Milton Friedman dies in San Francisco, CA.
He spends a year at the University of Columbia, which widens his horizons further.
Then Friedman works at the National Resources Committee on the design of a large consumer budget study.
Milton Friedman receives the 1976 Nobel Prize in Economics "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy. As a leader of the Chicago school of economics, he has profoundly influenced the research agenda of the economics profession. He endorses a free market economic system with minimal intervention.
After graduating from Rutgers, Friedman is offered two scholarships to do graduate work — one in mathematics at Brown University and the other in economics at the University of Chicago. Friedman chooses the latter, finding a cosmopolitan and vibrant intellectual atmosphere of a kind that he had never dreamed existed. He earns his Master’s degree in 1933.
From 1937 on, he works at the National Bureau of Economic Research, assisting Simon Kuznets in his studies of professional income. The end result later serves as his doctoral dissertation at Columbia: The book is finished by 1940, but its publication is delayed until after the war.
Arthur Burns, then director of research at the National Bureau of Economic Research, persuades him to rejoin the Bureau's staff and take responsibility for their study of the role of money in the business cycle. The combination of the work at Chicago and the Bureau proves very productive.
Then he accepts an offer from the University of Chicago to teach economic theory. Friedman works there for the next 30 years, and contributes to the establishment of an intellectual community that produced a number of Nobel Prize winners, known as the Chicago school of economics.
He spends two years at the U.S. Treasury Department, working on wartime tax policy.
Friedman marries Rose Director, when their depression fears of where their livelihood would come from has dissipated.
Friedman's ideas concerning monetary policy, taxation, privatization and deregulation have influenced government policies, especially during the 1980s: Friedman serves as an adviser to Ronald Reagan during his presidential campaign and his presidency.
In 1977, he retires from active teaching at the University of Chicago. At the invitation of Glenn Campbell, then Director of the Hoover Institution, a think tank at Stanford University, Friedman shifts his scholarly work there. He takes part in the production of a ten-part television program presenting his economic and social philosophy: “Free to Choose” has been shown in many countries. The corresponding book turns out a bestseller.
Friedman is awarded a scholarship to Rutgers University, graduating in 1932. Initially, he specializes in mathematics, intending to become an actuary, and goes so far as to take actuarial examinations. But he eventually becomes interested in economics, and ends up with the equivalent of a major in both fields. Friedman is influenced by two economics professors, Arthur F. Burns and Homer Jones, who convince him that modern economics could help end the Great Depression.
His parents soon move to Rahway, NJ, a small town about 20 miles from New York City. He graduates from Rahway High School in 1928, just before his 16th birthday. His father dies during his senior year in high school, leaving his mother and two older sisters to support the family.
In the fall of 1950, he spends a quarter in Paris as a consultant to the U.S. governmental agency administering the Marshall Plan. His major assignment is to study the Schuman Plan, the precursor of the common market.
After the year at Columbia, he returns to Chicago, spending a year as research assistant to Henry Schultz.
Friedman spends an academic year teaching at the University of Minnesota.
During the academic year 1953-54, he is a visiting Professor at Gonville & Caius College, Cambridge University. His liberal views on economic policy are considered extreme by any Cambridge standards. Friedman challenges "naïve Keynesian theory” and becomes the main advocate opposing activist Keynesian government policies.
Milton Friedman is born in Brooklyn, NY.
Then he returns to Columbia University, working as a mathematical statistician on problems of weapon design, military tactics, and metallurgical experiments. In 1945, he finally submits “Incomes from Independent Professional Practice” (co-authored with Kuznets at the National Bureau of Economic Research and completed in 1940) to Columbia as his doctoral dissertation. The university awards him a PhD in 1946.