Milton Friedman

Milton Friedman (/ˈfriːdmən/ ; July 31, 1912 – November

Milton Friedman
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.[4] With George Stigler, 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.[5] Several
students, young professors and academics who were
recruited or mentored by Friedman at Chicago went on to
become leading economists, including Gary Becker,[6]
Friedman in 2004
Robert Fogel,[7] and Robert Lucas Jr.[8]
Born July 31, 1912
Friedman's challenges to what he called "naive Keynesian Brooklyn, New York City,
theory"[9] began with his interpretation of consumption, U.S
which tracks how consumers spend. He introduced a theory Died November 16, 2006
which would later become part of mainstream economics (aged 94)
and among the first to propagate the theory of consumption San Francisco, California,
smoothing.[4][10] During the 1960s, he became the main U.S
advocate opposing Keynesian government policies,[11] and Education Rutgers University (BA)
described his approach (along with mainstream economics)
University of Chicago
as using "Keynesian language and apparatus" yet rejecting
(MA)
its initial conclusions.[12] He theorized that there existed a
natural rate of unemployment and argued that Columbia University
unemployment below this rate would cause inflation to (PhD)

accelerate.[a][13] He argued that the Phillips curve was in the Political party Republican[3]
long run vertical at the "natural rate" and predicted what Spouse Rose Friedman (m. 1936)
would come to be known as stagflation.[14] Friedman
Children David D. Friedman · Jan
promoted a macroeconomic viewpoint known as Martel
monetarism and argued that a steady, small expansion of the
money supply was the preferred policy, as compared to Academic career
rapid, and unexpected changes.[15] His ideas concerning Institution National Resources
monetary policy, taxation, privatization, and deregulation Planning Board (1935–
influenced government policies, especially during the 1980s. 1937)
His monetary theory influenced the Federal Reserve's National Bureau of
monetary policy in response to the global financial crisis of Economic Research
2007–2008.[16] (1937–1940)
After retiring from the University of Chicago in 1977, and Columbia University
becoming Emeritus professor in economics in 1983,[17] (1937–1941; 1943–1945;
Friedman served as an advisor to Republican U.S. president 1964–1965)
Ronald Reagan and Conservative British prime minister University of Wisconsin,
Margaret Thatcher.[18] His political philosophy extolled the Madison (1940)
virtues of a free market economic system with minimal U.S. Department of the
government intervention in social matters. In his 1962 book Treasury (1941–1943)
Capitalism and Freedom, Friedman advocated policies such
University of Chicago
as a volunteer military, freely floating exchange rates,
(1946–1977)
abolition of medical licenses, a negative income tax, school
vouchers,[19] and opposition to the war on drugs and University of Cambridge
(1954–1955)
support for drug liberalization policies. His support for
school choice led him to found the Friedman Foundation for Hoover Institution,
Educational Choice, later renamed EdChoice.[20][21] Stanford University
(1977–2006)
Friedman's works cover a broad range of economic topics School or Chicago School;
and public policy issues.[17] His books and essays have had tradition Classical Liberalism
global influence, including in former communist
Doctoral Simon Kuznets
states.[22][23][24][25] A 2011 survey of economists
advisor
commissioned by the EJW ranked Friedman as the second-
most popular economist of the 20th century, following only Doctoral Phillip Cagan
John Maynard Keynes.[26] Upon his death, The Economist students Harry Markowitz
described him as "the most influential economist of the Lester G. Telser[1]
David I. Meiselman
second half of the 20th century ... possibly of all of it".[27]
Neil Wallace
Miguel Sidrauski

Early life Edgar L. Feige

Thomas Sowell
Friedman was born in Brooklyn, New York City on July 31, Influences Bentham · Burns ·
1912. His parents, Sára Ethel (née Landau) and Jenő Saul George · Hayek ·
Friedman, were Jewish working-class immigrants from Hotelling · H. Jones ·
Beregszász in Carpathian Ruthenia, Kingdom of Hungary Knight · Kuznets · Schultz
(now Berehove in Ukraine).[28][29] They emigrated to · H.C. Simons · Smith ·
America in their early teens.[28] They both worked as dry Stigler · Viner
goods merchants. Friedman was their fourth child and only Contributions Price theory
son, as well as the youngest of the children.[30] Shortly after Monetarism
his birth, the family relocated to Rahway, New Jersey.[31]
Applied macroeconomics
Friedman's father, Jenő Saul Friedman, died during
Friedman's senior year of high school, leaving Friedman and Floating exchange rates

