Milton Friedman

Milton Friedman (1912–2006) was an American economist and public intellectual who advanced monetarism and argued for free markets and limited government.

Anna Schwartz: An American economic historian who coauthored major research on U.S. monetary history with Milton Friedman. Their account of the Great Depression became a foundation of Friedman’s monetary arguments.
Monetarism: An economic school that emphasizes the effects of money supply and monetary policy on output and prices. Friedman became its leading modern advocate, especially through claims about money and inflation.
Permanent income hypothesis: A theory that consumption depends mainly on expected long-term income rather than current income alone. Friedman’s consumption research challenged simple claims that temporary income changes drive spending.
School voucher: A public subsidy that families can use toward tuition at a school of their choice. Friedman proposed vouchers as a way to expand school choice while separating public funding from school operation.
Nobel Memorial Prize in Economic Sciences: An annual award recognizing contributions to economic sciences, established in 1968 by Sweden’s central bank. Friedman received the 1976 prize for research on consumption, monetary history, and stabilization policy.
George Stigler: An American economist known for research on industrial organization, regulation, and the history of economic thought. Stigler was Friedman’s colleague at the University of Chicago and a fellow advocate of market-oriented economics.
Quantity theory of money: A theory linking the quantity of money in an economy to the overall price level and nominal spending. Friedman revived this framework to explain persistent inflation through monetary growth.
Monetary history of the United States: A historical study of U.S. monetary developments from the Civil War through the mid-twentieth century. Friedman and Anna Schwartz used historical evidence to argue that monetary contraction deepened the Great Depression.
Negative income tax: A tax-transfer system that provides income payments to people whose earnings fall below a set threshold. Friedman promoted it as a simpler alternative to fragmented welfare programs.
Volcker disinflation: The sharp reduction of U.S. inflation under Federal Reserve chair Paul Volcker in the early 1980s. The episode strengthened the policy focus on controlling inflation that Friedman had long urged.

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