Who was Milton Friedman and what major award did he receive?

Milton Friedman was an American economist and statistician, born on July 31, 1912, and died on November 16, 2006. He 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.

What was Milton Friedman's affiliation with the Chicago school of economics?

Milton Friedman, along with George Stigler, was a leading intellectual figure of the Chicago school of economics. This school, associated with faculty at the University of Chicago, rejected Keynesian economics in favor of monetarism and later shifted focus to new classical macroeconomics.

What was Milton Friedman's core argument regarding inflation?

Milton Friedman famously argued that 'Inflation is always and everywhere a monetary phenomenon.' He contended that inflation is primarily caused by an excessive increase in the money supply, rather than by factors like rising oil prices or wages, challenging the concept of cost-push inflation.

What is the 'permanent income hypothesis' proposed by Milton Friedman?

Milton Friedman developed the permanent income hypothesis, which suggests that consumers base their spending decisions not just on their current income, but on their expected average income over several years, termed 'permanent income.' This theory posits that income can be divided into permanent and transitory components, influencing consumption smoothing behavior.

How did Milton Friedman challenge the traditional Phillips curve?

Milton Friedman critiqued the Phillips curve by introducing the concept of a 'natural rate of unemployment.' He argued that while inflation might temporarily reduce unemployment below this natural rate if the inflation is unexpected, in the long run, unemployment would return to the natural rate, and attempts to keep it lower would only lead to accelerating inflation.

What was Milton Friedman's view on the role of government in the economy?

Milton Friedman advocated for a significantly reduced role for government in the economy, emphasizing the virtues of free markets with minimal intervention. He believed that government intervention often led to inefficiencies and unintended negative consequences, arguing that free markets were the most effective mechanism for allocating resources and promoting prosperity.

What were some of the specific policy proposals Milton Friedman advocated for in 'Capitalism and Freedom'?

In his 1962 book 'Capitalism and Freedom,' Milton Friedman advocated for policies such as a volunteer military, freely floating exchange rates, the abolition of medical licenses, a negative income tax, and school vouchers. He also opposed the war on drugs and supported drug liberalization policies.

What was Milton Friedman's perspective on the Great Depression?

Milton Friedman, along with Anna Schwartz, argued in 'A Monetary History of the United States, 1867–1960' that the Great Depression was primarily caused by a severe monetary contraction resulting from banking crises and the Federal Reserve's misguided policies. He famously stated that the Fed's actions converted a recession into a catastrophe and that the Depression was a failure of government, not the free enterprise system.

What is Milton Friedman's famous quote about inflation?

Milton Friedman's most famous statement regarding inflation is: 'Inflation is always and everywhere a monetary phenomenon.'

What was Milton Friedman's contribution to statistics?

One of Milton Friedman's significant contributions to statistics was the development of sequential sampling techniques during his work at the Division of War Research at Columbia University. This method became a standard analysis for quality control inspection.

What was Milton Friedman's stance on corporate social responsibility?

Milton Friedman was a critic of corporate social responsibility, famously stating in 1970 that the sole social responsibility of business is to increase its profits. He viewed claims of social responsibility as potentially hypocritical window dressing and believed that managers should not divert funds from shareholders for social causes.

What was Milton Friedman's view on the Federal Reserve?

Milton Friedman was highly critical of the Federal Reserve, believing its performance had been poor and that it should be abolished. He suggested replacing it with a computer program that would automatically manage the money supply growth at a steady rate, a concept known as Friedman's k-percent rule, though he later expressed doubts about its feasibility.

What was Milton Friedman's position on floating exchange rates?

Milton Friedman was a strong advocate for floating exchange rates, arguing that they would allow countries to avoid balance of payments crises and serve as an alternative to government intervention in currency markets. He articulated this case in his influential 1953 paper, 'The Case for Flexible Exchange Rates.'

What was Milton Friedman's view on conscription?

Milton Friedman was opposed to conscription, viewing it as inconsistent with a free society and arguing that it was inequitable and arbitrary. He believed it prevented young men from shaping their lives as they saw fit and was a proponent of a volunteer military force.

How did Milton Friedman influence political leaders like Reagan and Thatcher?

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 in the 1980s.

What is the 'Friedman doctrine' concerning the purpose of a business?

The Friedman doctrine, as articulated by Milton Friedman, states that the primary social responsibility of a business is to increase its profits. He argued that businesses should focus on maximizing shareholder value and that engaging in social responsibility initiatives beyond this could be detrimental and potentially unethical.

What was Milton Friedman's stance on drug liberalization?

