Milton Friedman on inflation

Friedman, Milton ; Inflation (Finance)

Milton Friedman

Friedman, Milton (1912-2006) was an educator with unusual influence in American policymaking circles during the late twentieth century. The son of Jewish dry goods merchants, he was born in New York and grew up in New Jersey. Friedman hoped to become an actuary, but his undergraduate mentors at Rutgers University nudged him instead toward the emerging field of economics and, after attaining an MA from the University of Chicago in 1933, he joined Franklin Roosevelt’s New Deal, bouncing between several government agencies during the 1930s and 1940s. As a mid-level bureaucrat, he became interested in the nature of income and eventually submitted a PhD thesis on the topic to Columbia University in 1946. Shortly thereafter, he took a teaching position at the University of Chicago, where he spent three decades training students, networking with like-minded economists, and writing scholarly tomes about the monetary dimensions of U.S. economic policy. His efforts resulted in a Nobel Prize in Economic Science in 1976

Opinion: Milton Friedman and liberty

Economists

Milton and money stock control

Milton Friedman Luncheon, University of Missouri-Columbia, Columbia, Mo., July 31, 2007Money supply ; Friedman, Milton

Milton Friedman; economist as public intellectual

Economists ; Friedman, Milton

Stop Blaming Milton Friedman!

A 1970 New York Times essay on corporate social responsibility by Milton Friedman is often said to have launched a shareholder-focused reorientation of managerial priorities in corporate America. The essay correspondingly is a primary target of a rapidly growing group of critics of the present shareholder-centric approach to corporate governance. This article argues that it is erroneous to blame (or credit) Milton Friedman for the rise of shareholder primacy in American corporations. In order for Friedman’s views to be as influential as has been assumed, his essay should have constituted a fundamental break from prevailing thinking that changed minds with some alacrity. In fact, what Friedman said on corporate purpose was largely familiar to readers in 1970 and his essay did little to change managerial priorities at that point in time. The shareholder-first mentality that would come to dominate in corporate America would only take hold in the mid-1980s. This occurred due to an unprecedented wave of hostile takeovers rather than anything Friedman said and was sustained by a dramatic shift in favor of incentive-laden executive pay. Correspondingly, the time has come to stop blaming him for America’s shareholder-oriented capitalism

Seeking the Real Adam Smith and Milton Friedman

In this paper we will analyze the relationship between free market principles and ethics through an exploration of how too many business managers often approach the ideas of Adam Smith and Milton Friedman. In doing so, we aim to provide a thoughtful foundation for future discussions of how we ought to navigate this intersection. We briefly examine questions such as: What is the relationship between the “best” economy in terms of efficiency and the common good for society? Is pursuing one’s individual economic advantage the same as promoting the general interest? As we analyze and discuss these questions, specifically in the context of Smith and Friedman, we also make some alternative normative assertions, grounded in social welfare, about adopting a broader societal perspective for the purpose of business

The contributions of Milton Friedman to economics

Economists

Milton Friedman, 1912-2006: some personal reflections

Economists ; Friedman, Milton

El pensamiento de Milton Friedman en el marco de la escuela de Chicago

El pensamiento de Milton Friedman en el marco de la escuela de Chicag