Friedman, Milton (1912–2006)

Milton Friedman, born in New York City in 1912, was one of the 20th century's most famous and influential economists, renowned for his depth of analysis, his innovative capacity, his practical outlook, and his simple, persuasive style. However, he is probably best known for the political repercussion of his ideas. The son of an immigrant, he studied at Rutgers (B.A. 1932), Chicago University (M.A. 1933), and Columbia (Ph.D. 1946). Married to Rose Director, he spent most of his professional life at Chicago University and was awarded the Nobel Prize for Economics in 1976.

Friedman conceived economics as a positive science. Value judgments are consigned to private life and must not interfere with scientific proposals: There is no place for moral criteria in economics. The economists' task ...