Advisory Board for the rest of the Reagan Administration.
Ebenstein says Friedman was "the 'guru' of the Reagan administration".[21] In 1988 he received the
National Medal of Science and Reagan honored him with the Presidential Medal of Freedom.[85]
Friedman is known now as one of the most influential economists of the 20th century.[86][87] 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.[88][89][90]
Personal life
Friedman had two children, David and Jan.[91] He first met his
wife, Rose Friedman (née Director), at the University of Chicago in
1932, and wed six years later, in 1938.[42][92]
Friedman was noticeably shorter than some of his colleagues; he

measured 5 feet 0 inches (1.52 m), and has been described as an
"Elfin Libertarian" by Binyamin Appelbaum.[93][94][95]
Rose Friedman, when asked about Friedman's successes, said that

"I have never had the desire to compete with Milton professionally
(perhaps because I was smart enough to recognize I couldn't). On
the other hand, he has always made me feel that his achievement is
my achievement."[96][97][98]
Milton Friedman with his wife Rose
During the 1960s, Friedman built, and subsequently maintained a cottage in Fairlee, Vermont.[99] Friedman
also had an apartment in Russian Hill, San Francisco, where he lived from 1977 until his death.[100]
Religious views
External video
According to a 2007 article in Commentary magazine, his
"parents were moderately observant Jews, but Friedman, after an Presentation by Milton and Rose
intense burst of childhood piety, rejected religion altogether".[101] Friedman on Two Lucky People:
He described himself as an agnostic.[102] Friedman wrote Memoirs, August 14, 1998 (https://w
extensively of his life and experiences, especially in 1998 in his ww.c-span.org/video/?110074-1/two
memoirs with his wife, Rose, titled Two Lucky People. In this -lucky-people-memoirs), C-SPAN
book, Rose Friedman describes how she and Milton Friedman
raised their two children, Janet and David, with a Christmas Tree
in the home. "Orthodox Jews of course, do not celebrate Christmas. However, just as, when I was a child,
my mother had permitted me to have a Christmas tree one year when my friend had one, she not only
tolerated our having a Christmas tree, she even strung popcorn to hang on it."[103]
Death
Friedman died of heart failure at the age of 94 years in San Francisco on November 16, 2006.[104] 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.[105] He was survived by his wife, Rose Friedman (who would die on
August 18, 2009) and their two children, David D. Friedman, known for The Machinery of Freedom, as
well as his unique anarcho-capitalism from a Chicago School perspective, and attorney and bridge player
Jan Martel.[91]
Scholarly contributions
Economics
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.[106] 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.[107]
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", in order to avoid dealing with money injection mechanisms and other factors
that would overcomplicate his models.[108]
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 is always and everywhere a monetary phenomenon.
— Milton Friedman, 1963.[109]
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, and he termed the 1929–1933 period the Great Contraction. He
argued that the Depression had been caused by an ordinary financial shock the duration and seriousness of
which were greatly increased by the subsequent contraction of the money supply caused by the misguided
policies of the directors of the Federal Reserve.[110][111]
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[112]
This theory was put forth in A Monetary History of the United States, and the chapter on the Great
Depression was then published as a stand-alone book entitled The Great Contraction, 1929–1933. Both
books are still in print from the Princeton University Press, and some editions include as an appendix a
speech at a University of Chicago event honoring Friedman[113] in which Ben Bernanke made this
statement:
Let me end my talk by abusing slightly my status as an official representative of the Federal
Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're
right. We did it. We're very sorry. But thanks to you, we won't do it again.[111][113]
Friedman also argued for the removal 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 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."[114] The relationship between Friedman
and Lucas, or new classical macroeconomics as a whole, was highly complex. The Friedmanian 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 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 also changed.[115] Moreover, new classical adherent Neil Wallace, who was a graduate
student at the University of Chicago between 1960 and 1963, regarded Friedman's theoretical courses as a
mess, highlighting the strained relationship between monetarism and new classical schools.[116]
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.[117] This work contended that
utility-maximizing consumers would spend a proportional amount of what they perceived to be their
permanent income. Permanent Income refers to such factors like human capital. Windfall gains would
mostly be saved because of the law of diminishing marginal utility.[13]
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 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.[118]
While being an advocate of the free market, Friedman believed that the government had two crucial roles.
In an interview with Phil Donahue, Friedman argued that "the two basic functions of a government are to
protect the nation against foreign enemy, and to protect citizens against its fellows".[119] He also admitted
that although privatization of national defense could reduce the overall cost, he has not yet thought of a way
to make this privatization possible.[119]
Rejection and subsequent evolution of the Philips Curve
Other important contributions include his critique of the 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. If the conditions
are not met and inflation is expected, the "long run" effects will
replace the "short term" effects.[120][121]
Through his critique, the Philips curve evolved from a strict model Long-Run Phillips Curve (NAIRU)
emphasizing the connection between inflation and unemployment
as being absolute, to a model which emphasized short term
unemployment reductions and long term employment stagnations.[120]
Friedman's revised and updated Phillips Curve also changed as a result of Robert Lucas's idea of Rational
Expectations, replacing the adaptive expectations Friedman used.[116]
Statistics
One of his most famous contributions to statistics is sequential sampling.[122] Friedman did statistical work
at the Division of War Research at Columbia, where he and his colleagues came up with the technique.[123]
It 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."[122][124]
Public policy positions
Federal Reserve and monetary policy

Although Friedman concluded the government does have a role in the
monetary system[125] he was critical of the Federal Reserve due to its poor
performance and felt it should be abolished.[126][127][128] He was opposed
to Federal Reserve policies, even during the so-called 'Volcker shock' that
was labeled 'monetarist'.[129] Friedman believed the Federal Reserve System
should ultimately be replaced with a computer program.[130] He favored a
system that would automatically buy and sell securities in response to
changes in the money supply.[131]
The proposal to constantly grow the money supply at a certain

predetermined amount every year has become known as Friedman's k-
Former Chair of the percent rule.[132] There is debate about the effectiveness of a theoretical
Federal Reserve, Paul money supply targeting regime.[133][134] The Fed's inability to meet its
Volcker money supply targets from 1978–1982 led some to conclude it is not a
feasible alternative to more conventional inflation and interest rate
targeting.[135] Towards the end of his life, Friedman expressed doubt about
the validity of targeting the quantity of money. To date, most countries have adopted inflation targeting
instead of the k-percent rule.[136]
Idealistically, Friedman actually favored the principles of the 1930s Chicago plan, which would have ended
fractional reserve banking and, thus, private money creation. It would force banks to have 100% reserves
backing deposits, and instead place money creation powers solely in the hands of the US Government. This
would make targeting money growth more possible, as endogenous money created by fractional reserve
lending would no longer be a major issue.[132]
Friedman was a strong advocate for floating exchange rates throughout the entire Bretton-Woods period
(1944–1971). He argued that a flexible exchange rate would make external adjustment possible and allow
countries to avoid 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
an unrealistic policy proposal.[137][138]
Foreign policy
While Walter Oi is credited with establishing the economic basis for

a volunteer military, Friedman was a proponent, and was credited
with ending the draft,[18] stating that the draft was "inconsistent
with a free society".[139][140]
In Capitalism and Freedom, he argued conscription is inequitable

and arbitrary, preventing young men from shaping their lives as
they see fit.[141] During the Nixon administration he headed the
Friedman with Richard Nixon and
committee to research a conversion to paid/volunteer armed force. George Shultz in 1971
He would later state his role in eliminating the conscription in the
United States was his proudest accomplishment.[18] Friedman did,
however, believe the introduction of a system of universal military training as a reserve in cases of war-time
could be justified.[141] He still opposed its implementation in the United States, describing it as a
"monstrosity".[142]
Biographer Lanny Ebenstein noted a drift over time in Friedman's views from an interventionist to a more
cautious foreign policy.[143] He supported US involvement in the Second World War and initially
supported a hard-line against Communism, but moderated over time.[143] However, Friedman did state in a
1995 interview that he was an anti-interventionist.[144] He opposed the Gulf War and the Iraq War. In a
spring 2006 interview, Friedman said the US'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.[145][143]
Libertarianism and the Republican Party
Friedman was an economic advisor and speech writer in Barry

Goldwater's failed presidential campaign in 1964. He was an
advisor to California governor Ronald Reagan, and was active
in Reagan's presidential campaigns.[146] He served as a
member of President Reagan's Economic Policy Advisory
Board starting in 1981. In 1988, he received the Presidential
Medal of Freedom and the National Medal of Science.[147]
In a 1995 interview with Reason magazine, Friedman Friedman receiving the Presidential Medal
criticized Murray Rothbard and Ayn Rand as "cult builders" of Freedom from Ronald Reagan in 1988
and "dogmatists", citing this as justification for not joining the
U.S. Libertarian Party. Friedman stated that he was a member
of the Republican Party, "not because they have any principles, but because that's the way I am the most
useful and have most influence." He described his philosophy as "clearly libertarian", though distanced
himself from "zero-government" libertarianism, which he called "infeasible", citing the lack of historical
examples of that philosophy succeeding.[1]
His citation for the Presidential Medal of Freedom reads: "He has used a brilliant mind to advance a moral
vision: the vision of a society where men and women are free, free to choose, but where government is not
as free to override their decisions. That vision has changed America, and it is changing the world. All of us
owe a tremendous debt to this man’s towering intellect and his devotion to liberty."[148]
Governmental involvement in the economy
In a 1962 essay that builds on arguments made by A. V. Dicey, Friedman argued that a "free society"
would constitute a desirable but unstable equilibrium, due to an asymmetry between the visible benefits and
the hidden harms of government intervention; he uses tariffs as an example of a policy that brings
noticeable financial benefits to a visible group, but causes worse harms to a diffuse group of workers and
consumers.[1][149]
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, [150]
In 1962, Friedman criticized Social Security in his book Capitalism and Freedom, arguing that it had
created welfare dependency. 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 also 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, he made the following point:[151]
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.[152] 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.[153] 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".[154] Friedman also criticized urban renewal programs in the United States due to their
racially discriminatory and economically regressive effects.[155]
In 1979, Friedman expressed support for environmental taxes in general in an interview on The Phil
Donahue Show, saying "the best way to [deal with pollution] is to impose a tax on the cost of the pollutants
emitted by a car and make an incentive for car manufacturers and for consumers to keep down the amount
of pollution."[156] In Free to Choose, Friedman reiterated his support for environmental taxes as compared
with increased environmental regulation, stating "The preservation of the environment and the avoidance of
undue pollution are real problems and they are problems concerning which the government has an
important role to play. … Most economists agree that a far better way to control pollution than the present
method of specific regulation and supervision is to introduce market discipline by imposing effluent
charges."[157][158]
In his 1955 article "The Role of Government in Education",[159] Friedman proposed supplementing
publicly operated schools with privately run but publicly funded schools through a system of school
vouchers.[160] Reforms similar to those proposed in the article were implemented in, for example, Chile in
1981 and Sweden in 1992.[161] 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.[23]
Michael Walker of the 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. This annual
report has since provided data for numerous peer-reviewed studies and has influenced policy in several
nations.[162]
With sixteen other distinguished economists he opposed the Copyright Term Extension Act, and signed on
to an amicus brief filed in Eldred v. Ashcroft.[163] Friedman jokingly described it as a "no-brainer".[164]
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.[165]
Social issues
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.[166]
Friedman was also a supporter of gay rights.[167] He never specifically supported same-sex marriage,
instead saying "I do not believe there should be any discrimination against gays."[168]
Friedman favored immigration, saying "legal and illegal immigration has a very positive impact on the U.S.
economy".[169] However, he suggested that immigrants ought not to have access to the welfare
system.[169] Friedman stated that immigration from Mexico had been a "good thing", in particular illegal
immigration.[169] Friedman argued that illegal immigration was a boon because they "take jobs that most
residents of this country are unwilling to take, they provide employers with workers of a kind they cannot
get" and they do not use welfare.[169] In Free to Choose, Friedman wrote:[153]
No arbitrary obstacles should prevent people from achieving those positions for which their
talents fit them and which their values lead them to seek. Not birth, nationality, color, religion,
sex, nor any other irrelevant characteristic should determine the opportunities that are open to a
person – only his abilities.
Friedman also famously argued that the welfare state must end before immigration, or more specifically,
before open borders, because immigrants might have an incentive to come directly because of welfare
payments.[170] Economist Bryan Caplan has disputed this assertion, arguing that welfare is generally
distributed not among immigrants, but instead retirees, through Social Security.[171]
Friedman was against public housing as he believed it was also a form of welfare. He believed the one of
the main arguments that politicians have for public housing is that regular low income housing was too
expensive due to the imposed higher cost of a fire and police department.[77] He believed that it would only
increase taxes and not benefit low income people in the long run. Friedman was an advocate for direct cash
instead of public housing believing that the people would be better off that way. He argued that liberals
would never agree with this idea due to them not trusting their own citizens.[172] He also stated that
regression has already happened with more land being left vacant due to slow construction. Friedman
argued that public housing instead encourages juvenile delinquency.[173][174]
Friedman was also against minimum wage laws, he saw them as a clear case as one can find that the
precise opposite is happening when this was attempted. Minimum wage laws would increase
unemployment in his eyes and that employers would not hire back workers that were already there for less
pay.[172] In his view, this would leave low income people worse off because the voters for minimum wage
laws would then become the victims of unemployment. He believed that these ideas of new minimum wage
laws came from Northern factories and Unions, in an attempt to reduce competition from the
South.[175][176]
Honors, recognition and legacy