two older sisters to care for their mother.[28] Permanent income

hypothesis
In his early teens, Friedman was injured in a car accident, Helicopter money
which scarred his upper lip.[32][33] A talented student and an
Volunteer military
avid reader, Friedman graduated from Rahway High School
Natural rate of
in 1928, just before his 16th birthday.[30][34][35] He was the
unemployment
Friedman test
first in his family to attend a university. Friedman was K-percent rule
awarded a competitive scholarship to Rutgers University and Awards Member of the American
graduated in 1932.[36]
Philosophical Society
Friedman initially intended to become an actuary or (1957)[2]

mathematician, however, the state of the economy, which Member of the National
was at this point in a depression, convinced him to become Academy of Sciences
an economist.[30][31] He was offered two scholarships to do (1973)
graduate work, one in mathematics at Brown University and National Medal of
the other in economics at the University of Chicago.[37][38] Science (1988)
Friedman chose the latter, earning a Master of Arts degree in Presidential Medal of
1933. He was strongly influenced by Jacob Viner, Frank Freedom (1988)
Knight, and Henry Simons. Friedman met his future wife, Nobel Memorial Prize in
economist Rose Director, while at the University of Economic Sciences
Chicago.[39] Friedman was also the student of Friedrich (1976)
Hayek.[40]
John Bates Clark Medal
During the 1933–1934 academic year, he had a fellowship at (1951)
Columbia University, where he studied statistics with Information (https://ideas.repec.org/e/pfr1
statistician and economist Harold Hotelling. He was back in 0.html) at IDEAS / RePEc
Chicago for the 1934–1935 academic year, working as a Signature
research assistant for Henry Schultz, who was then working
on Theory and Measurement of Demand.[41]

During the 1934–35 academic year, Friedman formed what

would later prove to be lifetime friendships with George Stigler and W. Allen Wallis, both of whom later
taught with Friedman at the University of Chicago.[42] Friedman was also influenced by two lifelong
friends, Arthur Burns and Homer Johnson. They helped Friedman better understand the depth of economic
thinking.[43]

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.[44] 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".[45]
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".[46] 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.[47] Robert J. Shiller
describes the book as the "most influential account" of the Great Depression.[48] During 1935, he began
working for the National Resources Planning Board,[49] 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 Professional Practice, which introduced the concepts of permanent and
transitory income, a major component of the permanent income hypothesis that Friedman worked out in
greater detail in the 1950s. The book hypothesizes that professional licensing artificially restricts the supply
of services and raises prices.[50]

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.[17][50] 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.[51]

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.[52][53] 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.[54] 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." [55] 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."[54]

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.[56] 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.[56][57]

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.[58][38] 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.[59]

University of Chicago
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.[38] 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.[31]

At the time, Arthur F. Burns, who was then the head of the National Bureau of Economic Research, and
later chairman of the Federal Reserve, asked Friedman to rejoin the Bureau's staff.[60] 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.[15][31]

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,[61] and helped earn the magazine a
Gerald Loeb Special Award in 1968.[62] 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.[63][64]

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".[10]

Friedman's counterpart Keynes believed people would modify their household consumption expenditures to
relate to their existing income levels.[65] 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 to calculate income, with p representing
the permanent component, and t representing the transitory component.[66] 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.[67]
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-Riksbank Prize in Economic Sciences.[4] His work was later
expanded on by Christopher D. Carroll, especially in regards to the absence of liquidity constraints.[68][69]

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.[70][71]

Capitalism and Freedom

His book Capitalism and Freedom, inspired by a series of lectures he gave at Wabash College,[72] brought
him national and international attention outside academia.[73] 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.[74] It sold over 400,000 copies in the first eighteen years and more than half a million since
1962.[75] Capitalism and Freedom was translated into eighteen languages.[76] 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 it 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.[77]

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.[78]

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.[79][80][81]
Friedman giving a lecture about a
pencil in Free to Choose (1980)
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). The companion book to the series (co-
authored by Milton and his wife, Rose Friedman), also titled Free To Choose, was the bestselling nonfiction
book of 1980.[82]

