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Milton Friedman
Friedman in 2004
Born	(1912-07-31)July 31, 1912 Brooklyn, New York, U.S.
Died	November 16, 2006(2006-11-16) (aged 94) San Francisco, California, U.S.
Nationality	American
Spouses	Rose Friedman
Children	David D. Friedman Jan Martel
Academic career
Institution	National Resources Planning Board (1935–1937) National Bureau of Economic Research (1937–1940) Columbia University (1937–1941; 1943–1945; 1964–1965) University of Wisconsin, Madison (1940) U.S. Department of the Treasury (1941–1943) University of Chicago (1946–1977) University of Cambridge (1954–1955) Hoover Institution (1977–2006)
School or tradition	Chicago School
Alma mater	Rutgers University (BA) University of Chicago (MA) Columbia University (PhD)
Doctoral advisor	Simon Kuznets
Doctoral students	Phillip Cagan Harry Markowitz Lester G. Telser David I. Meiselman Neil Wallace Miguel Sidrauski Edgar L. Feige
Influences	Smith Marshall Mill Fisher Paine Knight Kuznets Viner Hotelling Burns Hayek H. Jones H.C. Simons Stigler Schultz George
Contributions	Price theory · Monetarism Applied macroeconomics Floating exchange rates Permanent income hypothesis Helicopter money Volunteer military Natural rate of unemployment Friedman test k-percent rule
Awards	Member of the National Academy of Sciences (1973) National Medal of Science (1988) Presidential Medal of Freedom (1988) Nobel Memorial Prize in Economic Sciences (1976) John Bates Clark Medal (1951)
Information at IDEAS / RePEc
Signature

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 and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr.

Friedman's challenges to what he later called "naive Keynesian theory" began with his 1950s interpretation of the consumption function. He introduced a theory - the Permanent Income Hypothesis - which would later become part of the mainstream and among the first to propagate the theory of consumption smoothing. During the 1960s he became the main advocate opposing Keynesian government 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 an alternative 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 global financial crisis of 2007–2008.

Friedman was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. He once stated that his role in eliminating conscription in the United States was his proudest accomplishment. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax and school vouchers and opposed the war on drugs. His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.

Friedman's works include monographs, books, scholarly articles, papers, magazine columns, television programs, and lectures, and cover a broad range of economic topics and public policy issues. His books and essays have had global influence, including in former communist states. A 2011 survey of economists commissioned by the EJW ranked Friedman as the second-most popular economist of the 20th century, following only by John Maynard Keynes. Upon his death, The Economist described him as "the most influential economist of the second half of the 20th century ... possibly of all of it".

Early life

Friedman was born in Brooklyn, New York on July 31, 1912. His parents, Sára Ethel (née Landau) and Jenő Saul Friedman, were Jewish working-class immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary (now Berehove in Ukraine). They emigrated to America in their early teens. They both worked as dry goods merchants. Friedman was their fourth child and only son. Shortly after his birth, the family relocated to Rahway, New Jersey.

In his early teens, Friedman was injured in a car accident, which scarred his upper lip. A talented student and an avid reader, Friedman graduated from Rahway High School in 1928, just before his 16th birthday. Although no family members had gone to university before Milton, Friedman was awarded a competitive scholarship to Rutgers University (then a private university receiving limited support from the State of New Jersey, e.g., for such scholarships). He graduated from Rutgers in 1932.

Friedman initially intended to become an actuary or mathematician, however the state of the economy convinced him to become an economist. He was offered two scholarships to do graduate work, one in mathematics at Brown University and the other in economics at the University of Chicago. Friedman chose the latter, earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. Friedman met his future wife, economist Rose Director, while at the University of Chicago.

During the 1933–1934 academic year, he had a fellowship at Columbia University, where he studied statistics with statistician and economist Harold Hotelling. He was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand.

During the aforementioned 1934-35 academic year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis.

Public service

Friedman was unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to Washington, D.C., where Franklin D. Roosevelt's New Deal was "a lifesaver" for many young economists. At this stage, Friedman said that he and his wife "regarded the job-creation programs such as the WPA, CCC, and PWA appropriate responses to the critical situation," but not "the price- and wage-fixing measures of the National Recovery Administration and the Agricultural Adjustment Administration." Foreshadowing his later ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued. Indeed, Friedman later concluded that all government intervention associated with the New Deal was "the wrong cure for the wrong disease," arguing that the Federal Reserve was to blame, and that they should have expanded the money supply in reaction to what he later described in A Monetary History of the United States as "The Great Contraction." Later, Friedman and his colleague Anna Schwartz wrote A Monetary History of the United States, 1867–1960, which argued that the Great Depression was caused by a severe monetary contraction due to banking crises and poor policy on the part of the Federal Reserve. Robert J. Shiller describes the book as the "most influential account" of the Great Depression.