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".[177] In 1971,
Friedman received the Golden Plate Award of the American
Academy of Achievement.[178][179] Friedman allowed the
libertarian Cato Institute to use his name for its biennial Milton
Friedman Prize for Advancing 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.[180][181]
Friedman in 1976
Friedman was also a recipient of the Nobel Memorial Prize in
Economics.[6]
Upon Friedman's death, Harvard President 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".[182]
Stephen Moore, a member of the editorial forward of The Wall Street Journal, said in 2013: "Quoting the
most-revered champion of free-market economics since Adam Smith has become a little like quoting the
Bible." He adds, "There are sometimes multiple and conflicting interpretations."[183]
Although post-Keynesian economist J. K. Galbraith was a prominent critic of Friedman and his ideology,
he observed that "The age of John Maynard Keynes gave way to the age of Milton Friedman."[101]
1976 Nobel Memorial Prize in Economic Sciences
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".[6] His appointment was controversial, mainly for his association
with military dictator Augusto Pinochet. Some economists, such as Institutional economist and 1974 Nobel
Prize winner Gunnar Myrdal, criticized Friedman, and Myrdal's own 1974 Nobel Prize partner Friedrich
Hayek, for being reactionaries. Myrdal's criticism caused some economists to oppose the Sveriges
Riksbank Prize in Economics Sciences in Memory of Alfred Nobel itself.[184][185]
Hong Kong
Friedman once said: "If you want to see capitalism in action, go to Hong Kong."[186] He wrote in 1990
that the Hong Kong economy was perhaps the best example of a free market economy.[187]
One month before his death, he wrote "Hong Kong Wrong – What would Cowperthwaite say?" in The
Wall Street Journal, criticizing Donald Tsang, Chief Executive of Hong Kong, for abandoning "positive
non interventionism".[188] 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 Hong Kong Chief Executive election, Leong introduced the topic and
jokingly accused Tsang of angering Friedman to death (Friedman had died only a year prior).[189]
Chile
During 1975, two years after the military coup that brought military dictator Augusto Pinochet to power
and ended the government of Salvador Allende, the economy of Chile experienced a severe crisis.[190]
Friedman and Arnold Harberger accepted an invitation of a private Chilean foundation to visit Chile and
speak on principles of economic freedom.[191] He spent seven days in Chile giving a series of lectures at
the Pontifical Catholic University of Chile and the 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."[192]
In a letter to Pinochet of April 21, 1975, Friedman considered the "key economic problems of Chile are
clearly ... inflation and the promotion of a healthy social market economy".[193] 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".[193] As to how rapidly inflation should be ended, Friedman felt that "for 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 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.[194][195][196]
Sergio de Castro, a Chilean Chicago School graduate, became the nation's Minister of Finance in
1975.[196] During his six-year tenure, foreign investment increased, restrictions were placed on striking and
labor unions, and GDP rose yearly.[197] A foreign exchange program was created between the Catholic
University of Chile and the University of Chicago. Many other Chicago School alumni were appointed
government posts during and after Pinochet's dictatorship; others taught its economic doctrine at Chilean
universities. They became known as the Chicago Boys.[198]
Friedman defended his activity in Chile on the grounds that, in his opinion, the adoption of free market
policies not only improved the economic situation of 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 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."[199][200] In 1984, Friedman stated that he has
"never refrained from criticizing the political system in Chile".[192] 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 is not how well it has done economically; the real miracle of 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 has all three things: political freedom, human freedom and economic freedom. 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."[201] He stressed that the lectures he gave in Chile were the same lectures he later gave in China
and other socialist states.[202] He further stated "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."[203]
During the 2000 PBS documentary The Commanding Heights (based on the book), Friedman continued to
argue that "free markets would undermine [Pinochet's] political centralization and political
control",[204][205] and that criticism over his role in Chile missed his main contention that freer markets
resulted in freer people, and that Chile's unfree economy had caused Pinochet's rise. Friedman advocated
for free markets which undermined "political centralization and political control".[206]
Because of his involvement with the government of Chile, which was a dictatorship at the time of his visit,
there were international protests, spanning from Sweden to America when Friedman was awarded the
Nobel Memorial Prize in 1976. Friedman was accused of supporting the military dictatorship in Chile
because of the relation of economists of the University of Chicago to Pinochet, and a seven-day trip[207] he
took to Chile during March 1975 (less than two years after the coup that ended with the death of President
Salvador Allende). Friedman answered that he was never an advisor to the dictatorship, but only gave some
lectures and seminars on inflation, and met with officials, including Augusto Pinochet the head of the
military dictatorship, while in Chile.
After a 1991 speech on drug legalization, 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
interview), but that a group University of Chicago students 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. In October 1988, after returning from a lecture tour of
China during which he had met with Zhao Ziyang, General Secretary of the Chinese Communist Party,
Friedman wrote to 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?"
Iceland
Friedman visited Iceland during the autumn of 1984, met with important Icelanders and gave a lecture at
the University of Iceland on the "tyranny of the status quo". He participated in a lively television debate (htt
ps://www.youtube.com/watch?v=Z3D7JXggLOY) on August 31, 1984, with socialist intellectuals,
including Ólafur Ragnar Grímsson, who later became President of Iceland.[208] 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.[209]
Estonia
Although Friedman never visited Estonia, his book Free to Choose influenced Estonia'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 from an
impoverished Soviet republic to the "Baltic Tiger". A prime element of Laar's program was introduction of
the flat tax.[210] Laar won the 2006 Milton Friedman Prize for Advancing Liberty, awarded by the Cato
Institute.[211]
United Kingdom
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 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 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.[212][213] Galbraith
strongly criticised the "workability of the Friedmanite formula" for which, he said, "Britain has volunteered
to be the guinea pig".[214]
United States
After his death a number of obituaries and articles were written in Friedman's honor, citing him as one of
the most important and influential economists of the post-war era.[215][216][217][218] Milton Friedman's
somewhat controversial legacy[219][220] in America remains strong within the conservative movement.[221]
However, some journalists and economists like Noah Smith and Scott Sumner have argued Friedman's
academic legacy has been buried under his political philosophy and misinterpreted by modern
conservatives.[222][223][224][225]
Criticism of published works
Econometrician David Hendry criticized part of Friedman's and Anna Schwartz's 1982 Monetary
Trends.[226] When asked about it during an interview with Icelandic TV in 1984,[227] Friedman said that
the criticism referred to a different problem from that which he and Schwartz had tackled, and hence was
irrelevant,[228] and pointed out the lack of consequential peer review amongst econometricians on Hendry's
work.[229] 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,[230] he had refuted "almost every empirical claim ...
made about UK money demand" by Friedman and Schwartz.[231] A 2004 paper updated and confirmed the
validity of the Hendry–Ericsson findings through 2000.[232] Some commentators believe that Friedman
was not open enough, in their view, to the possibility of market inefficiencies.[233] Economist Noah Smith
argues that while Friedman made many important contributions to economic theory not all of his ideas
relating to macroeconomics have entirely held up over the years and that too few people are willing to
challenge them.[135][234]
Political scientist C. B. Macpherson disagreed with Friedman's historical assessment of economic freedom
leading to political freedom, suggesting that political freedom actually gave way to economic freedom for
property-owning elites. He also challenged the notion that markets efficiently allocated resources and
rejected Friedman's definition of liberty.[235] Friedman's positivist methodological approach to economics
has also been critiqued and debated.[236][237][238] Finnish economist Uskali Mäki argued some of his
assumptions were unrealistic and vague.[239][240]
Friedman has been criticized by some prominent Austrian economists, including Murray Rothbard and
Walter Block. Block called Friedman a "socialist", and was critical of his support for a central banking
system, saying "First and foremost, this economist supported the Federal Reserve System all throughout his
professional life. That organization of course does not own the money stock, but controls it. Friedman was
an inveterate hater of the gold standard, denigrating its advocates as 'gold bugs'."[241] Rothbard criticized
Friedman's conclusion that the Great Depression happened as a result of a deflationary spiral, arguing that
this is inconsistent with the data, because during the period described by Friedman as "The Great
Contraction", the money supply increased.[242]
Although the book was described by the Cato Institute as among the greatest economics books in the 20th
century, and A Monetary History of the United States is widely considered to be among the most influential
economics books ever made,[243][244] it has endured criticisms for its conclusion that the Federal Reserve
was to blame for the Great Depression. Some economists, including noted Friedman critic Peter Temin,
have raised questions about the legitimacy of Friedman's claims about whether or not monetary quantity
levels were endogenous rather than exogenously determined, as A Monetary History of the United States
posits.[245] Nobel-prize winning economist Paul Krugman argued that the 2008 recession proved that,
during a recession, a central bank cannot control broad money (M3 money, as defined by the OECD[246]),
and even if it can, the money supply does not bear a direct or proven relationship with GDP. According to
Krugman, this was true in the 1930s, and the claim that the Federal Reserve could have avoided the Great
Depression by reacting to what Friedman called The Great Contraction is "highly dubious".[247][248]
James Tobin questioned the importance of velocity of money, and how informative this measure of the
frequency of transactions is to understanding the various fluctuations observed in A Monetary History of the
United States.[249]
Economic historian Barry Eichengreen argued that because of the gold standard, which was at this point in
time the chief monetary system of the world, the Federal Reserve's hands were tied. This was because, in
order to retain the credibility of the gold standard, the Federal Reserve could not undertake actions like
dramatically expanding the money supply as proposed by Friedman and Schwartz.[242]
Lawrence Mishel, distinguished fellow of the Economic Policy Institute, argues that wages have been kept
low in the United States because of the Friedman doctrine, namely the adoption of corporate practices and
economic policies (or the blocking of reforms) at the behest of business and the wealthy elite, which
resulted in the systematic disempowerment of workers.[250] He argues that the lack of worker power
caused wage suppression, increased wage inequality, and exacerbated racial disparities. Notably,
mechanisms such as excessive unemployment, globalization, eroded labor standards (and their lack of
enforcement), weakened collective bargaining, and corporate structure changes that disadvantage workers,
all collectively functioned to keep wages low.[250] From 1980 to 2020, while economy-wide productivity
rose almost 70 percent, hourly compensation for typical workers increased less than 12 percent, whilst the
earnings of the top 1 percent and 0.1 percent increased 158 percent and 341 percent, respectively.[250]
Selected bibliography
A Theory of the Consumption Function (1957) ISBN 1614278121.
A Program for Monetary Stability (Fordham University Press, 1960) 110 pp. online version (h
ttps://www.questia.com/PM.qst?a=o&d=22831717) ISBN 0823203719
Capitalism and Freedom (1962), highly influential series of essays that established
Friedman's position on major issues of public policy (excerpts (https://web.archive.org/web/2
0081105123941/http://www.mtholyoke.edu/acad/intrel/ipe/friedman.htm))
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 (https://www.jstor.org/pss/1831652) presidential address to American
Economics Association
"Inflation and Unemployment: Nobel Lecture", 1977, Journal of Political Economy. Vol. 85,
pp. 451–472. JSTOR (https://www.jstor.org/stable/1830192)
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 0817986626)
Two Lucky People: Memoirs (with Rose Friedman) ISBN 0226264149 (1998) excerpt and
text search (https://www.amazon.com/dp/0226264149)
Milton Friedman on Economics: Selected Papers by Milton Friedman, edited by Gary S.
Becker (2008)
See also
Business portal
Conservatism
portal
Economics portal
Liberalism portal
Libertarianism
portal
Politics portal
Bob Chitester
Capitalism and Freedom
Causes of the Great Depression
Free to Choose
Friedrich Hayek
Friedman doctrine
George Stigler
Great Contraction
History of economic thought
List of economists
List of Jewish Nobel laureates
List of Presidential Medal of Freedom recipients
Ludwig von Mises
Monetary/fiscal debate
"We are all Keynesians now"
Notes
a. Among macroeconomists, the "natural" rate has been increasingly replaced by James
Tobin's NAIRU, the non-accelerating inflation rate of unemployment, which is seen as
having fewer normative connotations.
References
1. Doherty, Brian (June 1995). "Best of Both Worlds: An Interview with Milton Friedman" (http
s://reason.com/1995/06/01/best-of-both-worlds/). Reason. Retrieved March 29, 2023.
2. Ebenstein, Lanny (2007). Milton Friedman: A Biography. St. Martin's Publishing Group.
p. 89. ISBN 978-0230604094.
3. "APS Member History" (https://search.amphilsoc.org/memhist/search?creator=Milton+Fried
man&title=&subject=&subdiv=&mem=&year=&year-max=&dead=&keyword=&smode=adva
nced).
4. Charles Moore (2013). Margaret Thatcher: The Authorized Biography, Volume One: Not For
Turning (https://books.google.com/books?id=lXMFs8427kQC&pg=PT576). Penguin.
pp. 576–577. ISBN 978-1846146497.
p. 208. ISBN 978-0230604094.
6. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976" (htt
p://nobelprize.org/nobel_prizes/economics/laureates/1976/). Nobel Prize. 1976. Archived (htt
ps://web.archive.org/web/20080412092230/http://nobelprize.org/nobel_prizes/economics/la
ureates/1976/) from the original on April 12, 2008. Retrieved February 20, 2008.
7. "The Chicago School" (https://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_
chicagoschool.html). Commanding Heights. PBS. Retrieved May 17, 2021.
8. "Our Legacy" (https://bfi.uchicago.edu/about/legacy/). Becker Friedman Institute. Retrieved
May 17, 2021.
9. Chicago Remembers Milton Friedman, Sanderson, Allen; 2012, University of Chicago, [1] (ht
tp://home.uchicago.edu/arsx/br/Milton%20Piece%20for%20the%20BFI.pdf?page=reviewdis
play&pids=3737520)
10. Sowell, Thomas (2001). A Personal Odyssey (https://books.google.com/books?id=jADMwD
6NgX0C). Simon and Schuster. p. 320. ISBN 0743215087.
11. Van Overtveldt, Johan (2009). The Chicago School: How the University of Chicago
Assembled the Thinkers Who Revolutionized Economics and Business (https://books.googl
e.com/books?id=GKcrdEN_3WUC). Agate Publishing. p. 8. ISBN 978-1572846494.
12. "Milton Friedman" (https://www.pbs.org/wgbh/commandingheights/shared/minitext/int_milton
friedman.html#7). Commanding Heights. PBS. October 1, 2000. Archived (https://web.archiv
