Milton Friedman Timeline

(1912–2006)

Milton Friedman (1912–2006) was an American economist at the University of Chicago and a leading advocate of free-market capitalism. A central figure of the Chicago School of Economics, he won the Nobel Memorial Prize in Economic Sciences in 1976 for his research on consumption analysis, monetary history, and stabilization policy. More Less

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Early Life and Education

Birth of Milton Friedman in Brooklyn, New York

Jul 31, 1912

Milton Friedman was born on July 31, 1912, in Brooklyn, New York, to Jewish immigrants from Beregszasz, Hungary (now Ukraine). His family soon moved to Rahway, New Jersey, where his parents ran a small garment business.

Image source: Milton Friedman

Graduates from Rutgers College

1932

Friedman graduated from Rutgers College in 1932 with a degree in economics and mathematics. He was influenced by economists Arthur Burns and Homer Jones, who encouraged him to pursue graduate study in economics.

Image source: Rutgers University

Earns master's degree at the University of Chicago

1933

Friedman earned his master's degree in economics from the University of Chicago in 1933, where he was deeply influenced by Jacob Viner and other members of the Chicago economics faculty.

Image source: University of Chicago

Works for the National Resources Committee

1935 - 1937

Friedman worked in Washington, D.C., for the National Resources Committee, contributing to a major study of consumer expenditures that shaped his empirical approach to economics.

Marriage to Rose Director

Jun 25, 1938

Friedman married economist Rose Director in 1938. She became his lifelong intellectual partner and co-author of several influential books on economics and public policy.

Image source: Rose Friedman

Earns PhD from Columbia University

1946

Friedman completed his doctorate at Columbia University in 1946, writing a dissertation on income from independent professional practice that pioneered statistical analysis of income distribution.

Image source: Columbia University

Academic Career

Joins the University of Chicago faculty

1946

Friedman joined the economics department of the University of Chicago in 1946, beginning a three-decade tenure during which he became the leading figure of what became known as the Chicago school of economics.

Founding member of the Mont Pelerin Society

Apr 1947

Friedman attended the founding meeting of the Mont Pelerin Society in Switzerland in April 1947, joining Friedrich Hayek and others in creating an international network devoted to classical liberalism and free markets.

Image source: Mont Pelerin Society

Visits India to advise on economic policy

Nov 1955 - Jan 1956

At the invitation of Indian finance minister C.D. Deshmukh, Friedman spent several months in India advising the government on monetary policy and critiquing its plans for centralized economic planning.

Image source: Economic liberalisation in India

Elected president of the American Economic Association

1967 - 1968

Friedman served as president of the American Economic Association in 1967–1968, delivering a presidential address on the role of monetary policy that introduced the concept of the natural rate of unemployment.

Image source: American Economic Association

Joins the Hoover Institution at Stanford University

1977

Friedman became a senior research fellow at the Hoover Institution, continuing to write and speak on public policy until well into his later years.

Image source: Hoover Institution

Retires from the University of Chicago

1977

After more than 30 years at Chicago, Friedman retired in 1977, moving to San Francisco while remaining active as a senior fellow at Stanford's Hoover Institution.

Major Works and Ideas

Publishes essay on methodology 'The Methodology of Positive Economics'

1953

Published in 'Essays in Positive Economics' (1953), this essay argued that theories should be judged by predictive power rather than realism of assumptions, becoming one of the most debated texts in economic methodology.

Image source: Essays in Positive Economics

Publishes essay on methodology 'The Methodology of Positive Economics'

Publishes 'A Theory of the Consumption Function'

1957

In this landmark work, Friedman introduced the permanent income hypothesis, arguing that consumers base spending on long-term expected income rather than current income, challenging prevailing Keynesian views of consumption.

Image source: Consumption function

Publishes 'Price Theory: A Provisional Text'

1962

Based on his famous Chicago price theory course, this textbook distilled microeconomic reasoning and trained generations of students in applying price-theoretic tools to real-world problems.

Image source: Microeconomics

Publishes 'Capitalism and Freedom'

1962

This influential book argued that political freedom depends on free-market capitalism. It proposed ideas such as floating exchange rates, volunteer military service, negative income tax, and school vouchers.

Image source: Capitalism and Freedom

Co-authors 'A Monetary History of the United States' with Anna Schwartz

1963

Written with Anna J. Schwartz, this monumental study argued that the Federal Reserve's contraction of the money supply caused and deepened the Great Depression, reshaping understanding of macroeconomic policy.