During 1935, he began working for the National Resources Planning Board, which was then working on a large consumer budget survey. Ideas from this project later became a part of his Theory of the Consumption Function, a book which first described consumption smoothing and the Permanent Income Hypothesis. Friedman began employment with the National Bureau of Economic Research during the autumn of 1937 to assist Simon Kuznets in his work on professional income. This work resulted in their jointly authored publication Incomes from Independent Professional Practice, which introduced the concepts of permanent and transitory income, a major component of the Permanent Income Hypothesis that Friedman worked out in greater detail in the 1950s. The book hypothesizes that professional licensing artificially restricts the supply of services and raises prices.

During 1940, Friedman was appointed as an assistant professor teaching Economics at the University of Wisconsin–Madison, but encountered antisemitism in the Economics department and returned to government service. From 1941 to 1943 Friedman worked on wartime tax policy for the federal government, as an advisor to senior officials of the United States Department of the Treasury. As a Treasury spokesman during 1942, he advocated a Keynesian policy of taxation. He helped to invent the payroll withholding tax system, since the federal government needed money to fund the war. He later said, "I have no apologies for it, but I really wish we hadn't found it necessary and I wish there were some way of abolishing withholding now." In Milton and Rose Friedman's jointly-written memoir, he wrote, "Rose has repeatedly chided me over the years about the role that I played in making possible the current overgrown government we both criticize so strongly."

Academic career

Early years

In 1940, Friedman accepted a position at the University of Wisconsin–Madison, but left because of differences with faculty regarding United States involvement in World War II. Friedman believed the United States should enter the war. In 1943, Friedman joined the Division of War Research at Columbia University (headed by W. Allen Wallis and Harold Hotelling), where he spent the rest of World War II working as a mathematical statistician, focusing on problems of weapons design, military tactics, and metallurgical experiments.

In 1945, Friedman submitted Incomes from Independent Professional Practice (co-authored with Kuznets and completed during 1940) to Columbia as his doctoral dissertation. The university awarded him a PhD in 1946. Friedman spent the 1945–1946 academic year teaching at the University of Minnesota (where his friend George Stigler was employed). On February 12, 1945, his son, David D. Friedman, who would later follow in his fathers footsteps and become an economist, was born.

University of Chicago

In 1946, Friedman accepted an offer to teach economic theory at the University of Chicago (a position opened by departure of his former professor Jacob Viner to Princeton University). Friedman would work for the University of Chicago for the next 30 years. There he contributed to the establishment of an intellectual community that produced a number of Nobel Memorial Prize winners, known collectively as the Chicago school of economics.

At that time, Arthur F. Burns, who was then the head of the National Bureau of Economic Research, and later chairman of the Federal Reserve, asked Friedman to rejoin the Bureau's staff. He accepted the invitation, and assumed responsibility for the Bureau's inquiry into the role of money in the business cycle. As a result, he initiated the "Workshop in Money and Banking" (the "Chicago Workshop"), which promoted a revival of monetary studies. During the latter half of the 1940s, Friedman began a collaboration with Anna Schwartz, an economic historian at the Bureau, that would ultimately result in the 1963 publication of a book co-authored by Friedman and Schwartz, A Monetary History of the United States, 1867–1960.

Friedman spent the 1954–1955 academic year as a Fulbright Visiting Fellow at Gonville and Caius College, Cambridge. At the time, the Cambridge economics faculty was divided into a Keynesian majority (including Joan Robinson and Richard Kahn) and an anti-Keynesian minority (headed by Dennis Robertson). Friedman speculated that he was invited to the fellowship, because his views were unacceptable to both of the Cambridge factions. Later his weekly columns for Newsweek magazine (1966–84) were well read and increasingly influential among political and business people, and helped earn the magazine a Gerald Loeb Special Award in 1968. From 1968 to 1978, he and Paul Samuelson participated in the Economics Cassette Series, a biweekly subscription series where the economist would discuss the days' issues for about a half-hour at a time.

