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Milton Friedman’s Followers (1,642)

Milton Friedman

Born

in Brooklyn, New York City, The United States

July 31, 1912

Died

November 16, 2006

Genre

Nonfiction, Economics, Politics

Influences

Paul Samuelson ...more

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Milton Friedman was an American economist who became one of the most influential and controversial figures of the twentieth century, widely recognized for his profound contributions to monetary economics, consumption theory, and the defense of classical liberalism. A leading figure of the Chicago School of Economics, Friedman challenged the prevailing Keynesian consensus that dominated mid-century policy and instead placed monetary policy at the center of economic stability, arguing that changes in the money supply were the primary drivers of inflation and fluctuations in output. His groundbreaking permanent income hypothesis reshaped the study of consumer behavior by suggesting that individuals make spending decisions based on long-term ex Milton Friedman was an American economist who became one of the most influential and controversial figures of the twentieth century, widely recognized for his profound contributions to monetary economics, consumption theory, and the defense of classical liberalism. A leading figure of the Chicago School of Economics, Friedman challenged the prevailing Keynesian consensus that dominated mid-century policy and instead placed monetary policy at the center of economic stability, arguing that changes in the money supply were the primary drivers of inflation and fluctuations in output. His groundbreaking permanent income hypothesis reshaped the study of consumer behavior by suggesting that individuals make spending decisions based on long-term expected income rather than current earnings, a theory that profoundly influenced both academic research and practical policymaking. Alongside Anna Schwartz, Friedman coauthored A Monetary History of the United States, 1867–1960, a monumental work that emphasized the role of Federal Reserve mismanagement in deepening the Great Depression, a thesis that redefined historical understanding of the period and helped establish monetarism as a major school of thought. His broader philosophy was articulated in works such as Capitalism and Freedom, where he argued that political and economic liberty are interdependent and advanced ideas like educational vouchers, voluntary military service, deregulation, floating exchange rates, and the negative income tax, each reflecting his conviction that society functions best when individuals are free to choose. Together with his wife Rose Friedman, he later brought these ideas to a global audience through the bestselling book and television series Free to Choose, which made complex economic principles accessible to millions and expanded his influence beyond academia. Awarded the Nobel Prize in Economic Sciences in 1976 for his achievements in consumption analysis, monetary history, and stabilization policy, Friedman became a prominent public intellectual, sought after by policymakers and leaders around the world. His ideas strongly influenced U.S. policy in the late twentieth century, particularly during the administration of Ronald Reagan, and found resonance in the economic reforms of Margaret Thatcher in the United Kingdom, both of whom embraced aspects of his prescriptions for free markets and limited government intervention. Friedman’s policy recommendations consistently opposed measures he regarded as distortions of market efficiency, including rent control, agricultural subsidies, and occupational licensing, while he proposed alternatives such as direct cash transfers through a negative income tax to replace complex welfare bureaucracies. His teaching career at the University of Chicago shaped generations of economists, many of whom extended his research and helped institutionalize the Chicago School as a major force in global economic thought, while his later role at the Hoover Institution at Stanford University provided him with a platform to continue his scholarship and public advocacy. Beyond technical economics, Friedman’s clarity of expression and ability to frame debates in terms of individual freedom versus state control made him one of the most recognizable intellectuals of his era, admired by supporters for his defense of personal liberty and market efficiency, and criticized by detractors who accused him of underestimating inequality, social costs, and the complexities of government responsibility. Despite the controversies, his impact on the development of modern economics was immense, reshaping debates about inflation, unemployment, fiscal policy, and the role of the central bank. His writings, lectures, and media appearances consistently reinforced his belief that competitive markets, voluntary exchange, and limited government intervention offer the most effective means of promoting prosperit ...more

Combine Editions
Milton Friedman’s books

Average rating: 4.07 · 47,803 ratings · 3,142 reviews · 192 distinct works • Similar authors

	Capitalism and Freedom 3.90 avg rating — 14,886 ratings — published 1962 — 114 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	Free to Choose: A Personal Statement by Milton Friedman, Rose Friedman 4.22 avg rating — 9,394 ratings — published 1979 — 91 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	Why Government Is the Problem (Essays in Public Policy) (Volume 39) 4.16 avg rating — 1,130 ratings — published 1993 — 7 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	Money Mischief: Episodes in Monetary History 3.93 avg rating — 800 ratings — published 1992 — 26 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	A Monetary History of the United States 1867-1960 by Milton Friedman, Anna J. Schwartz 4.01 avg rating — 473 ratings — published 1963 — 25 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	The Indispensable Milton Friedman: Essays on Politics and Economics by Milton Friedman, Alan Ebenstein (Editor) 3.79 avg rating — 175 ratings — published 2012 — 13 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	A Theory of the Consumption Function (General Series, #63) 3.84 avg rating — 170 ratings — published 1922 — 53 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	Price Theory 4.11 avg rating — 134 ratings — published 1962 — 37 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	Essays in Positive Economics (Phoenix Books) 4.11 avg rating — 123 ratings — published 1953 — 15 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars
	The Great Contraction 1929-1933 by Milton Friedman, Anna J. Schwartz 3.73 avg rating — 124 ratings — published 1964 — 20 editions	Error rating book. Refresh and try again. Rate this book Clear rating 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars

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Series by Milton Friedman

National Bureau of Economic Research. General Series (1 book)
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Milton Friedman

3.84 avg rating — 170 ratings

Quotes by Milton Friedman (?)

“A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
― Milton Friedman

tags: equality, freedom

553 likes

“One of the great mistakes is to judge policies and programs by their intentions rather than their results.”
― Milton Friedman

443 likes

“Well first of all, tell me: Is there some society you know that doesn’t run on greed? You think Russia doesn’t run on greed? You think China doesn’t run on greed? What is greed? Of course, none of us are greedy, it’s only the other fellow who’s greedy. The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty you’re talking about, the only cases in recorded history, are where they have had capitalism and largely free trade. If you want to know where the masses are worse off, worst off, it’s exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system.”
― Milton Friedman

tags: capitalism, economics, greed

272 likes

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Polls

Who is your favorite libertarian minded author?

Bryan Caplan

2 votes, 40.0%

Ayn Rand

1 vote, 20.0%

Hayek. F. A.

1 vote, 20.0%

Ludwig von Mises

1 vote, 20.0%

Tyler Cowen

0 votes, 0.0%

Milton Friedman

0 votes, 0.0%

Gordon Tullock

0 votes, 0.0%

David Friedman

0 votes, 0.0%

Robert Nozick

0 votes, 0.0%

Murray Rothbard

0 votes, 0.0%

5 total votes

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Milton Friedman’s Followers (1,642)

Milton Friedman

Combine EditionsMilton Friedman’s books

Series by Milton Friedman

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Topics Mentioning This Author

Combine Editions
Milton Friedman’s books