Explanation: Milton Friedman was born in Brooklyn, New York, not Chicago, Illinois. He was awarded the Nobel Memorial Prize in Economic Sciences in 1976.

Explanation: In 1951, Milton Friedman was awarded the John Bates Clark Medal, an honor given by the American Economic Association at that time to the best economist under the age of 40.

Explanation: Milton Friedman's parents were Jewish immigrants from Hungary who worked as dry goods merchants.

Explanation: Before becoming an economist, Milton Friedman initially intended to pursue a career as an actuary or a mathematician, but the economic conditions of the Great Depression influenced his path.

Explanation: Milton Friedman's doctoral advisor at the University of Chicago was Simon Kuznets, who was himself a Nobel laureate in Economics.

Explanation: Milton Friedman received numerous honors, including the Presidential Medal of Freedom in 1988.

Explanation: Milton Friedman described himself as an agnostic, not deeply religious.

Explanation: Milton Friedman received the Nobel Memorial Prize in Economic Sciences in 1976 for his contributions to consumption analysis, monetary history and theory, and stabilization policy.

Explanation: Milton Friedman was a leading figure of the Chicago school of economics, closely associated with monetarism and a rejection of Keynesian principles.

Explanation: One of Milton Friedman's significant contributions to statistics was the development of sequential sampling techniques, particularly for quality control inspection.

Explanation: In 1951, Milton Friedman was awarded the John Bates Clark Medal, recognizing him as the most distinguished economist under the age of 40 at that time.

Explanation: As a leading figure of the Chicago school, Milton Friedman rejected Keynesian economics in favor of monetarism and free market principles.

Explanation: Milton Friedman received the Nobel Memorial Prize in Economic Sciences for his extensive work in consumption analysis, monetary history and theory, and the complexities of stabilization policy.

Explanation: Milton Friedman was a prominent critic of Keynesian economics, advocating instead for monetarism and free market principles. He believed that government intervention often led to inefficiencies.

Explanation: Milton Friedman's most famous assertion regarding inflation is that it is 'always and everywhere a monetary phenomenon,' attributing it primarily to excessive increases in the money supply.

Explanation: Milton Friedman argued that attempts to maintain unemployment below the natural rate would lead to *accelerating* inflation, not decelerating inflation, as inflationary expectations would rise.

Explanation: Milton Friedman and Anna Schwartz attributed the Great Depression primarily to a severe monetary contraction and the Federal Reserve's policy failures, not excessive government spending.

Explanation: Milton Friedman theorized that maintaining unemployment below the natural rate would lead to *accelerating* inflation, not stable inflation, due to rising inflationary expectations.

Explanation: The book 'A Monetary History of the United States, 1867–1960' argued that the Great Depression was caused by a severe monetary *contraction*, not expansion, due to banking crises and Federal Reserve policy.

Explanation: The 'Friedman rule,' as proposed by Milton Friedman, suggests that the optimal policy for monetary authorities is to maintain a steady, small expansion of the money supply, typically at a rate of 4-5% per year.

Explanation: Milton Friedman is primarily associated with critiquing cost-push inflation, arguing instead that inflation is fundamentally a monetary phenomenon.

Explanation: Milton Friedman's work significantly influenced the Federal Reserve's policy, particularly regarding its focus on the money supply and monetary aggregates, especially in response to economic crises.

Explanation: Milton Friedman's concept of the natural rate of unemployment suggested that any attempt to keep unemployment below this rate would lead to accelerating inflation, thus negating any stable long-term trade-off.

Explanation: Milton Friedman famously argued that inflation is primarily caused by an excessive increase in the money supply, stating 'Inflation is always and everywhere a monetary phenomenon.'

Explanation: Milton Friedman challenged the Phillips curve by introducing the concept of a 'natural rate of unemployment,' arguing that attempts to keep unemployment below this rate would lead to accelerating inflation in the long run.

Explanation: Milton Friedman and Anna Schwartz argued that the Great Depression was primarily caused by a severe monetary contraction resulting from banking crises and the Federal Reserve's policy failures.

Explanation: While Milton Friedman discussed cost-push inflation, he is primarily associated with critiquing it and advocating for monetarist explanations for inflation. Concepts like monetarism, the permanent income hypothesis, and the natural rate of unemployment are more directly associated with his theoretical contributions.

Explanation: While Milton Friedman discussed cost-push inflation, he is primarily associated with critiquing it and advocating for monetarist explanations for inflation. Concepts like monetarism, the permanent income hypothesis, and floating exchange rates are more directly associated with his theoretical contributions.

Explanation: Friedman's critique posited that the Phillips curve was vertical in the long run at the natural rate of unemployment, meaning sustained attempts to lower unemployment below this rate would lead to accelerating inflation.

Explanation: The permanent income hypothesis posits that consumer spending is based on expected long-term income ('permanent income'), not solely on current income. This theory suggests consumers smooth their consumption over time.