e.org/web/20110908104355/http://www.pbs.org/wgbh/commandingheights/shared/minitext/i
nt_miltonfriedman.html#7) from the original on September 8, 2011. Retrieved September 19,
2011.
13. Friedman, Milton (2018). A Theory of the Consumption Function (https://books.google.com/b
ooks?id=7_1ZDwAAQBAJ&q=a+theory+of+the+consumption+function+friedman&pg=PP1).
Princeton University Press. pp. 20–37. ISBN 978-0691188485.
14. "Milton Friedman – Economist as Public Intellectual" (http://www.dallasfed.org/research/ei/ei
0202.html) Archived (https://web.archive.org/web/20090529013032/http://www.dallasfed.org/
research/ei/ei0202.html) May 29, 2009, at the Wayback Machine. Dallasfed.org (April 1,
2016). Retrieved on September 6, 2017.
15. Mark Skousen (2009). The Making of Modern Economics: The Lives and Ideas of the Great
Thinkers (https://books.google.com/books?id=6sisXMv_AecC&q=friedman%20we.are.all.ke
ynesians.now&pg=PA407). M.E. Sharpe. p. 407. ISBN 978-0765622273.
16. Friedman, Milton (1968). The Role of Monetary Policy. Essential Readings in Economics.
pp. 215–231. ISBN 978-0333594520.
17. Krugman, Paul R. (1995). Peddling prosperity: economic sense and nonsense in the age of
diminished expectations (https://archive.org/details/peddlingprosperi0000krug_1995/page/4
4/mode/2up). New York: W. W. Norton. p. 43. ISBN 978-0393312928.
18. Doherty, Brian (June 1, 1995). "Best of Both Worlds" (http://www.reason.com/news/show/296
91.html). Reason Magazine. Archived (https://web.archive.org/web/20141011005521/http://r
eason.com/archives/1995/06/01/best-of-both-worlds) from the original on October 11, 2014.
Retrieved October 24, 2009.
19. Edward Nelson (April 13, 2011). "Friedman's Monetary Economics in Practice" (https://www.
federalreserve.gov/PubS/feds/2011/201126/201126pap.pdf) Archived (https://web.archive.or
g/web/20141231143039/http://www.federalreserve.gov/pubs/feds/2011/201126/201126pap.
pdf) December 31, 2014, at the Wayback Machine. "in important respects, the overall
monetary and financial policy response to the crisis can be viewed as Friedman's monetary
economics in practice. ... Friedman's recommendations for responding to a financial crisis
largely lined up with the principal financial and monetary policy measures taken since
2007". "Review" in Journal of Economic Literature (December 2012). 50#4. pp. 1106–1109.
20. Caldwell, Bruce. "Milton Friedman" (https://www.britannica.com/biography/Milton-Friedman).
Encyclopedia Britannica. Archived (https://web.archive.org/web/20170802212154/https://ww
w.britannica.com/biography/Milton-Friedman) from the original on August 2, 2017. Retrieved
August 2, 2017.
p. 208. ISBN 978-0230604094.
22. "Milton Friedman (1912–2006)" (http://www.econlib.org/library/Enc/bios/Friedman.html)
Archived (https://web.archive.org/web/20070103173849/http://www.econlib.org/library/enc/bi
os/Friedman.html) January 3, 2007, at the Wayback Machine. Econlib.org. Retrieved on
September 6, 2017.
23. Maureen Sullivan (July 30, 2016). "Milton Friedman's Name Disappears From Foundation,
But His School-Choice Beliefs Live On" (https://www.forbes.com/sites/maureensullivan/201
6/07/30/milton-friedmans-name-disappears-from-foundation-but-his-school-choice-beliefs-liv
e-on/#ed848a179437). Forbes. Archived (https://web.archive.org/web/20160921200835/htt
p://www.forbes.com/sites/maureensullivan/2016/07/30/milton-friedmans-name-disappears-fr
om-foundation-but-his-school-choice-beliefs-live-on/#ed848a179437) from the original on
September 21, 2016. Retrieved September 14, 2016.
24. "Friedman Foundation changes name to focus on benefits of educational choice" (https://ww
w.atlasnetwork.org/news/article/friedman-foundation-changes-name-to-focus-on-benefits-of-
educational-choice). Atlas Network. Retrieved May 23, 2021.
25. "Capitalism and Friedman" (editorial). The Wall Street Journal. November 17, 2006.
26. Václav Klaus (January 29, 2007). "Remarks at Milton Friedman Memorial Service" (https://w
eb.archive.org/web/20070702192445/http://klaus.cz/klaus2/asp/clanek.asp?id=3DpXss5H9
RJv). Archived from the original (http://www.klaus.cz/klaus2/asp/clanek.asp?id=3DpXss5H9
RJv) on July 2, 2007. Retrieved August 22, 2008.
27. Johan Norberg (October 2008). "Defaming Milton Friedman: Naomi Klein's disastrous yet
popular polemic against the great free market economist" (http://reason.com/archives/2008/0
9/26/defaming-milton-friedman) Archived (https://web.archive.org/web/20100411211951/htt
p://reason.com/archives/2008/09/26/defaming-milton-friedman) April 11, 2010, at the
Wayback Machine. Reason Magazine. Washington, D.C.
28. Friedman 1999, p. 506.
29. William L Davis, Bob Figgins, David Hedengren and Daniel B. Klein (May 2011). "Economic
Professors' Favorite Economic Thinkers, Journals, and Blogs" (http://econjwatch.org/articles/
economics-professors-favorite-economic-thinkers-journals-and-blogs-along-with-party-and-p
olicy-views) Archived (https://web.archive.org/web/20111218212117/http://econjwatch.org/ar
ticles/economics-professors-favorite-economic-thinkers-journals-and-blogs-along-with-party-
and-policy-views) December 18, 2011, at the Wayback Machine. Econ Journal Watch. 8(2).
pp. 126–146.
30. "Milton Friedman, a giant among economists" (https://www.economist.com/business/display
story.cfm?story_id=8313925). The Economist. November 23, 2006. Archived (https://web.arc
hive.org/web/20080217004356/http://www.economist.com/business/displaystory.cfm?story_i
d=8313925) from the original on February 17, 2008. Retrieved February 20, 2008.
31. "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976" (http
s://www.nobelprize.org/prizes/economic-sciences/1976/friedman/biographical/).
NobelPrize.org. Retrieved May 13, 2021.
ISBN 978-0230604094.
33. "Milton Friedman, Ph.D." (https://achievement.org/achiever/milton-friedman-ph-d/) Academy
of Achievement. Retrieved May 13, 2021.
34. Doherty, Brian (2007). "The Life and Times of Milton Friedman" (https://reason.com/2007/02/
21/the-life-and-times-of-milton-f/). Reason.com. Reason Foundation.
p. 10. ISBN 978-0230604094.
36. Milton Friedman, Rose Friedman, Two Lucky People. Memoirs, Chicago 1998, p. 22.
37. Eamonn Butler (2011). "Ch. 1". Milton Friedman. Harriman Economic Essentials.
pp. 5–12. ISBN 978-0230604094.
39. "Milton Friedman" (https://alumni.rutgers.edu/awards-recognition/hall-of-distinguished-alumn
i/milton-friedman/). Rutgers Alumni. Retrieved May 10, 2021.
40. "Milton Friedman and his start in economics" (https://www.youtube.com/watch?v=EhYOtG2p
t3w). Young America's Foundation. August 2006. Archived (https://web.archive.org/web/2013
0223172833/http://www.youtube.com/watch?v=EhYOtG2pt3w) from the original on February
23, 2013. Retrieved March 12, 2012.
41. Harms, William (November 16, 2006). "Professor Emeritus Milton Friedman dies at 94" (htt
p://www-news.uchicago.edu/releases/06/061116.friedman.shtml). www-news.uchicago.edu.
Retrieved March 7, 2019.
42. "Nov. 8 conference to honor University of Chicago economist Milton Friedman on the
occasion of his 90th birthday" (http://www-news.uchicago.edu/releases/02/021030.friedman.
shtml). www-news.uchicago.edu. Retrieved February 3, 2021.
43. "Chicago. Theory and Measurement of Demand. Henry Schultz, 1934" (http://www.irwincolli
er.com/chicago-theory-and-measurement-of-demand-henry-schultz-1934/). Economics in the
Rear-View Mirror. January 23, 2016. Retrieved May 16, 2021.
pp. 13–30. ISBN 978-0230604094.
45. Milton Friedman (https://www.econlib.org/library/Enc/bios/Friedman.html) EconLib
46. Mark Feeney (November 16, 2006). "Nobel laureate economist Milton Friedman dies at 94"
(https://www.boston.com/news/globe/city_region/breaking_news/2006/11/nobel_lauriet_e.ht
ml). The Boston Globe. Archived (https://web.archive.org/web/20070330084012/http://www.b
oston.com/news/globe/city_region/breaking_news/2006/11/nobel_lauriet_e.html) from the
original on March 30, 2007. Retrieved February 20, 2008.
47. Friedman 1999, p. 59
48. "Right from the Start? What Milton Friedman can teach progressives" (http://delong.typepad.
com/pdf/20070308_108-115.delong.FINAL.pdf) (PDF). J. Bradford DeLong. Archived (http
s://web.archive.org/web/20080216100725/http://delong.typepad.com/pdf/20070308_108-11
5.delong.FINAL.pdf) (PDF) from the original on February 16, 2008. Retrieved February 20,
2008.
49. Bernanke 2004, p. 7
50. Shiller, Robert J. (2017). "Narrative Economics". American Economic Review. 107 (4): 967–
1004. doi:10.1257/aer.107.4.967 (https://doi.org/10.1257%2Faer.107.4.967). ISSN 0002-
8282 (https://www.worldcat.org/issn/0002-8282).
51. Daniel J. Hammond, Claire H. Hammond (eds.) (2006), Making Chicago Price Theory:
Friedman-Stigler Correspondence 1945–1957, Routledge, p. xiii. ISBN 1135994293
52. Incomes from Independent Professional Practice, 1945, Milton Friedman, Simon Kuznets
53. Mankiw, Gregory (1997). Principles of Economics. Harcourt. pp. 216–219.
ISBN 0030270871.
54. Friedman 1999, p. 42
55. Friedman 1999, pp. 84–85
56. Milton Friedman; Rose D. Friedman (1999). Two Lucky People: Memoirs (https://archive.org/
details/twoluckypeopleme00frie). University of Chicago Press. pp. 122 (https://archive.org/de
tails/twoluckypeopleme00frie/page/122)–123. ISBN 978-0226264158.
57. Brian Doherty (June 1995). "Best of Both Worlds" (http://reason.com/archives/1995/06/01/be
st-of-both-worlds). Reason.com. Reason Foundation. Archived (https://web.archive.org/web/
20100709180107/http://reason.com/archives/1995/06/01/best-of-both-worlds) from the
original on July 9, 2010. Retrieved July 28, 2010.
58. "Milton Friedman Biography and Interview – American Academy of Achievement" (https://ww
w.achievement.org/achiever/milton-friedman-ph-d/#interview). www.achievement.org.
American Academy of Achievement.
59. Philip Mirowski (2002). Machine Dreams: Economics Becomes a Cyborg Science (https://ar
chive.org/details/machinedreamseco0000miro). Cambridge University Press. pp. 202 (http
s://archive.org/details/machinedreamseco0000miro/page/202)–203. ISBN 978-0521775267.
60. "Milton Friedman" (http://c250.columbia.edu/c250_celebrates/remarkable_columbians/milto
n_friedman.html). c250.columbia.edu. Retrieved March 7, 2019.
61. Block, Walter E. (2011). "David Friedman and Libertarianism: A Critique" (https://heinonline.
org/HOL/Page?handle=hein.journals/libpa3&id=721&div=&collection=). Libertarian Papers.
3: 1 – via HeinOnline.
62. "NBER. Mitchell to Burns about Friedman. 1945" (http://www.irwincollier.com/nber-mitchell-t
o-burns-about-friedman-1945/). Economics in the Rear-View Mirror. July 22, 2017. Retrieved
May 17, 2021.
63. Cato, "Letter from Washington," National Review, September 19, 1980, Vol. 32 Issue 19, p.
1119
64. Devaney, James J. (May 22, 1968). " 'Playboy', 'Monitor' Honored" (https://newspapers.com/i
mage/370559693/?terms=Nicholas%2BMolodovsky%2BLoeb%2BAward). Hartford
Courant. Vol. CXXXI, no. 143 (final ed.). p. 36. Retrieved March 20, 2019 – via
Newspapers.com.
65. Rose and Milton Friedman (https://web.archive.org/web/20130620070153/http://hoohila.stan
ford.edu/friedman/ecs.php). stanford.edu
66. Inventory of the Paul A. Samuelson Papers, 1933–2010 and undated | Finding Aids |
Rubenstein Library (http://library.duke.edu/rubenstein/findingaids/samuelsonpaul/) Archived
(https://web.archive.org/web/20130112220957/http://library.duke.edu/rubenstein/findingaids/
samuelsonpaul/) January 12, 2013, at the Wayback Machine. Library.duke.edu. Retrieved on
September 6, 2017.
67. "What Is Keynesian Economics? – Back to Basics Compilation Book – IMF Finance &
Development magazine" (https://www.imf.org/external/pubs/ft/fandd/basics/4_keynes.htm).
www.imf.org. Retrieved May 10, 2021.
68. A Theory of Consumption Function, 1957, Friedman, Milton; Princeton University Press, p.
22
69. Carlin, Wendy; Soskice, David W. (2014). Macroeconomics: Institutions, instability, and the
financial system. US: Oxford University Press. pp. 20–29.
70. "A Theory of Consumption Function, With and Without Liquidity Constraints" (https://www.ae
aweb.org/articles?id=10.1257/jep.15.3.23), Christopher D. Carroll, 2001, Journal of
Economic Perspectives, Vol. 15, No. 3, pp. 23–45, doi:10.1257/jep.15.3.23 (https://doi.org/1
0.1257%2Fjep.15.3.23)
71. Carroll, Christopher D. (1997). "Buffer-Stock Saving and the Life Cycle/Permanent Income
Hypothesis". Quarterly Journal of Economics. 112 (1): 1–55
72. Beznoska, Martin; Ochmann, Richard (2012). "Liquidity Constraints and the Permanent
Income Hypothesis: Pseudo Panel Estimation with German Consumption Survey Data",
EconStar.
73. Stafford, Frank P. (July 1974). "Permanent income, wealth, and consumption: A critique of
the permanent income theory, the life cycle hypothesis, and related theories". Journal of
Econometrics, pp. 195–196
74. Schnetzer, Amanda (2016). "Reading Friedman in 2016: Capitalism, Freedom, and the
China Challenge" (http://www.bushcenter.org/catalyst/freedom/schnetzer-friedman-in-2016.h
tml). George W. Bush Institute. Retrieved October 29, 2020.
75. Sorkin, Andrew Ross (September 11, 2020). "A Free Market Manifesto That Changed the
World, Reconsidered" (https://www.nytimes.com/2020/09/11/business/dealbook/milton-fried
man-doctrine-social-responsibility-of-business.html). The New York Times. ISSN 0362-4331
(https://www.worldcat.org/issn/0362-4331). Retrieved May 10, 2021.
pp. 135–146. ISBN 978-0230604094.
77. 1982 edition preface of Capitalism and freedom, p. xi of the 2002 edition
78. Friedman, Milton (February 15, 2009). Capitalism and Freedom (https://web.archive.org/we
b/20210523003559/https://www.degruyter.com/document/isbn/9780226264189/html).
University of Chicago Press. ISBN 978-0226264189. Archived from the original (https://www.
degruyter.com/document/isbn/9780226264189/html) on May 23, 2021. Retrieved May 23,
2021.
79. Milton Friedman; Rose D. Friedman (1962). Capitalism and Freedom: Fortieth Anniversary
Edition (https://books.google.com/books?id=zHSv4OyuY1EC&pg=PA182). U. of Chicago
Press. ISBN 978-0226264189.
80. "Milton Friedman" (https://www.hoover.org/profiles/milton-friedman). Hoover Institution.
Retrieved May 23, 2021.
81. Boaz, David (May 10, 2021). "Bob Chitester, RIP" (https://www.cato.org/blog/bob-chitester-ri
p). www.cato.org. Retrieved May 20, 2021.
82. Hawkins, Marjory (May 10, 2021). "Free To Choose Network Founder & Chairman Bob
Chitester Dies" (https://www.globenewswire.com/news-release/2021/05/10/2226535/0/en/Fr
ee-To-Choose-Network-Founder-Chairman-Bob-Chitester-Dies.html). GlobeNewswire
News Room (Press release). Retrieved May 20, 2021.
83. "Free To Choose Network | Tribute to Our Founder, Bob Chitester" (https://freetochoosenetw
ork.org/tribute/). freetochoosenetwork.org. 2021. Retrieved May 20, 2021.
84. Friedman, Milton; Friedman, Rose (1990). Free to Choose: A Personal Statement (https://bo
oks.google.com/books?id=F5z1B5SwGUEC). Houghton Mifflin Harcourt. ISBN 978-
0547539751.
85. Bush, George W. (2002). "President Honors Milton Friedman for Lifetime Achievements" (htt
ps://georgewbush-whitehouse.archives.gov/news/releases/2002/05/20020509-1.html).
georgewbush-whitehouse.archives.gov. Retrieved May 10, 2021.
86. "Milton Friedman: An enduring legacy" (https://www.economist.com/daily/news/displaystory.
cfm?story_id=8190872). The Economist. November 17, 2006. Archived (https://web.archive.
org/web/20080217001346/http://www.economist.com/daily/news/displaystory.cfm?story_id=
8190872) from the original on February 17, 2008. Retrieved February 20, 2008.
87. Patricia Sullivan (November 17, 2006). "Economist Touted Laissez-Faire Policy" (https://ww
w.washingtonpost.com/wp-dyn/content/article/2006/11/16/AR2006111600592.html). The
Washington Post. Archived (https://web.archive.org/web/20080726012032/http://www.washi
ngtonpost.com/wp-dyn/content/article/2006/11/16/AR2006111600592.html) from the original
on July 26, 2008. Retrieved February 20, 2008.
88. Milton Friedman – Biography | Cato Institute (http://www.cato.org/special/friedman/friedman/i
ndex.html) Archived (https://web.archive.org/web/20120502110026/http://www.cato.org/spec
ial/friedman/friedman/index.html) May 2, 2012, at the Wayback Machine. Cato.org
(November 16, 2006). Retrieved on 2017-09-06.
89. "Trustees" (https://web.archive.org/web/20130827033031/http://phillysoc.org/trustees.htm).
Archived from the original (http://phillysoc.org/trustees.htm) on August 27, 2013.
90. Milton Friedman (https://web.archive.org/web/20130827031003/http://www.phillysoc.org/frie
d.htm). phillysoc.org
91. "David D. Friedman on his Famous Father, Anarcho-Capitalism and Free-Market Solutions"
(https://www.thedailybell.com/all-articles/exclusive-interviews/anthony-wile-david-d-friedman
-on-his-famous-father-anarcho-capitalism-and-free-market-solutions/). The Daily Bell. April
8, 2012. Retrieved May 10, 2021.
92. Weber, Bruce (August 19, 2009). "Rose Friedman, Economist and Collaborator, Dies at 98"
(https://www.nytimes.com/2009/08/19/business/19friedman.html). The New York Times.
ISSN 0362-4331 (https://www.worldcat.org/issn/0362-4331). Retrieved May 18, 2021.
93. "Milton Friedman, An 'Elfin Libertarian' Giant" (https://www.hoover.org/research/milton-friedm