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".[18] In 1988 he received the
National Medal of Science and Reagan honored him with the Presidential Medal of Freedom.[83]
Friedman is known now as one of the most influential economists of the 20th century.[84][85] 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.[86][87][88]

Personal life
Friedman had two children, David and
Jan.[89] He met his wife, Rose Friedman
(née Director), at the University of
Chicago in 1932, and wed six years
later, in 1938.[39][90]

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.[91][92][93]
Milton and Rose Friedman

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."[94][95][96]

During the 1960s Friedman built and subsequently maintained a cottage in Fairlee, Vermont.[97] Friedman
also had an apartment in Russian Hill, San Francisco, where he lived from 1977 until his death.[98]

Religious views
According to a 2007 article in Commentary magazine, his External videos
"parents were moderately observant Jews, but Friedman, after an Presentation by Milton and Rose
intense burst of childhood piety, rejected religion altogether".[99] Friedman on Two Lucky People:
He described himself as an agnostic.[100] 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."[101]

Death
Friedman died of heart failure at the age of 94 years in San Francisco on November 16, 2006.[102] 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.[103] 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.[89]

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.[104] 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.[105]

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", to avoid dealing with money injection mechanisms and other factors that would
overcomplicate his models.[106]

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[107]

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 and 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.[108][109]

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[110]

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[111] 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.[109][111]

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."[112] 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.[113] 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.[114]

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.[115] 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.[10]

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.[116]

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".[117] 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.[117]

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.[118][119]

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.[118]

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.[114]

Statistics
One of his most famous contributions to statistics is sequential sampling.[120] Friedman did statistical work
at the Division of War Research at Columbia, where he and his colleagues came up with the technique.[121]
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."[120][122]

Corporate social responsibility

Friedman criticised corporate social responsibility, most famously in an op-ed in the New York Times
Magazine in 1970.[123] Friedman argued that businesses often used claims about social responsibility to
increase returns and described them as "hypocritical window dressing".[123] Managers were also poorly
prepared to make decisions about social causes and these outlays diverted funds that belonged instead to
shareholders. Friedman believed that only monopolistic corporations could routinely make altruistic
expenditures on social responsibility, because in a competitive market such costs would undermine the
business.[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-percent rule.[132] There is debate about the effectiveness of a theoretical
money supply targeting regime.[133][134] The Fed's inability to meet its money supply targets from 1978 to
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,[15] 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
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]
Friedman receiving the Presidential
In a 1995 interview with Reason magazine, Friedman criticized Medal of Freedom from Ronald
Murray Rothbard and Ayn Rand as "cult builders" and Reagan in 1988
"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.[3] Friedman attended The Future of Freedom Conference, which was a
meeting for libertarians, in 1990.[148]

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."[149]

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.[3][150]

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, [151]

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:[152]

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.[153] 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.[154] 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".[155] Friedman also criticized urban renewal programs in the United States due to their
racially discriminatory and economically regressive effects.[156]

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."[157] 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."[158][159]

In his 1955 article "The Role of Government in Education",[160] Friedman proposed supplementing
publicly operated schools with privately run but publicly funded schools through a system of school
vouchers.[161] Reforms similar to those proposed in the article were implemented in, for example, Chile in
1981 and Sweden in 1992.[162] 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.[20]

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.[163]

With sixteen other distinguished economists he opposed the Copyright Term Extension Act, and signed on
to an amicus brief filed in Eldred v. Ashcroft.[164] Friedman jokingly described it as a "no-brainer".[165]

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.[166]

Friedman suggested medical savings accounts, repealing tax exemptions of employer-provided medical care
and income-based deductibles as ways to lower health care costs in America. Friedman also argued that
federal involvement in health care should be restricted, with state and local governments financing health
care for the poor.[167]

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.[168]

Friedman was also a supporter of gay rights.[169] He never specifically supported same-sex marriage,
instead saying "I do not believe there should be any discrimination against gays."[170]

Friedman favored immigration, saying "legal and illegal immigration has a very positive impact on the U.S.
economy".[171] However, he suggested that immigrants ought not to have access to the welfare system.[171]
Friedman stated that immigration from Mexico had been a "good thing", in particular illegal
immigration.[171] 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.[171] In Free to Choose, Friedman wrote:[154]
 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.[172] Economist Bryan Caplan has disputed this assertion, arguing that welfare is generally
distributed not among immigrants, but instead retirees, through Social Security.[173]