Explanation: In his 1962 book 'Capitalism and Freedom,' Milton Friedman advocated for policies such as the abolition of medical licenses, arguing for greater professional freedom and competition.

Explanation: Milton Friedman was a strong advocate for floating exchange rates, arguing they provided greater flexibility and stability compared to fixed currency values.

Explanation: Milton Friedman opposed conscription, advocating instead for a volunteer military force, which he believed was more equitable and consistent with individual liberty.

Explanation: Milton Friedman argued that drug prohibition was economically inefficient and advocated for liberalization, believing it would reduce crime and government costs associated with enforcement.

Explanation: Milton Friedman favored immigration, believing it positively impacted the economy, but proposed restrictions on welfare access for immigrants, arguing this would make open borders more feasible.

Explanation: Milton Friedman was against public housing, viewing it as a form of welfare that could lead to increased taxes and long-term negative consequences for low-income individuals. He advocated for direct cash assistance instead.

Explanation: Milton Friedman argued that minimum wage laws harm low-income individuals by increasing unemployment, as employers become less willing to hire workers whose productivity does not justify the mandated wage.

Explanation: Milton Friedman proposed a system of school vouchers to supplement publicly funded schools with privately run but publicly funded options. He believed this would introduce competition and choice into the education system, leading to better outcomes.

Explanation: Milton Friedman supported environmental taxes as a more efficient mechanism for pollution control compared to specific regulations, arguing that taxes incentivize polluters to reduce emissions.

Explanation: Milton Friedman described Hong Kong's economy as perhaps the best example of a free market economy, not a centrally planned system.

Explanation: Milton Friedman believed the government should not operate national parks, arguing that they should be sold for private development, believing private entities could manage them more efficiently.

Explanation: Milton Friedman supported gay rights and stated that he did not believe there should be any discrimination against gays.

Explanation: Milton Friedman acknowledged the 'neighborhood effect' as a justification for governmental action to alleviate poverty, reasoning that government intervention, like a negative income tax, could ensure collective action.

Explanation: Milton Friedman proposed a negative income tax as a mechanism for alleviating poverty, believing it was a more efficient and direct way to provide assistance.

Explanation: Milton Friedman was a strong proponent of globalization and free trade, believing they fostered economic growth and benefited participating countries.

Explanation: The permanent income hypothesis suggests that consumer spending is determined by a person's expected long-term average income ('permanent income'), rather than solely by their current income.

Explanation: Milton Friedman advocated for a volunteer military, freely floating exchange rates, and the abolition of medical licenses in 'Capitalism and Freedom.' Government-funded universal basic income was not among his proposed policies in that work.

Explanation: Milton Friedman was a strong advocate for floating exchange rates, arguing they offered greater flexibility and stability compared to fixed currency systems.

Explanation: Milton Friedman opposed conscription, viewing it as inequitable and a violation of individual liberty, and advocated for a volunteer military force.

Explanation: Milton Friedman proposed a negative income tax as a mechanism for alleviating poverty, believing it was a more efficient and direct way to provide assistance.

Explanation: Milton Friedman favored immigration, believing it positively impacted the economy, but proposed restrictions on welfare access for immigrants, arguing this would make open borders more feasible.

Explanation: Milton Friedman proposed school vouchers as a means to introduce competition and choice into the education system, believing this would lead to improved outcomes.

Explanation: Milton Friedman argued that minimum wage laws harm low-income individuals by increasing unemployment, as employers become less willing to hire workers whose productivity does not justify the mandated wage.

Explanation: Milton Friedman described Hong Kong's economy as perhaps the best example of a free market economy, noting its success stemmed from minimal government intervention.

Explanation: Milton Friedman was a proponent of globalization, believing that open markets and free trade fostered economic growth and benefited all participating countries.

Explanation: Milton Friedman believed the government should sell national parks for private development, arguing that private entities could manage them more efficiently.

Explanation: Milton Friedman supported gay rights and stated that he did not believe there should be any discrimination against gays.

Explanation: Milton Friedman was against public housing, viewing it as a form of welfare that could lead to negative consequences and preferring direct cash assistance as a more effective alternative.

Explanation: Milton Friedman was a strong advocate for free markets and minimal government intervention, believing that extensive intervention hindered prosperity rather than ensuring it.

Explanation: Milton Friedman suggested replacing the Federal Reserve with a computer program designed to manage money supply growth at a steady, predictable rate, often referred to as the k-percent rule.

Explanation: In an interview, Milton Friedman stated that the two basic functions of government are to protect the nation against foreign enemies and to protect citizens against one another.

Explanation: Milton Friedman championed the 'invisible hand' of free markets and believed it was generally superior to the 'visible hand' of government intervention, which he argued often led to inefficiencies.

Explanation: While advocating for free markets, Milton Friedman acknowledged that the government has a role in providing certain public goods, but argued that these services should not be legal monopolies and that private competition should be allowed.

