Milton Friedman (1912–2006) was an American economist. The scholarly work of this University of Chicago professor and Nobel Economics laureate (1976) has had a deep impact on economics around the world. He was a strong advocate of the efficiency of the market and minimal government interference.
Born in New York, and educated at Rutgers and at Chicago and Columbia universities, Friedman worked for the Natural Resources Commission in Washington, and did research at the National Bureau of Economic Research. During World War II, he served in the Tax Research Division of the US Treasury, and then in the Statistical Research Group of Columbia’s Division of War Research. He became professor of economics at Chicago in 1945 and remained there until 1983.
Friedman is greatly respected for his academic work as an economist, particularly on his examination of the role of governments in controlling the amount of money in circulation. As a policy consultant to President Ronald Reagan 1981–89, he advocated free market forces to produce balanced economic growth.
Friedman’s notable works include Capitalism and Freedom (1962) and Free to Choose (1980)—the latter coauthored with his wife, the economist Rose Friedman.
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The problem in this world is to avoid concentration of power—we must have a dispersion of power.
—Milton Friedman