Milton Friedman

Friedman's Life

Backround




  • Attended Rutgers University, where he earned his B.A. at the age of twenty.
  • Went on to earn his M.A. from the University of Chicago in 1933
  • Received his Ph.D. from Columbia University in 1946.

Work Experience

In 1937, Friedman joined the research staff of the National Bureau of Economic Research in New York City.

During World War II, he worked in the Treasury Department, where he helped create the federal withholding tax system.

In 1940, Friedman accepted a job at the University of Wisconsin but was forced to resign within a year

He had served as an adviser to President Richard Nixon and was president of the American Economic Association in 1967.

He worked at the University of Chicago, where he taught for the next 30 years, while simultaneously maintaining a staff position with the Bureau of Economic Research

He was awarded the 1976 Nobel Prize in Economics "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy."

After retiring from the University of Chicago in 1977, Friedman became a senior research fellow at the Hoover Institution at Stanford University.

From 1977 until his death he was a Senior Research Fellow at the Hoover Institution on War, Revolution and Peace at Stanford University.

Area of Expertise

Milton Friedman was a 'Free-Market Theorist' that contributed to our free-market system of today. He also contributed to the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.

Why Friedman is famous

Friedman gained fame when he published Capitalism and Freedom in 1962. He is also widely known for opposing Keynesian theory and openly advocating against it. He theorized the 'natural' rate of unemployment and also the Phillips Curve being, in the long run, vertical at the 'natural rate'.