A Theory of the Consumption Function

One of Milton Friedman's most popular works, A Theory of the Consumption Function, challenged traditional Keynesian viewpoints about the household. This work was originally published in 1957 by Princeton University Press, and it reanalysed the relationship displayed "between aggregate consumption or aggregate savings and aggregate income."

Friedman's counterpart Keynes believed that people would modify their household consumption expenditures to relate to their existing income levels. Friedman's research introduced the term "permanent income" to the world, which was the average of a household's expected income over several years, and he also developed the permanent income hypothesis. Friedman thought that income consisted of several components, namely transitory and permanent. He established the formula ${\displaystyle y=y_{p}+y_{t}}$ in order to calculate income, with p representing the permanent component, and t representing the transitory component.

Milton Friedman's research changed how economists interpreted the consumption function, and his work pushed the idea that current income was not the only factor that affected people's adjustment household consumption expenditures. Instead, expected income levels also affected how households would change their consumption expenditures. Friedman's contributions strongly influenced research on consumer behavior, and he further defined how to predict consumption smoothing, which contradicts Keynes' marginal propensity to consume. Although this work presented many controversial points of view that differed from existing viewpoints established by Keynes, A Theory of the Consumption Function helped Friedman gain respect in the field of economics. His work on the Permanent Income Hypothesis is among the many contributions which were listed as reasons for his Nobel Prize. His work was later expanded on by Christopher D. Carroll, especially in regards to the absence of liquidity constraints.

The Permanent Income Hypothesis faces some criticism, mainly from Keynesian economists. The primary criticism of the hypothesis has mainly been based off of a lack of liquidity constraints.

Capitalism and Freedom

His book Capitalism and Freedom, inspired by a series of lectures he gave at Wabash College, brought him national and international attention outside academia. It was published in 1962 by the University of Chicago Press and consists of essays that used non-mathematical economic models to explore issues of public policy. It sold over 400,000 copies in the first eighteen years and more than half a million since 1962. It has been translated into eighteen languages. Friedman talks about the need to move to a classically liberal society, that free markets would help nations and individuals in the long-run and fix the efficiency problems currently faced by the United States and other major countries of the 1950s and 1960s. He goes through the chapters specifying a specific issue in each respective chapter from the role of government and money supply to social welfare programs to a special chapter on occupational licensure. Friedman concludes Capitalism and Freedom with his "classical liberal" (more accurately, libertarian) stance, that government should stay out of matters that do not need and should only involve itself when absolutely necessary for the survival of its people and the country. He recounts how the best of a country's abilities come from its free markets while its failures come from government intervention.

Post-retirement

In 1977, at the age of 65, Friedman retired from the University of Chicago after teaching there for 30 years. He and his wife moved to San Francisco, where he became a visiting scholar at the Federal Reserve Bank of San Francisco. From 1977 on, he was affiliated with the Hoover Institution at Stanford University. During the same year, Friedman was approached by the Free To Choose Network and asked to create a television program presenting his economic and social philosophy.

The Friedmans worked on this project for the next three years, and during 1980, the ten-part series, titled Free to Choose, was broadcast by the Public Broadcasting Service (PBS). The companion book to the series (co-authored by Milton and his wife, Rose Friedman), also titled Free To Choose, was the bestselling nonfiction book of 1980.

Friedman served as an unofficial adviser to Ronald Reagan during his 1980 presidential campaign, and then served on the President's Economic Policy Advisory Board for the rest of the Reagan Administration. Ebenstein says Friedman was "the 'guru' of the Reagan administration." In 1988 he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom.

Friedman is known now as one of the most influential economists of the 20th century. Throughout the 1980s and 1990s, Friedman continued to write editorials and appear on television. He made several visits to Eastern Europe and to China, where he also advised governments. He was also for many years a Trustee of the Philadelphia Society.

Personal life

Religious views

According to a 2007 article in Commentary magazine, his "parents were moderately observant Jews, but Friedman, after an intense burst of childhood piety, rejected religion altogether." He described himself as an agnostic. Friedman wrote extensively of his life and experiences, especially in 1998 in his memoirs with his wife, Rose, titled Two Lucky People. In this book, Rose Friedman describes how she and Milton Friedman raised their two children, Janet and David, with a Christmas Tree in the home. "Orthodox Jews of course, do not celebrate Christmas. However, just as, when I was a child, my mother had permitted me to have a Christmas tree one year when my friend had one, she not only tolerated our having a Christmas tree, she even strung popcorn to hang on it."

