Milton Friedman: The Independent Institute

The Power of Independent Thinking

Milton Friedman
Milton Friedman

Milton Friedman, recipient of the 1976 Nobel Memorial Prize for Economic Science, was Senior Research Fellow at the Hoover Institution and the Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago. He passed away on Nov. 16, 2006. He was a member of the research staff of the National Bureau of Economic Research and a member of the President’s Commission on an All-Volunteer Armed Force, President’s Commission on White House Fellows, and President Ronald Reagan’s Economic Policy Advisory Board. Friedman also served as an informal economic adviser to the presidential campaigns of Barry Goldwater, Richard Nixon, and Ronald Reagan.

Friedman received a B.A. in 1932 from Rutgers University, an M.A. in 1933 from the University of Chicago, and a Ph.D. in economics 1946 from Columbia University. He was awarded the Presidential Medal of Freedom in 1988 and received the National Medal of Science the same year. He was a past president of the American Economic Association, Western Economic Association, and Mont Pelerin Society and was a member of the American Philosophical Society and the National Academy of Sciences. He was also awarded honorary degrees by universities in the United States, Japan, Israel, and Guatemala, as well as the Grand Cordon of the First Class Order of the Sacred Treasure by the Japanese government in 1986.

His popular books include Capitalism and Freedom; Bright Promises, Dismal Performance; Free to Choose (with Rose Friedman); Tyranny of the Status Quo, and Two Lucky People (with Rose Friedman), and his scholarly books include A Theory of the Consumption Function, The Optimum Quantity of Money and Other Essays, and (with Anna J. Schwartz) A Monetary History of the United States, Monetary Statistics of the United States, and Monetary Trends in the United States and the United Kingdom.