Explanation: Milton Friedman favored the principles of the 1930s Chicago plan, which aimed to end fractional reserve banking by requiring banks to hold 100% reserves backing deposits.

Explanation: Milton Friedman advocated for government management of the money supply but proposed specific rules, such as steady growth, rather than complete control without any guiding principles.

Explanation: Friedman argued that if mail delivery is not a technical monopoly, the government should *not* prevent private competition, believing that competition fosters efficiency.

Explanation: Milton Friedman generally advocated for deregulation and minimal government intervention in markets, believing that regulations often hindered efficiency.

Explanation: Milton Friedman suggested replacing the Federal Reserve with a computer program that would manage the money supply growth at a steady rate, known as the k-percent rule.

Explanation: Friedman argued that government provision of services like mail delivery was acceptable only if it constituted a technical monopoly; otherwise, he advocated for allowing private competition.

Explanation: Milton Friedman generally advocated for deregulation and minimal government oversight in markets, believing that regulations often interfered with efficient market functioning.

Explanation: Milton Friedman famously stated that the sole social responsibility of business is to increase its profits, arguing that managers should focus on maximizing shareholder value.

Explanation: The Friedman doctrine asserts that a business's primary social responsibility is to maximize profits for shareholders, not to prioritize social causes over profit.

Explanation: The Friedman doctrine emphasizes the 'invisible hand' of the market by stating that a business's primary responsibility is profit maximization, contrasting with the 'visible hand' where businesses actively engage in social causes beyond profit.

Explanation: The Friedman doctrine asserts that a business's primary social responsibility is to maximize profits for shareholders, not to prioritize social causes over profit.

Explanation: Milton Friedman's doctrine states that the primary social responsibility of business is to increase its profits, arguing that managers should focus on maximizing shareholder value.

Explanation: The Friedman doctrine emphasizes that the primary social responsibility of business is to maximize profits for shareholders, rather than focusing on environmental sustainability or community engagement.

Explanation: In his 1970 statement, Friedman argued that managers should focus on increasing profits, and only engage in social responsibility initiatives if they directly benefit the business's profitability.

Explanation: Milton Friedman served as an unofficial advisor to U.S. President Ronald Reagan and influenced British Prime Minister Margaret Thatcher. His advocacy for free markets, deregulation, and reduced government intervention significantly shaped the economic policies of their administrations.

Explanation: Milton Friedman visited Chile in 1975 and advised the government on free-market policies, though he did not endorse the political regime.

Explanation: Milton Friedman's foreign policy views evolved from supporting interventionism to becoming an anti-interventionist, opposing foreign wars.

Explanation: Milton Friedman believed that economic freedom was a necessary condition for political freedom, arguing that free markets tend to decentralize power and preserve individual liberties.

Explanation: While Milton Friedman's ideas had global influence, particularly in former communist states and China, the provided information does not specifically highlight his influence on the economic transitions of Western European nations.

Explanation: Austrian economists like Murray Rothbard criticized Milton Friedman, particularly for his support of central banking and his opposition to the gold standard, rather than praising his adherence to it.

Explanation: Milton Friedman's ideas, particularly his advocacy for monetarism, privatization, and deregulation, strongly influenced Margaret Thatcher and her economic reforms in the UK during the 1980s.

Explanation: Upon Friedman's death, Harvard President Lawrence Summers described him as 'The Great Liberator' and famously stated that Democrats were 'all Friedmanites,' crediting Friedman with convincing people of the importance of free markets.

Explanation: Paul Krugman argued that the 2008 recession demonstrated limitations in central banks' ability to control money supply, suggesting it proved Friedman's claims about the Federal Reserve's control were flawed, not correct.

Explanation: Milton Friedman believed that economic freedom was not only desirable in itself but also a necessary condition for political freedom, arguing that economic success can lead to the development of political democracy.

Explanation: Milton Friedman's ideas significantly influenced the economic policies of U.S. President Ronald Reagan and British Prime Minister Margaret Thatcher, particularly their emphasis on free markets and deregulation.

Explanation: Milton Friedman's foreign policy views evolved over time, moving from an earlier stance to becoming an anti-interventionist who opposed foreign wars.

Explanation: Austrian economists like Walter Block criticized Milton Friedman for his support of central banking and his opposition to the gold standard, labeling him a 'socialist' in this context.

Explanation: Milton Friedman believed that economic freedom was a necessary condition for political freedom, arguing that free markets help preserve individual liberties.

Explanation: Paul Krugman argued that the 2008 recession demonstrated limitations in central banks' ability to control money supply, suggesting it proved Friedman's claims about the Federal Reserve's control were flawed, not correct.

Explanation: Upon Friedman's death, Lawrence Summers described him as 'The Great Liberator' and famously stated that Democrats were 'all Friedmanites,' acknowledging Friedman's significant influence on economic thought.