Milton Friedman was a supporter of drug liberalization policies, comparing the prohibition of recreational drugs to the historical prohibition of alcohol in the United States. He argued that drug prohibition was economically inefficient and that the government's role in the 'drug war' inadvertently protected drug cartels.

What were Milton Friedman's views on immigration?

Milton Friedman favored immigration, stating that both legal and illegal immigration had a positive impact on the U.S. economy. However, he suggested that immigrants should not have access to the welfare system, arguing that open borders would be more feasible if the welfare state were reduced.

What was Milton Friedman's opinion on public housing?

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, believing it would be more beneficial and less paternalistic.

What was Milton Friedman's critique of minimum wage laws?

Milton Friedman argued that minimum wage laws were detrimental, believing they would increase unemployment by making it more expensive for employers to hire workers, particularly those with lower skill levels. He saw these laws as harming the very low-income individuals they were intended to help.

What recognition did Milton Friedman receive in 1951?

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.

What was Milton Friedman's view on the role of government in education?

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.

How did Milton Friedman describe the government's essential roles?

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.

What was Milton Friedman's view on the 'natural rate of unemployment'?

Milton Friedman theorized the existence of a 'natural rate of unemployment,' suggesting that unemployment below this rate would lead to accelerating inflation. He posited that the Phillips curve was vertical in the long run at this natural rate.

What is the significance of Milton Friedman's book 'A Monetary History of the United States, 1867–1960'?

'A Monetary History of the United States, 1867–1960,' co-authored with Anna Schwartz, is considered highly influential. It argued that the Great Depression was caused by monetary contraction due to banking crises and Federal Reserve policy, a view that significantly impacted economic thought and policy.

What was Milton Friedman's stance on environmental taxes?

Milton Friedman expressed support for environmental taxes, suggesting they were a better approach to controlling pollution than specific regulations. He believed that taxing pollutants would incentivize manufacturers and consumers to reduce pollution.

What did Milton Friedman say about Hong Kong's economy?

Milton Friedman described Hong Kong's economy as perhaps the best example of a free market economy, stating, 'If you want to see capitalism in action, go to Hong Kong.' He wrote in 1990 that it exemplified a free market economy.

What was Milton Friedman's relationship with Augusto Pinochet's regime in Chile?

Milton Friedman visited Chile in 1975 and gave lectures on economic freedom, advising the government on free-market policies. While he stated he did not condone the political system, he believed that economic freedom could contribute to political freedom and that his lectures were technical advice, not political endorsement.

What is the 'Friedman rule' in economics?

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. This rule aims to stabilize the economy by providing a predictable monetary environment.

How did Milton Friedman's views on foreign policy evolve?

Milton Friedman's views on foreign policy evolved over time. While initially supporting U.S. involvement in World War II and a hard line against Communism, he later became an anti-interventionist, opposing the Gulf War and the Iraq War.

What was Milton Friedman's personal background regarding his parents and birthplace?

Milton Friedman was born in Brooklyn, New York City, on July 31, 1912. His parents, Sára Ethel Landau and Jenő Saul Friedman, were Jewish immigrants from Beregszász, Kingdom of Hungary (now Berehove, Ukraine), who worked as dry goods merchants.

What was Milton Friedman's initial career aspiration before becoming an economist?

Before becoming an economist, Milton Friedman initially intended to pursue a career as an actuary or a mathematician. However, the economic conditions during the Great Depression influenced his decision to study economics.

Who was Milton Friedman's doctoral advisor?

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

What notable ideas are associated with Milton Friedman?

Notable ideas associated with Milton Friedman include cost-push inflation, floating exchange rates, helicopter money, price theory (microeconomics), monetarism, applied macroeconomics, the natural rate of unemployment, the permanent income hypothesis, a volunteer military, the Friedman doctrine, and school vouchers.

What awards and honors did Milton Friedman receive?

Milton Friedman received numerous honors, including the Nobel Memorial Prize in Economic Sciences (1976), the John Bates Clark Medal (1951), the National Medal of Science (1988), and the Presidential Medal of Freedom (1988). He was also a member of the American Philosophical Society and the National Academy of Sciences.

What was Milton Friedman's view on the 'visible hand' versus the 'invisible hand' in economics?

Milton Friedman was a proponent of the 'invisible hand,' the concept that free markets, guided by self-interest and competition, lead to efficient outcomes. He contrasted this with the 'visible hand' of government intervention, which he believed often led to negative consequences and hindered economic progress.

What was Milton Friedman's stance on the role of government in providing public goods?