an-elfin-libertarian-giant). Hoover Institution. Retrieved May 18, 2021.
94. "A heavyweight champ, at five foot two" (https://www.economist.com/special-report/2006/11/
23/a-heavyweight-champ-at-five-foot-two). The Economist. November 23, 2006. ISSN 0013-
0613 (https://www.worldcat.org/issn/0013-0613). Retrieved May 18, 2021.
95. "How the Cold War led the CIA to promote human capital theory – Peter Fleming | Aeon
Essays" (https://aeon.co/essays/how-the-cold-war-led-the-cia-to-promote-human-capital-the
ory). Aeon. Retrieved May 18, 2021.
96. Chen, Vivien Lou (August 20, 2009). "Rose Friedman, economist promoted freedom; at 97"
(http://archive.boston.com/bostonglobe/obituaries/articles/2009/08/20/rose_friedman_econo
mist_promoted_freedom_at_97/). Boston.com. Retrieved May 20, 2021.
97. "Rose Friedman, Economist Partner of Husband Milton, Dies at 97" (http://www.bloomberg.c
om/apps/news?pid=newsarchive&sid=aCLbgqpnozjg). Bloomberg.com. November 5, 2013.
Archived (https://web.archive.org/web/20131105072813/http://www.bloomberg.com/apps/ne
ws?pid=newsarchive&sid=aCLbgqpnozjg) from the original on November 5, 2013.
Retrieved May 20, 2021.
98. Bresnahan, Timothy (1998–99). "Two Lucky People: Memoirs: The Independent Review" (ht
tps://www.independent.org/publications/tir/article.asp?id=336). The Independent Review
(Vol. 3 Num. 3) – via Independent Institute.
99. Hannan, Dan (November 11, 2019). "Milton Friedman's arguments will never age" (https://w
ww.washingtonexaminer.com/opinion/milton-friedmans-arguments-will-never-age).
Washington Examiner. Retrieved May 22, 2021.
100. Abate, Tom (February 12, 2006). "PROFILE / Decades don't douse Milton Friedman's fire /
Retired economist still champions free-market theory" (https://www.sfgate.com/business/artic
le/PROFILE-Decades-don-t-douse-Milton-Friedman-s-2504389.php). SFGATE. Retrieved
May 22, 2021.
101. Lanny Ebenstein (May 2007), Milton Friedman (https://archive.today/2012.12.17-160558/http
s://www.commentarymagazine.com/viewarticle.cfm/milton-friedman-by-lanny-ebenstein-108
76?page=all), Commentary, p. 286.
102. David Asman (November 16, 2006). " 'Your World' Interview With Economist Milton
Friedman" (https://web.archive.org/web/20110206063810/http://www.foxnews.com/story/0,2
933,230045,00.html). Fox News. Archived from the original (http://www.foxnews.com/story/0,
2933,230045,00.html) on February 6, 2011. Retrieved August 2, 2011.
103. Friedman, Milton; Friedman, Rose (1999). Two Lucky People (Paperback ed.). Chicago &
London: The University of Chicago Press. p. 129. ISBN 0226264157.
104. Jim Christie (November 16, 2006). "Free market economist Milton Friedman dead at 94" (htt
ps://www.reuters.com/article/ousiv/idUSWBT00621920061116). Reuters. Archived (https://w
eb.archive.org/web/20080410163503/http://www.reuters.com/article/ousiv/idUSWBT006219
20061116) from the original on April 10, 2008. Retrieved February 20, 2008.
105. Peter Robinson (October 17, 2008). "What Would Milton Friedman Say?" (https://www.forbe
s.com/2008/10/16/milton-friedman-meltdown-oped-cx_pr_1017robinson.html). Forbes.
Archived (https://web.archive.org/web/20141027125449/http://www.forbes.com/2008/10/16/
milton-friedman-meltdown-oped-cx_pr_1017robinson.html) from the original on October 27,
2014. Retrieved December 13, 2014.
106. Hamilton, Earl J. (1965). American Treasure and the Price Revolution in Spain, 1501–1650.
New York: Octagon, pp. 301–302
107. Harrod, Roy. "Review of A Monetary History of the United States" (https://chicagounbound.uc
hicago.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=3424
&context=uclrev). Chicago Unbound. 32.
108. Friedman, Milton (1969). Optimum Quantity of Money (https://archive.org/details/optimumqua
ntityo0000frie). Aldine Publishing Company. p. 4 (https://archive.org/details/optimumquantity
o0000frie/page/4). ISBN 978-0333107799.
109. Friedman, Milton. Inflation: Causes and Consequences, p. 24, New York: Asia Publishing
House.
110. Friedman, Schwartz (2008). The Great Contraction, 1929–1933. Princeton University Press.
111. FRB Speech: FederalReserve.gov: Remarks by Governor Ben S. Bernanke, At the
Conference to Honor Milton Friedman, University of Chicago, Nov. 8, 2002 (https://www.fede
ralreserve.gov/boarddocs/speeches/2002/20021108/default.htm)
112. "Milton Friedman: End The Fed" (http://www.themoneymasters.com/the-money-masters/milt
on-friedman-end-the-fed/). Themoneymasters.com. Archived (https://web.archive.org/web/20
140615065824/http://www.themoneymasters.com/the-money-masters/milton-friedman-end-t
he-fed) from the original on June 15, 2014. Retrieved April 22, 2014.
113. Milton Friedman; Anna Jacobson Schwartz; National Bureau of Economic Research (2008).
"B. Bernanke's speech to M. Friedman" (https://books.google.com/books?id=-lCArZfazBkC&
q=%22Regarding%20the%20Great%20Depression%20You're%20right%20We%20did%20i
t%22). The Great Contraction, 1929–1933. Princeton University Press. p. 247. ISBN 978-
0691137940.
114. Milton Friedman (1969). Memoirs of an Unregulated Economist. Aldine Publishing
Company. p. 4.
115. Peter Galbács (2015). The Theory of New Classical Macroeconomics. A Positive Critique.
Contributions to Economics. Heidelberg/New York/Dordrecht/London: Springer.
doi:10.1007/978-3-319-17578-2 (https://doi.org/10.1007%2F978-3-319-17578-2). ISBN 978-
3319175782.
116. Kevin Hoover; Warren Young (2011). Rational Expectations – Retrospect and Prospect (htt
p://www.dklevine.com/archive/refs4786969000000000227.pdf) (PDF). Durham: Center for
the History of Political Economy at Duke University. Archived (https://web.archive.org/web/2
0160304193421/http://www.dklevine.com/archive/refs4786969000000000227.pdf) (PDF)
from the original on March 4, 2016. Retrieved December 15, 2015.
117. "Charlie Rose Show". Nobel Laureates. December 26, 2005.
118. David Teira, "Milton Friedman, the Statistical Methodologist," History of Political Economy
(2007) 39#3 pp. 511–527
119. "Friedman's on the Military Industrial Complex" (https://www.youtube.com/watch?v=iXMJHC
XXD-c). www.youtube.com. Archived (https://ghostarchive.org/varchive/youtube/20211211/i
XMJHCXXD-c) from the original on December 11, 2021. Retrieved January 8, 2021.
120. Chang, Roberto (1997) "Is Low Unemployment Inflationary?" Economic Review, Federal
Reserve Bank of Atlanta. pp. 4–13.
121. Landsburg, Steven (November 5, 2019). "Milton Friedman" (https://www.essentialscholars.or
g/friedman). Essential Scholars. Fraser Institute. Retrieved May 10, 2021.
122. "Sequential Analysis" (http://www.dictionaryofeconomics.com/article?id=pde2008_S00009
8). New Palgrave Dictionary of Economics, 2nd edition.
123. Keir Armstrong. "Friedman, Milton (1912–2006)" (https://carleton.ca/keirarmstrong/learning-r
esources/selected-biographies/friedman-milton-1912-2006/). carleton.ca. Retrieved May 21,
2021.
124. Doherty, Brian; The Life and Times of Milton Friedman – Remembering the 20th century's
most influential libertarian (http://www.reason.com/news/show/118494.html) Archived (http
s://web.archive.org/web/20070224104917/http://www.reason.com/news/show/118494.html)
February 24, 2007, at the Wayback Machine. Reason.com. Retrieved on September 6, 2017.
125. Friedman, M., & Schwartz, A.J. (1986). Has government any role in money?. Journal of
Monetary Economics, 17(1), 37–62.
126. Milton Friedman – Abolish The Fed (https://www.youtube.com/watch?v=m6fkdagNrjI)
Archived (https://web.archive.org/web/20150611181527/https://www.youtube.com/watch?v=
m6fkdagNrjI) June 11, 2015, at the Wayback Machine. Youtube: "There in no 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"
127. Milton Friedman – Abolish The Fed (https://www.youtube.com/watch?v=m6fkdagNrjI)
Archived (https://web.archive.org/web/20150611181527/https://www.youtube.com/watch?v=
m6fkdagNrjI) June 11, 2015, at the Wayback Machine. Youtube: "I have long been in favor of
abolishing it."
128. "My first preference would be to abolish the Federal Reserve" (https://www.youtube.com/wat
ch?v=CMY0tAHHF_M) on YouTube
129. Reichart Alexandre & Abdelkader Slifi (2016). The Influence of Monetarism on Federal
Reserve Policy during the 1980s. Cahiers d'économie Politique/Papers in Political
Economy, (1), pp. 107–150 (https://www.cairn.info/revue-cahiers-d-economie-politique-2016-
1-page-107.htm) Archived (https://web.archive.org/web/20161203124007/https://www.cairn.i
nfo/revue-cahiers-d-economie-politique-2016-1-page-107.htm) December 3, 2016, at the
Wayback Machine
130. "Mr. Market" (https://www.hoover.org/research/mr-market). Hoover Institution. January 30,
1999. Archived (https://web.archive.org/web/20180923005629/https://www.hoover.org/resear
ch/mr-market) from the original on September 23, 2018. Retrieved September 22, 2018.
131. Friedman, M. (1996). The Counter-Revolution in Monetary Theory. In Explorations in
Economic Liberalism (pp. 3–21). Palgrave Macmillan, London. "It is precisely this leeway,
this looseness in the relation, this lack of a mechanical one-to-one correspondence between
changes in money and in income that is the primary reason why I have long favored for the
USA a quasi-automatic monetary policy under which the quantity of money would grow at a
steady rate of 4 or 5 per cent per year, month-in, month-out."
132. Salter, Alexander, William. (2014). An Introduction to Monetary Policy Rules. Mercatus
Workıng Paper. George Mason University.
133. Marimon, R., & Sunder, S. (1995, December). "Does a constant money growth rule help
stabilize inflation?: experimental evidence. In Carnegie-Rochester Conference Series on
Public Policy (Vol. 43, pp. 111–156). North-Holland.
134. Evans, G.W., & Honkapohja, S. (2003). Friedman's money supply rule vs. optimal interest
rate policy". Scottish Journal of Political Economy, 50(5), 550–566.
135. Smith, Noah (July 30, 2016). "Noahpinion: How are Milton Friedman's ideas holding up?" (ht
tp://noahpinionblog.blogspot.com/2016/07/how-are-milton-friedmans-ideas-holding.html).
Noahpinion. Archived (https://web.archive.org/web/20180923005528/http://noahpinionblog.b
logspot.com/2016/07/how-are-milton-friedmans-ideas-holding.html) from the original on
136. Simon London, "Lunch with the FT – Milton Friedman," Financial Times (7 June 2003) "The
use of quantity of money as a target has not been a success ... I'm not sure I would as of
today push it as hard as I once did."
137. Ruger, William (2013). Milton Friedman (https://books.google.com/books?id=infHAgAAQBA
J&pg=PT72). Bloomsbury Publishing US. pp. 72–. ISBN 978-1623566173.
138. Atish R. Ghosh, Mahvash S. Qureshi, and Charalambos G. Tsangarides (2014) Friedman
Redux: External Adjustment and Exchange Rate Flexibility (http://www.imf.org/external/pub
s/ft/wp/2014/wp14146.pdf) Archived (https://web.archive.org/web/20150413034103/http://ww
w.imf.org/external/pubs/ft/wp/2014/wp14146.pdf) April 13, 2015, at the Wayback Machine.
International Monetary Fund; IMF Working Paper
139. Milton Friedman (1991). The War on Drugs (http://yes390.org/friedmanvideos.html).
America's Drug Forum. Archived (https://web.archive.org/web/20091029053319/http://yes39
0.org/friedmanvideos.html) from the original on October 29, 2009. Retrieved August 4, 2009.
140. Bernard Rostker (2006). I Want You!: The Evolution of the All-Volunteer Force. Rand
Corporation. p. 4. ISBN 978-0833038951.
141. Friedman, Milton (1962). Capitalism and Freedom. University Of Chicago Press. p. 36.
ISBN 0226264211.
142. Friedman, Milton (1982). " "National Service, the Draft and Volunteers" A debate featuring
Milton Friedman In Registration and the Draft: Proceedings of the Hoover-Rochester
Conference on the All-Volunteer Force" (https://web.archive.org/web/20201021122441/http
s://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/Stanford_01_01_1982.
pdf) (PDF). Hoover Institution. Archived from the original (https://miltonfriedman.hoover.org/fri
edman_images/Collections/2016c21/Stanford_01_01_1982.pdf) (PDF) on October 21,
2020. Retrieved October 24, 2019.
pp. 231–232. ISBN 978-0230604094.
144. Matt Barganier; Milton Friedman, RIP – Antiwar.com Blog (https://www.antiwar.com/blog/200
6/11/16/milton-friedman-rip/) Archived (https://web.archive.org/web/20160922155018/http://w
ww.antiwar.com/blog/2006/11/16/milton-friedman-rip/) September 22, 2016, at the Wayback
Machine. Antiwar.com (November 16, 2006). Retrieved on 2017-09-06.
p. 243. ISBN 978-0230604094.
146. Van Horn, Robert; Mirowski, Philip; Stapleford, Thomas A. (2011). Building Chicago
Economics: New Perspectives on the History of America's Most Powerful Economics
Program (https://books.google.com/books?id=VDf0hyh11GIC&pg=PA49). Cambridge UP.
pp. 49–50. ISBN 978-1139501712.
147. Terrell, Ellen; Wilson, Angela (2009). "Milton Friedman: A Resource Guide" (https://guides.lo
c.gov/milton-friedman). Library of Congress.
148. AvenueChicago, The University of ChicagoEdward H. Levi Hall5801 South Ellis; Us, Illinois
60637773 702 1234 Contact. "Presidential Medal of Freedom" (https://www.uchicago.edu/a
bout/accolades/23/). The University of Chicago. Retrieved May 20, 2021.
149. Friedman, Milton (April 2017). Milton Friedman on Freedom: Selections from The Collected
Works of Milton Friedman (https://www.hoover.org/research/free-society-stable). Hoover
Institution Press. pp. chapter 4. ISBN 978-0-8179-2034-0. Retrieved March 29, 2023.
150. Friedman, Milton & Rose D. Capitalism and Freedom, University of Chicago Press, 1982, p.
29
151. Friedman, Milton (2002) [1962]. Capitalism and Freedom (40th anniversary ed.). Chicago:
University of Chicago Press. pp. 182–189. ISBN 978-0226264219.
152. Friedman, Milton (2002) [1962]. Capitalism and Freedom (40th anniversary ed.). Chicago:
University of Chicago Press. pp. 190–195. ISBN 978-0226264219.
153. Friedman, Milton; Friedman, Rose (1990) [1980]. Free to Choose: A Personal Statement (1st
Harvest ed.). New York: Harcourt. pp. 119–124. ISBN 978-0156334600.
154. Frank, Robert H. (November 23, 2006). "The Other Milton Friedman: A Conservative With a
Social Welfare Program" (https://www.nytimes.com/2006/11/23/business/23scene.html?_r=
2). The New York Times. Archived (https://web.archive.org/web/20170701055236/http://ww
w.nytimes.com/2006/11/23/business/23scene.html?_r=2) from the original on July 1, 2017.
Retrieved February 22, 2017.
156. McMahon, Jeff (October 12, 2014). "What Would Milton Friedman Do About Climate
Change? Tax Carbon" (https://www.forbes.com/sites/jeffmcmahon/2014/10/12/what-would-m
ilton-friedman-do-about-climate-change-tax-carbon/). Forbes. Retrieved March 20, 2016.
158. Alston, Richard M.; Kearl, J.R.; Vaughan, Michael B. (May 1992). "Is There a Consensus
Among Economists in the 1990s?" (http://www.weber.edu/wsuimages/AcademicAffairs/Prov
ostItems/global.pdf) (PDF). The American Economic Review. 82 (2): 203–209.
JSTOR 2117401 (https://www.jstor.org/stable/2117401).
159. Milton Friedman (1955). Robert A. Solo (ed.). "The Role of Government in Education," as
printed in the book Economics and the Public Interest (http://la.utexas.edu/users/hcleaver/33
0T/350kPEEFriedmanRoleOfGovttable.pdf) (PDF). Rutgers University Press. pp. 123–144.
Archived (https://web.archive.org/web/20170510103949/http://la.utexas.edu/users/hcleaver/
330T/350kPEEFriedmanRoleOfGovttable.pdf) (PDF) from the original on May 10, 2017.
160. Ross, Leonard; Zeckhauser, Richard (December 1970). "Review: Education Vouchers". The
Yale Law Journal. The Yale Law Journal Company, Inc. 80 (2): 451–461.
doi:10.2307/795126 (https://doi.org/10.2307%2F795126). JSTOR 795126 (https://www.jstor.
org/stable/795126).
161. Carnoy, Martin (August 1998). "National Voucher Plans in Chile and Sweden: Did
Privatization Reforms Make for Better Education?" (https://www.journals.uchicago.edu/doi/1
0.1086/447510). Comparative Education Review. University of Chicago Press. 42 (3): 309–
337. doi:10.1086/447510 (https://doi.org/10.1086%2F447510). JSTOR 1189163 (https://ww
w.jstor.org/stable/1189163). S2CID 145007866 (https://api.semanticscholar.org/CorpusID:14
5007866).
162. "Economic Freedom of the World project" (http://www.freetheworld.com/). Fraser Institute.
Archived (https://web.archive.org/web/20160305144202/http://www.freetheworld.com/) from
the original on March 5, 2016. Retrieved February 16, 2016.
163. "In the Supreme Court of the United States" (https://web.archive.org/web/20150402164457/h
ttp://cyber.law.harvard.edu/openlaw/eldredvashcroft/supct/amici/economists.pdf) (PDF).
Harvard Law School. Archived from the original (http://cyber.law.harvard.edu/openlaw/eldred
vashcroft/supct/amici/economists.pdf) (PDF) on April 2, 2015. Retrieved February 20, 2008.
164. Lawrence Lessig (November 19, 2006). "only if the word 'no-brainer' appears in it
somewhere: RIP Milton Friedman (Lessig Blog)" (https://web.archive.org/web/20150402150
417/http://www.lessig.org/2006/11/only-if-the-word-nobrainer-app/). Lessig.org. Archived
from the original (http://www.lessig.org/2006/11/only-if-the-word-nobrainer-app/) on April 2,
2015. Retrieved April 2, 2013.
165. "A New British Bill of Rights: The Case For" (https://web.archive.org/web/20160304030437/
