Milton Friedman
Milton Friedman was an American economist (1912–2006) who championed free-market capitalism and monetarism—the theory that government control of the money supply is the key economic lever.
His influence shaped conservative economic policy from the 1970s onward: Friedman argued that inflation is always a monetary phenomenon.
He won the Nobel Prize in Economics in 1976.
Classical economics founder
- classical liberalismDoctrine of minimal governance
- PinochetChilean military autocrat
- libertarianismMinimal-government political philosophy
Private research institution, Illinois
- free marketCommerce without state intervention
- laissez-faireNoninterference in commerce
- deregulationRemoving governmental business restrictions
- privatizationState sells public assets
Commerce without state intervention
- invisible handUnintended societal benefit from self-interest
- private propertyIndividually owned assets
- competitionStruggle for supremacy
- entrepreneurshipCreating and managing ventures
profit motive · consumer choice · economic growth · wealth creation · individual liberty · spontaneous order · decentralization
State-issued tuition payments
- flat taxSingle-rate income levy
- drug legalizationPermitting controlled substances officially
- privatizationState sells public assets
- deregulationRemoving governmental business restrictions
Total currency in circulation
- inflationSustained price level increase
- Federal ReserveUS central banking system
- central bankNational currency management institution
- currencyMedium of exchange
interest rates · price stability · monetary policy · liquidity · discount rate · tight money · easy money · stagflation
Celebrated achievement recipient
- prizeReward for winning
- economicsScience of resource allocation
- StockholmSweden's seat of government
- 1976Year after '75
recognition · achievement · ceremony · medal · honors · contribution · scholarship · lecture
Adam Smith
Classical economics founder
- classical liberalismDoctrine of minimal governance
- PinochetChilean military autocrat
- libertarianismMinimal-government political philosophy
University of Chicago
Private research institution, Illinois
- free marketCommerce without state intervention
- laissez-faireNoninterference in commerce
- deregulationRemoving governmental business restrictions
free market
Commerce without state intervention
- invisible handUnintended societal benefit from self-interest
- private propertyIndividually owned assets
- competitionStruggle for supremacy
entrepreneurship · profit motive · consumer choice · economic growth · wealth creation · individual liberty · spontaneous order · decentralization
school vouchers
State-issued tuition payments
- flat taxSingle-rate income levy
- drug legalizationPermitting controlled substances officially
- privatizationState sells public assets
money supply
Total currency in circulation
- inflationSustained price level increase
- Federal ReserveUS central banking system
- central bankNational currency management institution
currency · interest rates · price stability · monetary policy · liquidity · discount rate · tight money · easy money · stagflation
laureate
Celebrated achievement recipient
1976 · recognition · achievement · ceremony · medal · honors · contribution · scholarship · lecture · banquet
- Chicago Economists
- EconomistsAdam Smith, John Maynard Keynes, Paul Krugman, Malthus, Smith
- free marketsfree market, free enterprise, free trade, free markets, laissez-faire
- Money ExpertsWarren Buffett, Alan Greenspan, Ben Bernanke, Janet Yellen, John Maynard Keynes
- Political WritersThomas Paine, George Orwell, Noam Chomsky, Alexander Hamilton, James Madison
- free marketersAdam Smith, Ayn Rand, free traders, laissez-faire, free enterprise
Milton FriedmanJohn Maynard Keynes
Karl Marx · Paul Krugman · Keynesianism · Marxist economics · central planning
Milton FriedmanVladimir Lenin
First Soviet premier
Bernie Sanders · Fidel Castro · Noam Chomsky · Mao Zedong · Karl Marx
Milton Friedmannationalization
Government acquisition of industry
Franklin D. Roosevelt · Lyndon B. Johnson · Great Society · social democracy · big government