While advocating for free markets, Milton Friedman acknowledged that the government has a role in providing certain public goods that private businesses might not adequately supply. However, he argued that these services should not be legal monopolies and that private competition should be allowed to ensure efficiency.

How did Milton Friedman's work influence the Federal Reserve's policy?

Friedman's monetary theory and his emphasis on the money supply influenced the Federal Reserve's monetary policy, particularly in its response to economic events like the 2008 financial crisis. His ideas contributed to a greater focus on controlling inflation through monetary aggregates.

What criticism did Milton Friedman face regarding his work on the Phillips curve?

Milton Friedman's critique of the Phillips curve was controversial, as it challenged the prevailing Keynesian view that there was a stable trade-off between inflation and unemployment. His concept of the natural rate of unemployment and the long-run vertical Phillips curve was a significant departure and faced debate.

What was Milton Friedman's view on the relationship between economic freedom and political freedom?

Milton Friedman believed that economic freedom was a necessary condition for political freedom. He argued that free markets tend to decentralize power, which is essential for maintaining political liberty, and that government intervention in the economy can lead to a loss of individual freedoms.

What was Milton Friedman's personal stance on religion?

Milton Friedman described himself as an agnostic. While his parents were moderately observant Jews, he rejected religion after an intense period of childhood piety and did not raise his children in a religious tradition, though they did have a Christmas tree.

What was Milton Friedman's view on the impact of immigration on the U.S. economy?

Milton Friedman believed that immigration, both legal and illegal, had a very positive impact on the U.S. economy. He argued that immigrants often take jobs that residents are unwilling to do and that they contribute to economic growth.

What was Milton Friedman's perspective on the 'Chicago plan' for banking?

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. He believed this would give the government sole control over money creation, making monetary policy targets more achievable.

How did Milton Friedman's work influence economic policy in Eastern Europe and China?

Milton Friedman's books and essays, particularly those advocating for free markets and limited government intervention, had a global influence. His ideas were influential in former communist states as they transitioned towards market economies, and he also advised governments in China.

What criticism did some Austrian economists have of Milton Friedman's work?

Some Austrian economists, like Murray Rothbard and Walter Block, criticized Milton Friedman. Block labeled him a 'socialist' and criticized his support for a central banking system and his opposition to the gold standard, while Rothbard questioned his interpretation of the Great Depression's causes.

What was Milton Friedman's view on the role of government in national parks?

Milton Friedman believed the government should not operate national parks, arguing that they should be sold for private development. He suggested that private entities could manage these lands more efficiently.

What was Milton Friedman's stance on gay rights?

Milton Friedman was a supporter of gay rights, stating that he did not believe there should be any discrimination against gays. While he did not specifically endorse same-sex marriage, his principle was against discrimination based on sexual orientation.

What is the significance of the 'Friedman doctrine' in relation to the 'visible hand'?

The 'Friedman doctrine,' particularly concerning corporate social responsibility, emphasizes the 'invisible hand' of the market by stating that a business's primary responsibility is profit maximization. This contrasts with the idea of a 'visible hand' where businesses actively engage in social causes beyond profit, which Friedman viewed skeptically.

How did Milton Friedman's ideas impact Margaret Thatcher's economic policies?

Milton Friedman's ideas, particularly his advocacy for monetarism, privatization, and deregulation, strongly influenced Margaret Thatcher and her allies. These policies were central to her economic reforms in the UK during the 1980s, aiming to reduce inflation and the power of trade unions.

What was Milton Friedman's view on the 'neighborhood effect' in relation to poverty alleviation?

Milton Friedman acknowledged the 'neighborhood effect' as a justification for governmental action to alleviate poverty. He reasoned that individuals might be willing to contribute to poverty relief if they were assured others would do the same, and that government intervention, like a negative income tax, could ensure this collective action.

What did Lawrence Summers say about Milton Friedman's influence?

Upon Friedman's death, Harvard President Lawrence Summers described him as 'The Great Liberator' and famously stated, 'any honest Democrat will admit that we are now all Friedmanites.' Summers credited Friedman with convincing people of the importance of free markets.

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Biography

Early Life and Education

Born in Brooklyn, New York, on July 31, 1912, Milton Friedman was the son of Jewish immigrants from Hungary. His parents, Sarah Ethel and Jenő Saul Friedman, worked diligently as dry goods merchants. Friedman's early life was marked by financial challenges, particularly after his father's death during his senior year of high school. He graduated from Rahway High School in 1928 and attended Rutgers University on a scholarship, graduating in 1932.