http://industry.sharepoint.com/Pages/NewBritishBillofRights.aspx). ISR Online Guide.
Archived from the original (http://industry.sharepoint.com/Pages/NewBritishBillofRights.asp
x) on March 4, 2016. Retrieved February 16, 2016.
166. "An open letter" (https://web.archive.org/web/20121031062704/http://www.prohibitioncosts.o
rg/endorsers/). prohibitioncosts.org. Prohibition Costs. Archived from the original (http://www.
prohibitioncosts.org/endorsers/) on October 31, 2012. Retrieved November 9, 2012.
167. "Milton Friedman" (https://web.archive.org/web/20130410053149/http://ldp.org.au/milton-frie
dman). ldp.org. Liberal Democratic Party (Australia). 2009. Archived from the original (http://
www.ldp.org.au/milton-friedman) on April 10, 2013. Retrieved February 19, 2013.
p. 228. ISBN 978-0230604094.
169. Dalmia, Shikha (July 19, 2018). "The weaponization of Milton Friedman" (https://theweek.co
m/articles/785238/weaponization-milton-friedman). The Week. Archived (https://web.archive.
org/web/20180719161851/http://theweek.com/articles/785238/weaponization-milton-friedma
n) from the original on July 19, 2018. Retrieved July 19, 2018.
170. Friedman, Milton; Kowalczyk, Henryk (2006). "A Letter to Mr. Friedman" (https://www.freedo
mofmigration.com/wp-content/uploads/2012/02/Friedman-20061016.pdf) (PDF).
freedomofmigration.com.
171. Mangu-Ward, Katherine (2019). "Bryan Caplan says Milton Friedman is wrong about Open
Borders" (https://reason.com/video/2019/11/27/bryan-caplan-says-milton-friedman-is-wrong-
about-open-borders/). Reason Magazine. Reason Foundation.
172. Fredman, Milton. Capitalism and Freedom. pp. 179–181.
173. Peterson, Jonathan (December 14, 1986). "The Captain of Capitalism : Even as Milton
Friedman's Theories Have Gone Out of Vogue in Washington, His Ideas Have Come to
Shape the Way Nations Manage Their Money" (https://www.latimes.com/archives/la-xpm-19
86-12-14-tm-2801-story.html). Los Angeles Times. Retrieved January 11, 2022.
174. "The Negro in America" (https://miltonfriedman.hoover.org/objects/56671/the-negro-in-ameri
ca). miltonfriedman.hoover.org. Retrieved January 11, 2022.
175. "Milton Friedman in a 1966 Newsweek op-ed: the minimum-wage law is a 'monument to the
power of superficial thinking' " (https://www.aei.org/carpe-diem/milton-friedman-in-a-1966-ne
wsweek-op-ed-the-minimum-wage-law-is-a-monument-to-the-power-of-superficial-thinking/).
American Enterprise Institute – AEI. December 5, 2016. Retrieved January 11, 2022.
176. "Minimum-Wage Rates" (https://miltonfriedman.hoover.org/objects/57909/minimumwage-rat
es). miltonfriedman.hoover.org. Retrieved January 11, 2022.
p. 260. ISBN 978-0230604094.
178. "Golden Plate Awardees of the American Academy of Achievement" (https://achievement.or
g/our-history/golden-plate-awards/#public-service). www.achievement.org. American
Academy of Achievement.
179. "Milton Friedman Biography and Interview" (https://achievement.org/achiever/milton-friedma
n-ph-d/#interview). American Academy of Achievement.
180. "Selection Committee Announced for the 2008 Milton Friedman Prize for Advancing Liberty"
(https://web.archive.org/web/20140105025255/http://www.cato.org/news-releases/2007/9/5/
selection-committee-announced-2008-milton-friedman-prize-advancing-liberty). Cato
Institute. September 5, 2007. Archived from the original (http://www.cato.org/news-releases/2
007/9/5/selection-committee-announced-2008-milton-friedman-prize-advancing-liberty) on
January 5, 2014. Retrieved January 4, 2014.
181. "Milton Friedman Prize page" (https://web.archive.org/web/20140120081700/http://www.cat
o.org/friedman-prize). Cato Institute. Archived from the original (http://www.cato.org/friedman-
prize) on January 20, 2014. Retrieved January 5, 2014.
182. Larry Summers (November 19, 2006). "The Great Liberator" (https://www.nytimes.com/2006/
11/19/opinion/19summers.html). The New York Times. Archived (https://web.archive.org/we
b/20170328060857/http://www.nytimes.com/2006/11/19/opinion/19summers.html) from the
original on March 28, 2017. Retrieved February 22, 2017.
183. Moore, Stephen (May 30, 2013). "What Would Milton Friedman Say?". The Wall Street
Journal. p. A13.
184. Silk, Leonard (March 31, 1977). "Nobel Award in Economics: Should Prize Be Abolished?"
(https://www.nytimes.com/1977/03/31/archives/nobel-award-in-economics-should-prize-be-a
bolished.html). The New York Times. ISSN 0362-4331 (https://www.worldcat.org/issn/0362-
4331). Retrieved May 16, 2021.
185. Dopfer, Kurt (1988). "In Memoriam: Gunnar Myrdal's Contribution to Institutional Economics"
(https://www.jstor.org/stable/4225966). Journal of Economic Issues. 22 (1): 227–231.
doi:10.1080/00213624.1988.11504742 (https://doi.org/10.1080%2F00213624.1988.115047
42). ISSN 0021-3624 (https://www.worldcat.org/issn/0021-3624). JSTOR 4225966 (https://w
ww.jstor.org/stable/4225966).
186. Waldemar Ingdahl (March 22, 2007). "Real Virtuality" (https://web.archive.org/web/20141003
020845/http://www.american.com/archive/2007/march-0307/real-virtuality). The American.
Archived from the original (http://www.american.com/archive/2007/march-0307/real-virtualit
y/) on October 3, 2014. Retrieved February 20, 2008.
187. Milton Friedman and Rose Friedman (1990). Free to Choose: A Personal Statement.
Harvest Books. p. 34. ISBN 978-0156334600.
188. Friedman, Milton (October 6, 2006). "Dr. Milton Friedman" (http://www.opinionjournal.com/ed
itorial/feature.html?id=110009051). Opinion Journal. Archived (https://web.archive.org/web/2
0061006122046/http://www.opinionjournal.com/editorial/feature.html?id=110009051) from
the original on October 6, 2006. Retrieved February 20, 2008.
189. Chan, Carrie (16 March 2007). " 'Genuine' Tsang turns aggressive" (https://web.archive.org/
web/20080311050617/http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=
40288&sid=12691962&con_type=1&d_str=20070316&sear_year=2007). Archived from the
original (http://www.thestandard.com.hk/news_detail.asp?pp_cat=12&art_id=40288&sid=12
691962&con_type=1&d_str=20070316&sear_year=2007) on 11 March 2008.
190. Richards, Donald (1997). "The Political Economy of the Chilean Miracle" (https://doi.org/10.
1017%2FS0023879100037705). Latin American Research Review. 32 (1): 139–159.
doi:10.1017/S0023879100037705 (https://doi.org/10.1017%2FS0023879100037705).
JSTOR 2504050 (https://www.jstor.org/stable/2504050). S2CID 252743251 (https://api.sema
nticscholar.org/CorpusID:252743251).
191. 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. 598–599. Accessible at books.google.com
192. Milton Friedman (August 31, 1984). Iceland Television Debate (https://www.youtube.com/wa
tch?v=oJNxg3ZhXf8#t=9m11s&feature=PlayList&p=EBBF6DB20C85145A&playnext_from=
PL&index=3) (Flash Video) (Television production). Reykjavík: Icelandic State Television.
Event occurs at 009:48:00. Archived (https://web.archive.org/web/20160423164050/https://w
ww.youtube.com/watch?v=oJNxg3ZhXf8#t=9m11s&feature=PlayList&p=EBBF6DB20C851
45A&playnext_from=PL&index=3) from the original on April 23, 2016. Retrieved June 27,
2010.
193. [Two Lucky People: Memoirs By Milton Friedman, Rose D. Friedman. Appendix A, pp. 591–
593. Letter from Friedman to Pinochet, April 21, 1975.]
194. Edwards, Sebastian; Montes, Leonidas (2020). "Milton Friedman in Chile: Shock Therapy,
Economic Freedom, and Exchange Rates" (https://www.cambridge.org/core/journals/journal
-of-the-history-of-economic-thought/article/abs/milton-friedman-in-chile-shock-therapy-econo
mic-freedom-and-exchange-rates/D58D1A94977A748FA9A9F154EB002E37). Journal of
the History of Economic Thought. 42: 105–132. doi:10.1017/S1053837219000397 (https://d
oi.org/10.1017%2FS1053837219000397). S2CID 214507780 (https://api.semanticscholar.or
g/CorpusID:214507780) – via Cambridge University Press.
195. "Economist's View: The Rivals (Samuelson and Friedman)" (https://economistsview.typepa
d.com/economistsview/2015/07/the-rivals-samuelson-and-friedman.html).
economistsview.typepad.com. Retrieved May 21, 2021.
196. Opazo, Tania (January 12, 2016). "The "Boys" Who Completely Transformed Chile's
Economy" (https://slate.com/business/2016/01/in-chicago-boys-the-story-of-chilean-economi
sts-who-studied-in-america-and-then-remade-their-country.html). Slate Magazine. Retrieved
May 21, 2021.
197. William Ray Mask II (May 2013). The Great Chilean Recovery: Assigning Responsibility For
The Chilean Miracle(s) (Thesis). California State University, Fresno. hdl:10211.3/105425 (htt
ps://hdl.handle.net/10211.3%2F105425).
198. "Chile and the "Chicago Boys" " (https://web.archive.org/web/20120810043651/http://hoohil
a.stanford.edu/friedman/chile-chicago.php). The Hoover Institution. Stanford University.
Archived from the original (http://hoohila.stanford.edu/friedman/chile-chicago.php) on August
10, 2012. Retrieved June 20, 2014.
199. "Free to Choose Vol. 5" (https://web.archive.org/web/20080209233014/http://www.freetocho
ose.net/1980_vol5_transcript.html). Archived from the original (http://www.freetochoose.net/1
980_vol5_transcript.html) on February 9, 2008. Retrieved February 20, 2008.
200. Frances Fox Piven vs. Milton Friedman, Thomas Sowell (https://www.youtube.com/watch?v
=JQkdSj6arn0) Archived (https://web.archive.org/web/20141016091409/http://www.youtube.
com/watch?v=JQkdSj6arn0) October 16, 2014, at the Wayback Machine, debate, 1980,
YouTube.
201. The Smith Center: Milton Friedman's lecture (http://www.cbe.csueastbay.edu/~sbesc/frlect.ht
ml) Archived (https://web.archive.org/web/20130922130830/http://www.cbe.csueastbay.edu/
~sbesc/frlect.html) September 22, 2013, at the Wayback Machine, "Economic Freedom,
Human Freedom, Political Freedom", by Milton Friedman, delivered November 1, 1991.
202. Friedman 1999, pp. 600–601
203. Newsweek of June 14, 1976
204. "Interview with Jeffery Sachs on the "Miracle of Chile" " (https://www.pbs.org/wgbh/command
ingheights/shared/minitextlo/ufd_reformliberty_full.html). PBS. Archived (https://web.archive.
org/web/20080222001124/http://www.pbs.org/wgbh/commandingheights/shared/minitextlo/u
fd_reformliberty_full.html) from the original on February 22, 2008. Retrieved February 20,
2008.
205. "Commanding Heights: Milton Friedman" (https://www.pbs.org/wgbh/commandingheights/sh
ared/minitext/int_miltonfriedman.html#10). PBS. Archived (https://web.archive.org/web/2008
1228195520/http://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedm
an.html#10) from the original on December 28, 2008. Retrieved December 29, 2008.
206. "Milton Friedman interview" (https://www.pbs.org/wgbh/commandingheights/shared/minitextl
o/int_miltonfriedman.html). PBS. Archived (https://web.archive.org/web/20110109040713/htt
p://www.pbs.org/wgbh/commandingheights/shared/minitextlo/int_miltonfriedman.html) from
the original on January 9, 2011. Retrieved February 20, 2008.
207. Doherty, Brian (December 15, 2006). "The Economist and the Dictator" (https://reason.com/2
006/12/15/the-economist-and-the-dictator/). Reason.com. Reason Magazine. Retrieved
October 8, 2021.
208. Friedman, Milton; Grímsson, Ólafur Ragnar. Milton Friedman on Icelandic State Television in
1984.
209. Gratulatoria, Tabula; Árnason, Ragnar. "The Libertarian Alliance | RNH" (http://www.rnh.is/?p
age_id=350). rnh.is. Retrieved May 16, 2021.
210. Stolberg, Sharyl (2006). "In Estonia, Bush Finds a Tax Actually to His Liking" (https://www.ny
times.com/2006/11/30/world/europe/30nato.html). The New York Times. Retrieved May 25,
2021.
211. "Mart Laar" (https://web.archive.org/web/20060515231340/http://www.cato.org/special/fried
man/laar/). Cato Institute. Archived from the original (http://www.cato.org/special/friedman/laa
r/) on May 15, 2006. Retrieved February 20, 2008.
212. Lyons, John F. (2013). America in the British Imagination: 1945 to the Present (https://books.
google.com/books?id=QzOwAgAAQBAJ&pg=PA102). Palgrave Macmillan. p. 102.
ISBN 978-1137376800.
213. Subroto Roy & John Clarke, eds. (2005), Margaret Thatcher's Revolution: How it Happened
and What it Meant. Continuum. ISBN 0826484840
214. Galbraith, J K (October 8, 1980). "A Fair Trial of the Friedman Formula" (https://www.washin
gtonpost.com/archive/politics/1980/10/08/a-fair-trial-of-the-friedman-formula/cb55ba55-7942-
4d96-8a94-52637d72b4ab/). The Washington Post.
215. "An enduring legacy" (https://www.economist.com/news/2006/11/17/an-enduring-legacy).
The Economist. November 17, 2006. Archived (https://web.archive.org/web/2018092605224
1/https://www.economist.com/news/2006/11/17/an-enduring-legacy) from the original on
216. Noble, Holcomb B. (November 16, 2006). "Milton Friedman, Free Markets Theorist, Dies at
94" (https://www.nytimes.com/2006/11/16/business/17friedmancnd.html?mtrref=www.googl
e.com&gwh=DE2271CBC288BBC4390B471C20257E92&gwt=pay). The New York Times.
Archived (https://web.archive.org/web/20180926052213/https://www.nytimes.com/2006/11/1
6/business/17friedmancnd.html?mtrref=www.google.com&gwh=DE2271CBC288BBC4390
B471C20257E92&gwt=pay) from the original on September 26, 2018. Retrieved
September 25, 2018.
217. Norton, Justin M. (November 17, 2006). "Economist Milton Friedman Dies at 94" (https://ww
w.washingtonpost.com/wp-dyn/content/article/2006/11/16/AR2006111601366.html). The
Washington Post. ISSN 0190-8286 (https://www.worldcat.org/issn/0190-8286). Archived (htt
ps://web.archive.org/web/20151127171049/http://www.washingtonpost.com/wp-dyn/content/
article/2006/11/16/AR2006111601366.html) from the original on November 27, 2015.
Retrieved September 25, 2018.
218. "We Are Live at Salon, with an Obituary for Milton Friedman" (http://delong.typepad.com/sdj/
2006/11/we_are_live_at_.html). Grasping Reality with at Least Three Hands. Archived (http
s://web.archive.org/web/20180926052017/http://delong.typepad.com/sdj/2006/11/we_are_li
ve_at_.html) from the original on September 26, 2018. Retrieved September 25, 2018.
219. Adams, Richard (November 16, 2006). "Milton Friedman: a study in failure" (https://www.the
guardian.com/commentisfree/2006/nov/16/post650). The Guardian. Archived (https://web.arc
hive.org/web/20180926130701/https://www.theguardian.com/commentisfree/2006/nov/16/po
st650) from the original on September 26, 2018. Retrieved September 25, 2018.
220. Goldstein, Evan (August 1, 2008). "Milton Friedman's Controversial Legacy" (https://www.chr
onicle.com/article/Milton-Friedmans/28879). The Chronicle of Higher Education. Archived (h
ttps://web.archive.org/web/20180926051906/https://www.chronicle.com/article/Milton-Friedm
ans/28879) from the original on September 26, 2018. Retrieved September 25, 2018.
221. Wapshott, Nicholas (2012). "Milton Friedman's legacy: He is the economist conservatives
love but don't understand" (http://www.post-gazette.com/opinion/Op-Ed/2012/07/31/Milton-Fr
iedman-s-legacy-He-is-the-economist-conservatives-love-but-don-t-understand/stories/2012
07310228). Pittsburgh Post-Gazette. Archived (https://web.archive.org/web/2018092605212
4/http://www.post-gazette.com/opinion/Op-Ed/2012/07/31/Milton-Friedman-s-legacy-He-is-th
e-economist-conservatives-love-but-don-t-understand/stories/201207310228) from the
original on September 26, 2018. Retrieved September 25, 2018.
222. Kristula-Green, Noah (July 31, 2012). "Milton Friedman's Unfinished Legacy" (https://www.th
edailybeast.com/articles/2012/07/31/milton-friedman). The Daily Beast. Retrieved
September 25, 2018.
223. Smith, Noah (August 14, 2013). "Noahpinion: The cruel trick played by history on Milton
Friedman" (http://noahpinionblog.blogspot.com/2013/08/the-cruel-trick-played-by-history-on.
html). Noahpinion. Archived (https://web.archive.org/web/20180926051930/http://noahpinion
blog.blogspot.com/2013/08/the-cruel-trick-played-by-history-on.html) from the original on
224. "TheMoneyIllusion » Milton Friedman vs. the conservatives" (http://www.themoneyillusion.co
m/milton-friedman-vs-the-conservatives/). www.themoneyillusion.com. Archived (https://web.
archive.org/web/20180926085951/http://www.themoneyillusion.com/milton-friedman-vs-the-
conservatives/) from the original on September 26, 2018. Retrieved September 25, 2018.
225. O'Brien, Matthew (March 13, 2012). "What GOP Economists Don't Understand About Milton
Friedman" (https://www.theatlantic.com/business/archive/2012/03/what-gop-economists-don
t-understand-about-milton-friedman/254405/). The Atlantic. Archived (https://web.archive.org/
web/20180926085825/https://www.theatlantic.com/business/archive/2012/03/what-gop-eco
nomists-dont-understand-about-milton-friedman/254405/) from the original on September 26,
2018. Retrieved September 25, 2018.
226. 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
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 International Finance Discussion Paper No. 270 (https://www.fed
eralreserve.gov/pubs/ifdp/1985/270/ifdp270.pdf) Archived (https://web.archive.org/web/2013
1103040319/http://www.federalreserve.gov/pubs/ifdp/1985/270/ifdp270.pdf) November 3,
2013, at the Wayback Machine (December 1985), which is a revised and shortened version
of Hendry–Ericsson 1983.
227. "M.Friedman – Iceland TV (1984)" (https://www.youtube.com/view_play_list?p=EBBF6DB20

