Historical Figures Codexery

Milton Friedman

American economist and Nobel laureate who championed monetarism and free-market policies.

He was among the intellectual leaders of the Chicago school of economics, a neoclassical school that rejected Keynesianism in favor of monetarism.[1] The 1976 Nobel Memorial Prize in Economic Sciences was awarded to Milton Friedman, an American economist and statistician, for his studies of consumption, monetary history, and theory.[1]

Quick Facts

Born
31 July 1912
Birthplace
New York City, U.S.
Died
16 November 2006
Place of death
San Francisco, California, U.S.
Spouse
Rose Friedman (1936)
Children
David D. Friedman, Jan Martel
Doctoral advisor
Simon Kuznets
Political party
Republican

Facts from the source article.

Life and work

He graduated from Rutgers University in 1932 and chose to study economics at the University of Chicago over mathematics at Brown University.[2][3] Friedman died of heart failure at the age of 94 in San Francisco on November 16, 2006.[4] On July 31, 1912, in Brooklyn, New York City, Friedman was born to Jewish parents who were working-class immigrants from Carpathian Ruthenia.[5] While a student at the University of Chicago, Friedman encountered economist Rose Director, whom he later married.[6]

A position teaching economic theory at the University of Chicago was accepted by Friedman in 1946, and he remained there for three decades.[7] A concept that eventually became standard in economics, the permanent income hypothesis, was introduced by Friedman.[8] The argument that a severe monetary contraction caused the Great Depression was made by Friedman and Anna Schwartz in their co-authored work, A Monetary History of the United States, 1867–1960.[9][10] Advice was given by Friedman to both U.S. President Ronald Reagan, a Republican, and British Prime Minister Margaret Thatcher, a Conservative.[11]

What the cited sources add

The journalist Bernard Nossiter claimed Friedman won the Nobel only because the prize was financed by the Swedish Central Bank, which he declared adored Friedman.[12] Melville J. Ulmer likened Friedman's economics prize to a peace prize for Idi Amin.[12] Smuggled copies of Friedman's writings helped inspire dissidents in the Soviet bloc, and Estonia achieved growth with policies inspired by Friedman's work.[12] Friedman's study with Simon Kuznets was delayed for over three years because an official objected to its assertion that professional licensing raised income for licensed doctors.[12]

References

  1. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976", Nobel Prize, 1976; "The Chicago School", Commanding Heights; "Gary Becker Nobel Prize.org"; "Our Legacy", Becker Friedman Institute; "Robert W. Fogel – Facts - NobelPrize.org", NobelPrize.org; Chicago Remembers Milton Friedman, Sanderson, Allen; 2012, University of Chicago,; "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1995 - NobelPrize.org", NobelPrize.org; Van Overtveldt, "The Chicago School: How the University of Chicago en.wikipedia.org
  2. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: "Milton Friedman", Rutgers Alumni (original not read by us) en.wikipedia.org
  3. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: "Milton Friedman, Ph.D.", Academy of Achievement; Doherty, "The Life and Times of Milton Friedman", Reason.com, 2007; "Milton Friedman and his start in economics", Young America's Foundation, August 2006; Harms, "Professor Emeritus Milton Friedman dies at 94", www-news.uchicago.edu, November 16, 2006 (we also read that source) en.wikipedia.org
  4. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: Jim Christie, "Free market economist Milton Friedman dead at 94", Reuters, November 16, 2006; Peter Robinson, "What Would Milton Friedman Say?", October 17, 2008; "David D. Friedman on his Famous Father, Anarcho-Capitalism and Free-Market Solutions", The Daily Bell, April 8, 2012 (original not read by us) en.wikipedia.org
  5. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976", NobelPrize.org; "Marquis Who's Who in the World", Reed Elsevier, 2000, p. 714; Ebenstein, "Milton Friedman: A Biography", St. Martin's Publishing Group, 2007; "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976", NobelPrize.org (original not read by us) en.wikipedia.org
  6. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: "Nov. 8 conference to honor University of Chicago economist Milton Friedman on the occasion of his 90th birthday", www-news.uchicago.edu (original not read by us) en.wikipedia.org
  7. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: Harms, "Professor Emeritus Milton Friedman dies at 94", www-news.uchicago.edu, November 16, 2006; Doherty, "The Life and Times of Milton Friedman", Reason.com, 2007 (we also read that source) en.wikipedia.org
  8. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976", Nobel Prize, 1976; "A Theory of the Consumption Function", Princeton University Press, 2018, p. 20–37; "Milton Friedman – Economist as Public Intellectual" . Dallasfed.org (April 1, 2016). Retrieved on September 6, 2017.; Mark Skousen, "The Making of Modern Economics: The Lives and Ideas of the Great Thinkers", M.E. Sharpe, 2009, p. 407; Friedman, "The Role of Monetary Policy", Macmillan Education UK, 1968, p. 215–231; Krugman, "Peddling prosperity: econo en.wikipedia.org
  9. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: "Right from the Start? What Milton Friedman can teach progressives", J. Bradford DeLong; ; Shiller, "Narrative Economics", American Economic Review, 2017, p. 967–1004; Daniel J. Hammond, Claire H. Hammond (eds.) (2006), Making Chicago Price Theory: Friedman-Stigler Correspondence 1945–1957, Routledge, p. xiii. (original not read by us) en.wikipedia.org
  10. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: Harrod, "Review of A Monetary History of the United States", Chicago Unbound (original not read by us) en.wikipedia.org
  11. Wikipedia, "Milton Friedman" (CC BY-SA 4.0), which cites: Caldwell, "Milton Friedman"; Ebenstein, "Milton Friedman: A Biography", St. Martin's Publishing Group, 2007, p. 208 (original not read by us) en.wikipedia.org
  12. Doherty, "The Life and Times of Milton Friedman", Reason.com, 2007. facts only, no text reused. reason.com

Each numbered sentence above was checked against the source it cites before publication. Sentences citing Wikipedia adapt text from the English Wikipedia article Milton Friedman (contributors), used under CC BY-SA 4.0; this entry is available under the same licence. Other sources were used for facts only; no text or images are copied from them.

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