Initially considering mathematics or actuarial science, Friedman was drawn to economics by the prevailing economic conditions. He pursued graduate studies at the University of Chicago, earning an MA in 1933, where he was profoundly influenced by economists like Jacob Viner, Frank Knight, and Henry Simons. He later completed his PhD at Columbia University in 1946, studying statistics under Harold Hotelling. During his studies, he met and married fellow economist Rose Director.

Public Service and Early Career

Friedman's early career included roles in government service during the New Deal era, working with agencies like the National Resources Planning Board. He contributed to wartime tax policy, notably helping to develop the payroll withholding tax system. While initially supporting some New Deal initiatives, he later critiqued price and wage controls, foreshadowing his lifelong advocacy for free markets. His work with the National Bureau of Economic Research led to seminal studies on income and consumption.

Friedman's early research, including the controversial hypothesis that professional licensing artificially restricted supply and raised prices, laid the groundwork for his later economic theories. He briefly taught at the University of Wisconsin–Madison but returned to government work before finding his long-term academic home.

Core Economic Ideas

Monetarism

Friedman is most renowned for his work on monetarism, challenging Keynesian economics. He argued that the money supply is the primary determinant of nominal income and inflation in the long run. He advocated for a steady, predictable growth in the money supply, believing it was crucial for economic stability.

His influential book, *A Monetary History of the United States, 1867–1960* (co-authored with Anna Schwartz), posited that the Great Depression was primarily caused by a severe monetary contraction due to Federal Reserve policy failures. He famously stated, "Inflation is always and everywhere a monetary phenomenon."

Natural Rate of Unemployment

Friedman introduced the concept of the "natural rate of unemployment," suggesting that attempts to push unemployment below this rate through expansionary policies would inevitably lead to accelerating inflation. This challenged the prevailing understanding of the Phillips curve.

His prediction of stagflation (high inflation combined with high unemployment) in the 1970s validated his theoretical framework, demonstrating the long-run verticality of the Phillips curve.

Consumption and Freedom

Friedman's research on consumption analysis introduced theories like "consumption smoothing" and the "permanent income hypothesis." He argued that individuals base their spending decisions on their expected long-term income, not just their current income.

In his seminal work *Capitalism and Freedom*, Friedman championed individual liberty and free markets, advocating for policies such as school vouchers, negative income tax, deregulation, and the abolition of occupational licensing, believing these measures would enhance both economic efficiency and personal freedom.

Academic and Policy Career

University of Chicago

Friedman spent three decades at the University of Chicago (1946-1977), becoming a central figure in the influential Chicago School of Economics. This intellectual environment fostered rigorous debate and produced numerous Nobel laureates, challenging prevailing Keynesian economic thought.

His mentorship guided many future economists, including Gary Becker, Robert Fogel, and Robert Lucas Jr., solidifying Chicago's reputation as a hub for neoclassical and monetarist economic theory.

Advisory Roles

Friedman's influence extended beyond academia. He served as an advisor to prominent political leaders, including U.S. President Ronald Reagan and British Prime Minister Margaret Thatcher. His policy recommendations emphasizing deregulation, privatization, and reduced government spending significantly impacted economic policies globally.

His advocacy for free markets resonated with leaders seeking alternatives to state intervention, contributing to a shift in economic policy paradigms during the late 20th century.

Recognition and Awards

Friedman's contributions were widely recognized. He received the John Bates Clark Medal in 1951, the Nobel Memorial Prize in Economic Sciences in 1976, the National Medal of Science in 1988, and the Presidential Medal of Freedom in 1988.

These accolades underscore his profound impact on economic theory and public policy, cementing his status as one of the most influential economists of his time.

Seminal Works

Capitalism and Freedom

Published in 1962, *Capitalism and Freedom* outlines Friedman's core philosophy advocating for free markets and limited government intervention. It presents a compelling case for economic freedom as a prerequisite for political freedom.

The book championed controversial ideas at the time, including school vouchers, a volunteer military, and drug liberalization, many of which have since gained significant traction in policy debates.

A Monetary History of the United States

Co-authored with Anna Schwartz and published in 1963, this monumental work is a cornerstone of monetarist theory. It meticulously analyzes the role of money supply in economic fluctuations, particularly the Great Depression.

The book's central thesis—that monetary policy errors were the primary cause of the Depression—profoundly influenced central banking practices and macroeconomic policy worldwide.

Global Influence

Economic Policy Shift

Friedman's ideas played a pivotal role in the shift away from Keynesian dominance towards free-market principles in the latter half of the 20th century. His advocacy for deregulation and privatization influenced economic reforms in numerous countries.

