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Milton Friedman

Also known as Milton Galbraith Friedman

American economist and statistician (1912–2006)

OverviewAI-generated

Milton Friedman was a male artist and author from the United States, born in 1912 and died on November 16, 2006. His work is associated with genres including orthodox jewish and orthodox pop, and he is tagged with political, capitalism, libertarianism, spoken word, and politics. He is recognized in the American Academy Arts Sciences collection and the Nobel Economics collection.

Friedman received one Nobel Prize and is referenced by 2,501 other encyclopedia articles. His notable works include *How can we get housing?*, *Why the American economy is depression-proof*, *Interpolation of time series by related series*, *Cinco pensadores liberales*, and *貨幣政策與財政政策的對話*. He is similar to Thomas Sowell, Murray N. Rothbard, Walter Block, Ron Paul, and EconTalk: Russ Roberts.

He stated, "I have no right to coerce someone else, because I cannot be sure that I'm right and he is wrong," and advised to "Make politics an avocation, not a vocation." His works are cataloged in the Open Library and Crossref, with a total work count of 199 in the former and 5 in the latter.

Synthesized by Vinony from 26 facts across 9 sources: Wikidata, Last.fm, Crossref, Wikiquote, MusicBrainz, Open Library, Nobel Prize, Vinony collections, Vinony graph. Generated from structured data (not the Wikipedia text) and checked against those facts — may still contain errors.

Person · Open Library

Born: 1912
Died: 2006-11-16
Works: 199

Top works

How can we get housing?
Why the American economy is depression-proof
Interpolation of time series by related series
Cinco pensadores liberales
貨幣政策與財政政策的對話

via Open Library + Wikidata

Music · MusicBrainz

Type: Person
Gender: Male
Origin: United States
Active from: 1985

orthodox jewishorthodox pop

Discography

Official site Discogs Stream

via MusicBrainz · CC0

Listeners · Last.fm

Listeners: 884
Total plays: 4,168

Recent publications · Crossref

5 total works indexed

The Elements of Statistical Learning
· 2009 · cited 23,173x
Greedy function approximation: A gradient boosting machine.
· 2001 · cited 21,678x
Full-length transcriptome assembly from RNA-Seq data without a reference genome
· 2011 · cited 19,403x
Regularization Paths for Generalized Linear Models via Coordinate Descent
· 2010 · cited 14,361x
The Unity and Diversity of Executive Functions and Their Contributions to Complex “Frontal Lobe” Tasks: A Latent Variable Analysis
· 2000 · cited 11,845x

via Crossref · CC0

Quotes

“If we are to use effectively these abstract models and this descriptive material, we must have a comparable exploration of the criteria for determining what abstract model it is best to use for particular kinds of problems, what entities in the abstract model are to be identified with what observable entities, and what features of the problem or of the circumstances have the greatest effect on the accuracy of the predictions yielded by a particular model or theory.”
“The construction of hypotheses is a creative act of inspiration, intuition, invention; its essence is the vision of something new in familiar material. The process must be discussed in psychological, not logical, categories; studied in autobiographies and biographies, not treatises on scientific method; and promoted by maxim and example, not syllogism or theorem.”
“I have no right to coerce someone else, because I cannot be sure that I'm right and he is wrong.”
“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. … A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.”
“Make politics an avocation, not a vocation.”
“There was nothing in these views to repel a student; or to make Keynes attractive. Keynes had nothing to offer those of us who had sat at the feet of Simons, Mints, Knight, and Viner.”

via Wikiquote · CC BY-SA

Nobel Prize

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel1976
“for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy”

NobelPrize.org →

~40 min read

Encyclopedic overview

Milton Friedman (/ˈfriːdmən/ ; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Nobel laureates Gary Becker (1992), Robert Fogel (1993), and Robert Lucas Jr. (1995).

Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced the permanent income hypothesis, a theory which would later become part of mainstream economics and he was among the first to propagate the theory of consumption smoothing. During the 1960s, he became the main advocate opposing both Marxist and Keynesian government and economic policies, and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its initial conclusions. He theorized that there existed a natural rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted a macroeconomic viewpoint known as monetarism and argued that a steady, small expansion of the money supply was the preferred policy, as compared to rapid and unexpected changes. His ideas concerning monetary policy, taxation, privatization, and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's monetary policy in response to the 2008 financial crisis.

Excerpted from Wikipedia’s “Milton Friedman” article, available under the CC BY-SA 4.0 licence.