Milton Friedman - WikipediaMilton Friedman, who died in the early morning of November 16, , was a world-famous economist, and an ardent and effective advocate of the free market economy. Much of his celebrity derived from his role as public intellectual, an aspect of his work that was reflected largely in popular books, such as Capitalism and Freedom and the hugely successful Free to Choose -both co-authored with his wife, Rose and the latter based on the television documentary of the same title - and in the Newsweek opinion columns he wrote for many years. Though he was already well-known by the time he received the Nobel Prize in Economics, in , both his stature as public figure and his effectiveness as policy advocate were greatly enhanced by that award, and this is what has been mostly stressed in the vast outpouring of obituaries and public testimonials prompted by his recent passing. It is important to recall, however, that there was another aspect of his career, one which most professional economists and probably Friedman himself would regard as far more important than his incursions in the policy arena. Indeed, even if "Friedman the public intellectual" had never existed, "Friedman the economic scientist" would still be renowned and respected though perhaps not as a bona fide world-class celebrity , and his memory will live long in the lore of economics. It is primarily this other aspect of his life and work that I wish to focus on in this essay. Let us now praise famous men
Milton Friedman 31 July — 16 November was an American economist noted for his support for free markets and a reduction in the size of government. In he was awarded a Nobel Prize in Economics. Disputed [ edit ] The business of business is business. Widely attributed to Friedman, and sometimes cited as being in his work Capitalism and Freedom this is also attributed to Alfred P. Sloan , sometimes with citation of a statement of , but sometimes with attestations to his use of it as a motto as early as Misattributed [ edit ] There's no such thing as a free lunch.
Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker , Robert Fogel , Thomas Sowell  and Robert Lucas Jr. Friedman's challenges to what he later called "naive Keynesian " theory  began with his s reinterpretation of the consumption function. In the s, he became the main advocate opposing Keynesian government policies  and described his approach along with mainstream economics as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. His monetary theory influenced the Federal Reserve's response to the global financial crisis of — He once stated that his role in eliminating conscription in the United States was his proudest accomplishment.
Free to Choose: A Personal Statement is a book and a ten-part television series broadcast on public television by economists Milton and Rose D. Friedman that advocates free market principles. It was primarily a response to an earlier landmark book and television series: The Age of Uncertainty , by the noted economist John Kenneth Galbraith. Free to Choose: A Personal Statement maintains that the free market works best for all members of a society, provides examples of how the free market engenders prosperity, and maintains that it can solve problems where other approaches have failed. Published in January , the page book contains 10 chapters.