C85145A). YouTube. Archived (https://web.archive.org/web/20160313091204/https://www.y
outube.com/view_play_list?p=EBBF6DB20C85145A) from the original on March 13, 2016.
228. van Steven Moore, CMA (August 31, 1984). "Milton Friedman – Iceland 2 of 8" (https://www.y
outube.com/watch?v=lwBUO45cIyU&list=PLC0EEBC0F24B2EE0E). YouTube. Archived (ht
tps://web.archive.org/web/20140512174832/https://www.youtube.com/watch?v=lwBUO45cIy
U&list=PLC0EEBC0F24B2EE0E) from the original on May 12, 2014. Retrieved April 22,
2014.
229. J. Daniel Hammond (2005). Theory and Measurement: Causality Issues in Milton
Friedman's Monetary Economics (https://books.google.com/books?id=m1n9R4Kr03sC&pg=
PA193). Cambridge U.P. pp. 193–199. ISBN 978-0521022644.
230. Hendry, David F.; Ericsson, Neil R. (July 1989). "An Econometric Analysis of UK Money
Demand in Monetary Trends in the United States and the United Kingdom by Milton
Friedman and Anna J. Schwartz" (https://www.federalreserve.gov/pubs/ifdp/1989/355/ifdp35
5.pdf) (PDF). International Finance Discussion Papers: 355. Federal Reserve. Archived (http
s://web.archive.org/web/20131103040149/http://www.federalreserve.gov/pubs/ifdp/1989/35
5/ifdp355.pdf) (PDF) from the original on November 3, 2013. Retrieved August 2, 2013.
231. Hendry, David F. (April 25, 2013). "Friedman's t-ratios were overstated by nearly 100%" (http
s://www.ft.com/cms/s/0/fcfb6334-ac11-11e2-a063-00144feabdc0.html). Financial Times.
Archived (https://web.archive.org/web/20131030075628/http://www.ft.com/cms/s/0/fcfb6334-
ac11-11e2-a063-00144feabdc0.html) from the original on October 30, 2013. Retrieved
May 1, 2013.
232. Escribano, Alvaro (2004). "Nonlinear error correction: The case of money demand in the
United Kingdom (1878–2000)" (http://www.eco.uc3m.es/temp/alvaroe/MDUK-MD04.pdf)
(PDF). Macroeconomic Dynamics. 8 (1): 76–116. doi:10.1017/S1365100503030013 (https://
doi.org/10.1017%2FS1365100503030013). hdl:10016/2573 (https://hdl.handle.net/10016%2
F2573). S2CID 154353317 (https://api.semanticscholar.org/CorpusID:154353317). Archived
(https://web.archive.org/web/20131103172546/http://www.eco.uc3m.es/temp/alvaroe/MDUK
-MD04.pdf) (PDF) from the original on November 3, 2013. Retrieved August 1, 2013.
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.
233. Colander, D. (1995). Is Milton Friedman an artist or a scientist?. Journal of Economic
Methodology, 2(1), 105–122.
234. Smith, Noah (January 12, 2017). "Milton Friedman's Cherished Theory Is Laid to Rest" (http
s://www.bloomberg.com/view/articles/2017-01-12/milton-friedman-s-cherished-theory-is-laid-
to-rest). www.bloomberg.com. Archived (https://web.archive.org/web/20180926085853/http
s://www.bloomberg.com/view/articles/2017-01-12/milton-friedman-s-cherished-theory-is-laid-
to-rest) from the original on September 26, 2018. Retrieved September 25, 2018.
235. Macpherson, Crawford (1968). "Elegant Tombstones: A Note on Friedman's Freedom" (http
s://www.jstor.org/stable/3231697). Canadian Journal of Political Science / Revue
canadienne de science politique. Canadian Political Science Association. 1 (1): 95–106.
doi:10.1017/S0008423900035241 (https://doi.org/10.1017%2FS0008423900035241).
JSTOR 3231697 (https://www.jstor.org/stable/3231697). S2CID 154470384 (https://api.sema
nticscholar.org/CorpusID:154470384) – via JSTOR.
236. Caldwell, Bruce J. (1980). "A Critique of Friedman's Methodological Instrumentalism" (http
s://www.jstor.org/stable/1057529). Southern Economic Journal. 47 (2): 366–374.
doi:10.2307/1057529 (https://doi.org/10.2307%2F1057529). ISSN 0038-4038 (https://www.w
orldcat.org/issn/0038-4038). JSTOR 1057529 (https://www.jstor.org/stable/1057529).
237. Hill, Lewis E. (1968). "A Critique of Positive Economics" (https://www.jstor.org/stable/348508
6). The American Journal of Economics and Sociology. 27 (3): 259–266. doi:10.1111/j.1536-
7150.1968.tb01047.x (https://doi.org/10.1111%2Fj.1536-7150.1968.tb01047.x). ISSN 0002-
9246 (https://www.worldcat.org/issn/0002-9246). JSTOR 3485086 (https://www.jstor.org/stab
le/3485086).
238. Ng, Yew-Kwang. (2016). Are unrealistic Assumptions/Simplifications Acceptable? Some
Methodological Issues in Economics. Pacific Economic Review, 21(2), 180–201.
239. Mäki, Uskali (2009). 3 – Unrealistic assumptions and unnecessary confusions: rereading
and rewriting F53 as a realist statement. Cambridge University Press. pp. 90–116.
doi:10.1017/CBO9780511581427.005 (https://doi.org/10.1017%2FCBO9780511581427.00
5)
240. Maki, U., & Mäki, U. (Eds.). (2009). The methodology of positive economics: reflections on
the Milton Friedman legacy. Cambridge University Press.
241. Block, Walter (2013). "Was Milton Friedman a Socialist? Yes" (https://www.researchgate.net/
publication/273074293). MEST Journal. 1(1):11–26: 13–14.
doi:10.12709/mest.01.01.01.02.pdf (https://doi.org/10.12709%2Fmest.01.01.01.02.pdf) – via
ResearchGate.
242. Eichengreen, Barry (1992). Golden Fetters (https://archive.org/details/goldenfettersgol00eic
h/page/n5/mode/2up). Oxford University Press. pp. 187–222. ISBN 978-0195064315.
243. Bordo, Michael (1989). "The Contributions of "A Monetary History of the United States,
1867–1960" to Monetary History". Money, History, and International Finance: Essays in
Honor of Anna J. Schwartz. University of Chicago Press. p. 15. ISBN 0226065936.
244. "A Monetary History of the United States, 1867–1960" (https://www.cato.org/events/monetary
-history-united-states-1867-1960). Cato Institute. November 21, 2003. Retrieved May 16,
2021.
245. Temin, Peter. "Review: Money, Money Everywhere: A Retrospective Review. Reviewed
work(s): A Monetary History of the United States, 1867–1960. By Milton Friedman; Anna
Jacobson Schwartz." Reviews in American History, Vol. 5, No. 2 (Jun., 1977), pp. 151–159.
246. "Monetary aggregates – Broad money (M3)" (http://data.oecd.org/money/broad-money-m3.ht
m). theOECD. Retrieved May 16, 2021.
247. Krugman, Paul (2012). "Milton's Paradise Lost" (https://krugman.blogs.nytimes.com/2012/05/
01/miltons-paradise-lost/). The New York Times.
248. "Milton Friedman, Unperson" (https://krugman.blogs.nytimes.com/2013/08/08/milton-friedma
n-unperson/). New York Times. August 8, 2013. Retrieved May 16, 2021.
249. Tobin, James (1965). "The Monetary Interpretation of History" (https://www.jstor.org/stable/18
14559). American Economic Review. 55 (3): 464–485. JSTOR 1814559 (https://www.jstor.or
g/stable/1814559) – via JSTOR.
250. "Rebuilding Worker Power – IMF F&D" (https://www.imf.org/external/pubs/ft/fandd/2020/12/r
ebuilding-worker-power-mishel.htm). www.imf.org. Retrieved January 11, 2022.
Sources
Bernanke, Ben (2004). Essays on the Great Depression. Princeton University Press.
ISBN 978-0691118208.
Ebenstein, Alan O. (2007). Milton Friedman: A Biography (https://books.google.com/books?i
d=0mdWW-z1OPcC&pg=PA89). St. Martin's Press. ISBN 978-0230603455.
Friedman, Milton (1999). Two Lucky People: Memoirs (https://archive.org/details/twoluckype
opleme00frie). University of Chicago Press. ISBN 978-0226264158.
Further reading
"Symposium: Why Is There No Milton Friedman Today?" (http://econjwatch.org/issues/volum
e-10-issue-2-may-2013). Econ Journal Watch. 10 (2). May 2013.
Jones, Daniel Stedman. Masters of the Universe: Hayek, Friedman, and the Birth of
Neoliberal Politics (2nd ed. 2014)
McCloskey, Deirdre (Winter 2003). "Other Things Equal: Milton". Eastern Economic Journal.
29 (1): 143–146. JSTOR 40326463 (https://www.jstor.org/stable/40326463).
Steelman, Aaron (2008). "Friedman, Milton (1912–2006)" (https://books.google.com/books?i
d=yxNgXs3TkJYC). In Hamowy, Ronald (ed.). The Encyclopedia of Libertarianism.
Thousand Oaks, CA: Sage; Cato Institute. pp. 195–197. doi:10.4135/9781412965811.n118
(https://doi.org/10.4135%2F9781412965811.n118). ISBN 978-1412965804.
LCCN 2008009151 (https://lccn.loc.gov/2008009151). OCLC 750831024 (https://www.world
cat.org/oclc/750831024).
Wood, John Cunningham, and Ronald N. Wood, ed. (1990), Milton Friedman: Critical
Assessments, v. 3. Routledge.
External links
Collected Works of Milton Friedman (http://miltonfriedman.hoover.org) (Multiple Text, audio,
video)
The Milton Friedman papers (http://www.oac.cdlib.org/findaid/ark:/13030/tf7t1nb2hx/) at the
Hoover Institution Archives (http://www.hoover.org/library-archives)
Selected Bibliography for Milton Friedman (https://www.lib.uchicago.edu/e/busecon/econfac/
Friedman.html) at the University of Chicago Library
Profile (https://ideas.repec.org/e/pfr10.html) and Papers (http://econpapers.repec.org/RAS/pfr
10.htm) at Research Papers in Economics/RePEc
Milton Friedman (https://www.nytimes.com/topic/person/milton-friedman) collected news and
commentary at The New York Times
Becker Friedman Institute (http://bfi.uchicago.edu/) at the University of Chicago
The Foundation for Educational Choice (http://www.edchoice.org/)
Milton Fridman (http://www.economictheories.org/2008/08/milton-friedman-histor-theory-biog
raphy.html) at Scarlett
Inflation and Unemployment (http://nobelprize.org/nobel_prizes/economics/laureates/1976/fr
iedman-lecture.html) 1976 lecture at NobelPrize.org
Nobel Memorial Prize acceptance speech (http://nobelprize.org/nobel_prizes/economics/lau
reates/1976/friedman-speech.html)
"Milton Friedman (1912–2006)" (http://www.econlib.org/library/Enc/bios/Friedman.html). The
Concise Encyclopedia of Economics. Library of Economics and Liberty (2nd ed.). Liberty
Fund. 2008.
Milton Friedman vs. The Fed Bailout (http://www.newsweek.com/id/207218) by Michael
Hirsh, Newsweek, July 17, 2009
Four Deformations of the Apocalypse (https://www.nytimes.com/2010/08/01/opinion/01stock
man.html?_r=2), David Stockman, The New York Times, July 31, 2010
Roberts, Russ. "Milton Friedman Podcasts" (http://www.econtalk.org/archives/_featuring/milt
on_friedman/). EconTalk. Library of Economics and Liberty.
Milton Friedman (https://scholar.google.com/citations?user=DV6pTH0AAAAJ) publications
indexed by Google Scholar
A collection of Milton Friedman's works (https://fraser.stlouisfed.org/author/139)
Videos
Appearances (https://www.c-span.org/person/?20878) on C-SPAN

