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Milton Friedman and Cato


Prominent free-market economist Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science, passed away on November 16, 2006 at the age of 94. Friedman was widely regarded as the leader of the Chicago School of monetary economics, which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation. In addition to his scientific work, Friedman also wrote extensively on public policy, always with primary emphasis on the preservation and extension of individual freedom. Friedman's ideas on economic freedom hugely influenced both the Reagan administration and the Thatcher government in the early 1980s, revolutionized establishment economic thinking across the globe, and have been employed extensively by emerging economies for decades.


Major Projects

Friedman Prize Liberty & Learning: Milton Friedman's Voucher Idea at Fifty
Biennial Award for individuals who
have made a significant contribution to advancing liberty. 		Book of essays that evaluates
the progress of Friedman’s idea and
reflects on its merits in the 21st century.

About Milton Friedman

Milton Friedman

Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science, was a Senior Research Fellow at the Hoover Institution, Stanford University, from 1977 to 2006. He was also Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago, where he taught from 1946 to 1976, and was a member of the research staff of the National Bureau of Economic Research from 1937 to 1981.

Professor Friedman was awarded the Presidential Medal of Freedom in 1988 and received the National Medal of Science the same year. He is widely regarded as the leader of the Chicago School of monetary economics, which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation.

On November 16, 2006, Dr. Friedman passed away at the age of 94 in San Francisco.

Complete biography of Milton Friedman




More Information on Milton Friedman

After Prohibition: An Adult Approach to Drug Policies in the 21st Century, edited by Timothy Lynch (2000).


Two Lucky People: Memoirs, by Milton and Rose D. Friedman (Chicago: The University of Chicago Press, 1999)


Money Mischief: Episodes in Monetary History (Harvest/HBJ Book; Reprint edition 1991)


Free to Choose: A Personal Statement, by Milton and Rose Friedman (Harcourt; Reprint edition, 1990)


The Tyranny of the Status Quo, by Milton and Rose Friedman (Harcourt, 1984)


Capitalism and Freedom (University Of Chicago Press; 2nd edition, 1982)


Price Theory (Aldine, 1976)


Monetary History of the United States...1867-1960, by Milton Friedman and Anna Jacobson Schwartz (Princeton University Press, 1971)


Essays in Positive Economics (University of Chicago Press, 1966)

"Reflections on Peter Bauer’s Contributions to Development Economics," Cato Journal, Vol. 25, No. 3, by Milton Friedman and Thomas Sowell, Fall 2005. (PDF)


"Reflections on a Monetary History," Cato Journal, Vol. 23, No. 3, Winter 2004. (PDF)


"Preface: Economic Freedom behind the Scenes," Economic Freedom of the World: 2002 Annual Report, by James Gwartney and Robert Lawson, with Chris Edwards, Walter Park, Veronique de Rugy and Smita Wagh (2002).


"Speaking the Truth About Social Security Reform," Cato Briefing Paper no. 46, April 12, 1999.


"The Business Community's Suicidal Impulse," Cato Policy Report, vol. XXI, no. 2, March/April 1999.


"Public Schools: Make Them Private," Cato Briefing Paper no. 23, June 23, 1995.


"The Real Free Lunch: Markets and Private Property," Speech given at the opening of the Cato Headquarters in Washington, D.C., 1993.


"Using the Market for Social Development," Cato Journal, Vol. 8, No. 3, Winter 1989. (PDF)


"Using the Market for Social Development," Cato Policy Report vol. X, no. 6, November/December 1988.

Ed Crane talks with Milton Friedman at the 2004 Friedman Prize award dinner, July 31, 2004.


Thomas Sowell talks about Milton Friedman at the 2004 Friedman Prize award dinner July 31, 2004.


John Blundell interviews Milton Friedman at Cato's 25th Anniversary gala, May 9, 2002.


Milton Friedman speaks at Cato's 1998 Tech and Society Conference, November 21, 1998


Milton Friedman pays tribute to Cato's 20th Anniversary, May 1, 1997.


Milton Friedman on the dedication of Cato's F. A. Hayek Auditorium, May 2, 1995.


Palmer R. Chitester Fund interview with Milton Friedman on the state of the U.S. economy, 1987.

"Honoring Milton Friedman," featuring Edward H. Crane, November 16,2006 (MP3 iPod)


"Happy Birthday, Milton Friedman," by David Boaz, July 31, 2002.


"The Happiest Warrior," by Nick Schulz, Techcentralstation.com, July 31, 2002.


"Milton Friedman: A Hero of Freedom," Cato Policy Report, vol. XXIV, no. 4, July/August 2002. (PDF 1 pg. 68 Kb)


"Changing the Course of History," Cato Policy Report, vol. XXIV, no. 4, July/August 2002. (PDF 1 pg. 70 Kb)


"Civil Warrior: Capitalism and Friedman," by Jacob Sullum, Reason.com, July 26, 2002.


"Happy 90th to a 'Hero of Freedom,'" by Joel Miller, Reason.com, July 26, 2002.


"Milton Friedman at 90," by Thomas Sowell, TownHall.com, July 25, 2002.


"Celebrating an Intellectual Dynamo," by George F. Will, The Washington Post, July 14, 2002.


"Happy Birthday, Milton Friedman," by Gary S. Becker, Business Week, July 1, 2002.


"Milton and Rose Friedman Offer Radical Ideas for the 21st Century," by Deroy Murdock, December 8, 1999.

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