His work provided the intellectual foundation for policies implemented by leaders like Reagan and Thatcher, often referred to as the "Reaganomics" and "Thatcherism" eras, which emphasized supply-side economics and reduced state intervention.

Intellectual Leadership

As a leading figure of the Chicago School, Friedman challenged established economic orthodoxies. His rigorous empirical analysis and clear articulation of free-market principles made complex economic concepts accessible and influential.

Surveys consistently rank him among the most influential economists of the 20th century, with *The Economist* describing him as potentially the most influential economist of the entire century.

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References

https://cepr.org/voxeu/columns/hong-kong-two-stage-economic-experiment

"Capitalism and Friedman" (editorial). The Wall Street Journal. November 17, 2006.

Milton Friedman EconLib

Cato, "Letter from Washington," National Review, September 19, 1980, Vol. 32 Issue 19, p. 1119

Rose and Milton Friedman. stanford.edu

Carlin, Wendy; Soskice, David W. (2014). Macroeconomics: Institutions, instability, and the financial system. US: Oxford University Press. pp. 20â29.

Carroll, Christopher D. (1997). "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis". Quarterly Journal of Economics. 112 (1): 1â55

Beznoska, Martin; Ochmann, Richard (2012). "Liquidity Constraints and the Permanent Income Hypothesis: Pseudo Panel Estimation with German Consumption Survey Data", EconStar.

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. 195â196

Milton Friedman. phillysoc.org

Hamilton, Earl J. (1965). American Treasure and the Price Revolution in Spain, 1501â1650. New York: Octagon, pp. 301â302

David Teira, "Milton Friedman, the Statistical Methodologist," History of Political Economy (2007) 39#3 pp. 511â527

Chang, Roberto (1997) "Is Low Unemployment Inflationary?" Economic Review, Federal Reserve Bank of Atlanta. pp. 4â13.

Friedman, M., & Schwartz, A.J. (1986). Has government any role in money?. Journal of Monetary Economics, 17(1), 37â62.

Salter, Alexander, William. (2014). An Introduction to Monetary Policy Rules. Mercatus WorkÄ±ng Paper. George Mason University.

Marimon, R., & Sunder, S. (December 1995). "Does a constant money growth rule help stabilize inflation?: experimental evidence. In Carnegie-Rochester Conference Series on Public Policy (Vol. 43, pp. 111â156). North-Holland.

Evans, G.W., & Honkapohja, S. (2003). Friedman's money supply rule vs. optimal interest rate policy". Scottish Journal of Political Economy, 50(5), 550â566.

Simon London, "Lunch with the FT â Milton Friedman," Financial Times (June 7, 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."

Friedman, Milton & Rose D. Capitalism and Freedom, University of Chicago Press, 1982, p. 29

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. 598â599. Accessible at books.google.com

[Two Lucky People: Memoirs By Milton Friedman, Rose D. Friedman. Appendix A, pp. 591â593. Letter from Friedman to Pinochet, April 21, 1975.]

Colander, D. (1995). Is Milton Friedman an artist or a scientist?. Journal of Economic Methodology, 2(1), 105â122.

Ng, Yew-Kwang. (2016). Are unrealistic Assumptions/Simplifications Acceptable? Some Methodological Issues in Economics. Pacific Economic Review, 21(2), 180â201.

Maki, U., & MÃ¤ki, U. (Eds.). (2009). The methodology of positive economics: reflections on the Milton Friedman legacy. Cambridge University Press.

A full list of references for this article are available at the Milton Friedman Wikipedia page

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Milton Friedman

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Biography 🎓

👶 Early Life and Education

💼 Public Service and Early Career

Core Economic Ideas 💡

💰 Monetarism

📈 Natural Rate of Unemployment

🏠 Consumption and Freedom

Academic and Policy Career 🏛️

👨‍🏫 University of Chicago

🗣️ Advisory Roles

🏆 Recognition and Awards

Seminal Works 📚

📖 Capitalism and Freedom

📜 A Monetary History of the United States

Global Influence 🌍

🌐 Economic Policy Shift

💡 Intellectual Leadership

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Dive in with Flashcard Learning!

Biography

Early Life and Education

Public Service and Early Career

Core Economic Ideas

Monetarism

Natural Rate of Unemployment

Consumption and Freedom

Academic and Policy Career

University of Chicago

Advisory Roles

Recognition and Awards

Seminal Works

Capitalism and Freedom

A Monetary History of the United States

Global Influence

Economic Policy Shift

Intellectual Leadership

Teacher's Corner

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References

Feedback & Support

Disclaimer

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