Booknotes interview with Friedman on the 50th Anniversary Edition of F.A. Hayek's
Road to Serfdom, November 20, 1994. (https://www.c-span.org/video/?61272-1/milton-fri
edman-road-serfdom)
In Depth interview with Friedman, September 3, 2000 (https://www.c-span.org/video/?15
9003-1/depth-milton-friedman)
A film clip "The Open Mind – Living Within Our Means (1975)" (https://archive.org/details/ope
nmind_ep494) is available at the Internet Archive
A film clip "The Open Mind – A Nobel Laureate on the American Economy (1977)" (https://arc
hive.org/details/openmind_ep493) is available at the Internet Archive
Milton Friedman (https://charlierose.com/guests/3988) on Charlie Rose
Free To Choose (https://www.youtube.com/watch?v=f1Fj5tzuYBE) on YouTube
Milton Friedman (https://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfri
edman.html), Commanding Heights, PBS, October 1, 2000, interview, profile and video
"Free To Choose" (1980), a PBS TV series by Milton Friedman (http://miltonfriedman.blogsp
ot.com/)
Milton Friedman (https://web.archive.org/web/20061201002106/http://www.cato.org/special/f
riedman/) at the Cato Institute
Free to Choose Network (http://www.freetochoose.net/)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Milton_Friedman&oldid=1153899488"