Friedman was against public housing as he believed it was also a form of welfare. He believed that one of
the main arguments 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.[75] 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.[174] 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.[175][176]

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.[174] 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.[177][178]

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".[179] In 1971,
Friedman received the Golden Plate Award of the American
Academy of Achievement.[180][181] 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
Friedman in 1976
committee.[182][183]
Friedman was a recipient of the Nobel Memorial Prize in Economics.[4]

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".[184]

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."[185]

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."[99]

1976 Nobel Memorial Prize in Economic Sciences

Friedman was awarded 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".[4] 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.[186][187]

Hong Kong
Friedman said, "If you want to see capitalism in action, go to Hong Kong."[188] He wrote in 1990 that the
Hong Kong economy was perhaps the best example of a free market economy.[189]

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".[190] 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).[191]

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.[192]
Friedman and Arnold Harberger accepted an invitation of a private Chilean foundation to visit Chile and
speak on principles of economic freedom.[193] 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."[194]

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".[195] 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".[195] 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.[196][197][198]

Sergio de Castro, a Chilean Chicago School graduate, became the nation's Minister of Finance in 1975.[198]
During his six-year tenure, foreign investment increased, restrictions were placed on striking and labor
unions, and GDP rose yearly.[199] 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.[200]

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."[201][202] In 1984, Friedman stated that he has
"never refrained from criticizing the political system in Chile".[194] 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."[203] He stressed that the lectures he gave in Chile were the same lectures he later gave in China
and other socialist states.[204] 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."[205]
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",[206][207] 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".[208]

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[209] 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 on
August 31, 1984, with socialist intellectuals, including Ólafur Ragnar Grímsson, who later became
President of Iceland.[210] 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.[211]

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.[212] Laar won the 2006 Milton Friedman Prize for Advancing Liberty, awarded by the Cato
Institute.[213]

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.[214][215] Galbraith
strongly criticised the "workability of the Friedmanite formula" for which, he said, "Britain has volunteered
to be the guinea pig".[216]

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.[217][218][219][220] Milton Friedman's
somewhat controversial legacy[221][222] in America remains strong within the conservative movement.[223]
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.[224][225][226][227]

Criticism of published works

Friedman exogenous money supply theory has been deeply criticized by British Post-Keynesian economist
Nicholas Kaldor in the 1970s. While Friedman and monetarist economists claimed that the money supply
was exogenously created by a powerful central bank, Kaldor claimed that the money was created by
second-tier banks through the distribution of credits to households and companies. In the Post-Keynesian
framework, central banks simply refinance second-tier banks on demand but are not in the core of monetary
creation. Milton Friedman and Nicholas Kaldor were involved in a fierce debate in 1969–70, in which the
monetarist economist had the upper hand.[228] In 1982, Kaldor published a book entitled The Scourge of
Monetarism, deeply criticizing monetarist-inspired policies.

Econometrician David Hendry criticized part of Friedman's and Anna Schwartz's 1982 Monetary
Trends.[229] When asked about it during an interview with Icelandic TV in 1984,[230] Friedman said that
the criticism referred to a different problem from that which he and Schwartz had tackled, and hence was
irrelevant,[231] and pointed out the lack of consequential peer review amongst econometricians on Hendry's
work.[232] 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,[233] he had refuted "almost every empirical claim ...
made about UK money demand" by Friedman and Schwartz.[234] A 2004 paper updated and confirmed the
validity of the Hendry–Ericsson findings through 2000.[235] Some commentators believe that Friedman was
not open enough, in their view, to the possibility of market inefficiencies.[236] 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][237]
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.[238] Friedman's positivist methodological approach to economics
has also been critiqued and debated.[239][240][241] Finnish economist Uskali Mäki argued some of his
assumptions were unrealistic and vague.[242][243]

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'." [244] 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, even though during the period described by Friedman as "The Great
Contraction", the money supply did in fact decrease year-over-year by over 10 percentage points.[245]

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,[246][247] 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.[248] 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[249]),
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".[250][251]