Image source: A Monetary History of the United States

Publishes 'The Optimum Quantity of Money'

1969

This collection of essays consolidated Friedman's monetarist framework, including the k-percent rule proposing steady money supply growth as an alternative to discretionary central bank management.

Image source: Monetarism

Publishes 'Free to Choose' with Rose Friedman

1980

The Friedmans published 'Free to Choose', accompanied by a ten-part PBS television series hosted by Milton. The book became a bestseller, selling millions of copies and popularizing free-market economics worldwide.

Publishes 'Monetarist Economics' essays

1991

Friedman continued publishing into his eighties, defending and refining monetarist doctrine against new-Keynesian critiques and emphasizing the stability of money demand.

Publishes 'Monetary Mischief'

1992

In this accessible volume, Friedman traced episodes of inflation and monetary experimentation across history, warning of the dangers of fiat currency mismanagement.

Image source: Bimetallism

Publishes memoir 'Two Lucky People' with Rose

1998

The Friedmans jointly published their joint autobiography, 'Two Lucky People', recounting their personal lives and decades-long partnership in scholarship and advocacy.

Image source: Milton Friedman

Public Influence and Legacy

Serves as economic adviser to Barry Goldwater's presidential campaign

1964

Friedman advised Senator Barry Goldwater's 1964 presidential campaign, helping shape conservative positions on taxation and spending and expanding his role as a public advocate of free markets.

Image source: Barry Goldwater

Begins syndicated column in Newsweek magazine

1966 - 1984

Friedman wrote a biweekly economics column for Newsweek from 1966 to 1984, bringing free-market arguments on policy issues such as inflation, regulation, and welfare to millions of general readers.

Image source: Newsweek

Advises Richard Nixon on economic issues

1968 - 1974

Friedman informally advised President Nixon, advocating flexible exchange rates and opposing wage-price controls, though he was disappointed by Nixon's imposition of price controls in 1971.

Image source: Richard Nixon

Advocates all-volunteer force adopted by U.S. military

1970 - 1973

Friedman served on the Gates Commission, which recommended ending the draft. His long-standing advocacy contributed to the transition to an all-volunteer U.S. military, achieved by 1973 under President Nixon.

Image source: Conscription in the United States

Advises Chilean dictator Augusto Pinochet's government

1975

Friedman visited Chile in March 1975 and advised on shock therapy to curb hyperinflation. His association with the military regime drew intense controversy and protests, including at the Nobel ceremony, though he defended it as advice given to any government regardless of regime type.

Image source: Miracle of Chile

Awarded the Nobel Memorial Prize in Economics

Oct 1976

Friedman received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history, and the theory of stabilization policy.

Image source: Nobel Memorial Prize in Economic Sciences

Advises Margaret Thatcher's British government

1979 - 1990

Friedman met with Prime Minister Margaret Thatcher and influenced her government's embrace of monetarist policies, privatization, and deregulation throughout the 1980s.

Image source: Margaret Thatcher

Receives Presidential Medal of Freedom

1988

President Ronald Reagan awarded Friedman the Presidential Medal of Freedom in 1988, recognizing his profound influence on American economic thought and policy.

Image source: Presidential Medal of Freedom

Death of Milton Friedman in San Francisco

Nov 16, 2006

Milton Friedman died of heart failure at his home in San Francisco on November 16, 2006, aged 94. His death prompted tributes worldwide acknowledging his transformative impact on economic thought.

Key Facts

Milton Friedman was born on July 31, 1912, in Brooklyn, New York, to immigrant parents, and earned his Ph.D. from Columbia University in 1946.
He spent most of his career at the University of Chicago, where he became the leading voice of the Chicago School of Economics and championed free-market principles.
In 1962, he published 'Capitalism and Freedom,' arguing for economic freedom as a prerequisite for political freedom, including ideas like school vouchers and volunteer military service.
Friedman won the Nobel Memorial Prize in Economic Sciences in 1976 for his work on consumption analysis and monetary theory, particularly his critique of Keynesian economics.
With Anna Schwartz, he co-authored 'A Monetary History of the United States' (1963), which argued that the Great Depression was caused by Federal Reserve policy failures rather than inherent flaws in capitalism.

Source

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