Milton Friedman

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Milton Friedman

Uploaded by

Copyright:

Available Formats

Milton Friedman

Milton Friedman (/ˈfriːdmən/ ( listen); July 31, 1912 –

In 1946, Friedman accepted an offer to teach economic theory at the

A Theory of the Consumption Function

Capitalism and Freedom

During 1977, Friedman was approached by Bob Chitester and the

Friedman was noticeably shorter than some of his colleagues; he

Rose Friedman, when asked about Friedman's successes, said that

— Milton Friedman, 1963.[109]

— Milton Friedman, Two Lucky People, 233[112]

Rejection and subsequent evolution of the Philips Curve

Other important contributions include his critique of the Phillips

Public policy positions

Federal Reserve and monetary policy

The proposal to constantly grow the money supply at a certain

While Walter Oi is credited with establishing the economic basis for

In Capitalism and Freedom, he argued conscription is inequitable

Libertarianism and the Republican Party

Friedman was an economic advisor and speech writer in Barry

Governmental involvement in the economy

— Milton Friedman, [150]

Honors, recognition and legacy

1976 Nobel Memorial Prize in Economic Sciences

Criticism of published works

227. "M.Friedman – Iceland TV (1984)" (https://www.youtube.com/view_play_list?p=EBBF6DB20

Appearances (https://www.c-span.org/person/?20878) on C-SPAN

Retrieved from "https://en.wikipedia.org/w/index.php?title=Milton_Friedman&oldid=1153899488"

You might also like