James Tobin questioned the importance of velocity of money, and how informative this measure of the
frequency of transactions is to the understanding of the various fluctuations observed in A Monetary History
of the United States.[252]

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, 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.[253]

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.[254] 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.[254] From 1980 to 2020, while economy-wide productivity rose almost 70
percent, hourly compensation for typical workers increased less than 12 percent, while the earnings of the
top 1 percent and 0.1 percent increased 158 percent and 341 percent, respectively.[254]

Selected bibliography
A Theory of the Consumption Function (1957) ISBN 1614278121.
A Program for Monetary Stability (Fordham University Press, 1960) 110 pp. online version
Archived (https://web.archive.org/web/20111101070712/http://www.questia.com/PM.qst?a=o
&d=22831717) November 1, 2011, at the Wayback Machine ISBN 0823203719
Capitalism and Freedom (1962), highly influential series of essays that established
Friedman's position on major issues of public policy (excerpts)
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 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

Causes of the Great Depression

David D. Friedman
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
 Patri Friedman
"We are all Keynesians now"

Explanatory notes
a. Among macroeconomists, the "natural" rate has been increasingly replaced by James
Tobin's non-accelerating inflation rate of unemployment (NAIRU), which is seen as having
fewer normative connotations.

References
1. Ebenstein, Lanny (2007). Milton Friedman: A Biography. St. Martin's Publishing Group. p. 89.
ISBN 978-0230604094.
2. "APS Member History" (https://search.amphilsoc.org/memhist/search?creator=Milton+Friedm
an&title=&subject=&subdiv=&mem=&year=&year-max=&dead=&keyword=&smode=advanc
ed).
3. Doherty, Brian (June 1995). "Best of Both Worlds: An Interview with Milton Friedman" (https://
reason.com/1995/06/01/best-of-both-worlds/). Reason. Retrieved March 29, 2023.
4. "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/lau
reates/1976/) from the original on April 12, 2008. Retrieved February 20, 2008.
5. "The Chicago School" (https://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_
chicagoschool.html). Commanding Heights. PBS. Retrieved May 17, 2021.
6. "Our Legacy" (https://bfi.uchicago.edu/about/legacy/). Becker Friedman Institute. Retrieved
May 17, 2021.
7. 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)
8. Van Overtveldt, Johan (2009). The Chicago School: How the University of Chicago
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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?id
=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
Burns, Jennifer (2023). Milton Friedman: The Last External videos
Conservative. New York: Farrar, Straus and Giroux. After Words interview with
ISBN 9780374601140. OCLC 1355021202 (https://ww
Jennifer Burns on Milton Friedman:
w.worldcat.org/oclc/1355021202).
The Last Conservative, December
"Symposium: Why Is There No Milton Friedman
Today?" (http://econjwatch.org/issues/volume-10-issue- 1, 2023 (https://www.c-span.org/vid
2-may-2013). Econ Journal Watch. 10 (2). May 2013.
 Jones, Daniel Stedman. Masters of the Universe: eo/?531388-1/after-words-jennifer-
Hayek, Friedman, and the Birth of Neoliberal Politics burns), C-SPAN
(2nd ed. 2014)
McCloskey, Deirdre (Winter 2003). "Other Things
Equal: Milton". Eastern Economic Journal. 29 (1): 143–146. JSTOR 40326463 (https://www.j
stor.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; Ronald N. Wood, eds. (1990). Milton Friedman: Critical
Assessments (https://books.google.com/books?id=_juHqHUkJAMC). Critical Assessments
of Contemporary Economists Vol. IV. London: Routledge. ISBN 9780415020053.
OCLC 20296405 (https://www.worldcat.org/oclc/20296405).

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/fri
edman-lecture.html) 1976 lecture at NobelPrize.org
Nobel Memorial Prize acceptance speech (http://nobelprize.org/nobel_prizes/economics/laur
eates/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-friedman
-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 for viewing 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 for viewing at the Internet Archive
Milton Friedman (https://charlierose.com/guests/3988) on Charlie Rose
" 'Free to Choose' (1980) a [PBS] TV series by Milton Friedman" (http://miltonfriedman.blogs
pot.com/)
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
Milton Friedman (https://web.archive.org/web/20061201002106/http://www.cato.org/special/fr
iedman/) at the Cato Institute
Free to Choose Network (http://www.freetochoose.net/)

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