Death

Friedman died of heart failure at the age of 94 years in San Francisco on November 16, 2006. He was still a working economist performing original economic research; his last column was published in The Wall Street Journal the day after his death. He was survived by his wife, Rose Friedman (who would die on August 18, 2009) and their two children, David D. Friedman, known for The Machinery of Freedom, as well as his unique anarcho-capitalism from a Chicago School perspective, and bridge player Jan Martel.

Scholarly contributions

Economics

Friedman was best known for reviving interest in the money supply as a determinant of the nominal value of output, that is, the quantity theory of money. Monetarism is the set of views associated with modern quantity theory. Its origins can be traced back to the 16th-century School of Salamanca or even further; however, Friedman's contribution is largely responsible for its modern popularization. He co-authored, with Anna Schwartz, A Monetary History of the United States, 1867–1960 (1963), which was an examination of the role of the money supply and economic activity in the U.S. history.

Friedman was the main proponent of the monetarist school of economics. He maintained that there is a close and stable association between inflation and the money supply, mainly that inflation could be avoided with proper regulation of the monetary base's growth rate. He famously used the analogy of "dropping money out of a helicopter", in order to avoid dealing with money injection mechanisms and other factors that would overcomplicate his models.

Friedman's arguments were designed to counter the popular concept of cost-push inflation, that the increased general price level at the time was the result of increases in the price of oil, or increases in wages; as he wrote:

Inflation is always and everywhere a monetary phenomenon.

— Milton Friedman, 1963.

Friedman rejected the use of fiscal policy as a tool of demand management; and he held that the government's role in the guidance of the economy should be restricted severely. Friedman wrote extensively on the Great Depression, and he termed the 1929–1933 period the Great Contraction. He argued that the Depression had been caused by an ordinary financial shock whose duration and seriousness were greatly increased by the subsequent contraction of the money supply caused by the misguided policies of the directors of the Federal Reserve.

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 ... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.

— Milton Friedman, Two Lucky People, 233

This theory was put forth in A Monetary History of the United States, and the chapter on the Great Depression was then published as a stand-alone book entitled The Great Contraction, 1929–1933. Both books are still in print from Princeton University Press, and some editions include as an appendix a speech at a University of Chicago event honoring Friedman in which Ben Bernanke made this statement:

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again.

Friedman also argued for the cessation of government intervention in currency markets, thereby spawning an enormous literature on the subject, as well as promoting the practice of freely floating exchange rates. His close friend George Stigler explained, "As is customary in science, he did not win a full victory, in part because research was directed along different lines by the theory of rational expectations, a newer approach developed by Robert Lucas, also at the University of Chicago." The relationship between Friedman and Lucas, or new classical macroeconomics as a whole, was highly complex. The Friedmanian Phillips curve was an interesting starting point for Lucas, but he soon realized that the solution provided by Friedman was not quite satisfactory. Lucas elaborated a new approach in which rational expectations were presumed instead of the Friedmanian adaptive expectations. Due to this reformulation, the story in which the theory of the new classical Phillips curve was embedded radically changed. This modification, however, had a significant effect on Friedman's own approach, so, as a result, the theory of the Friedmanian Phillips curve also changed. Moreover, new classical Neil Wallace, who was a graduate student at the University of Chicago between 1960 and 1963, regarded Friedman's theoretical courses as a mess. This evaluation clearly indicates the broken relationship between Friedmanian monetarism and new classical macroeconomics.

Friedman was also known for his work on the consumption function, the permanent income hypothesis (1957), which Friedman himself referred to as his best scientific work. This work contended that utility-maximizing consumers would spend a proportional amount of what they perceived to be their permanent income. Permanent Income refers to such factors like human capital. Windfall gains would mostly be saved because of the law of diminishing marginal utility.

Friedman's essay "The Methodology of Positive Economics" (1953) provided the epistemological pattern for his own subsequent research and to a degree that of the Chicago School. There he argued that economics as science should be free of value judgments for it to be objective. Moreover, a useful economic theory should be judged not by its descriptive realism but by its simplicity and fruitfulness as an engine of prediction. That is, students should measure the accuracy of its predictions, rather than the 'soundness of its assumptions'. His argument was part of an ongoing debate among such statisticians as Jerzy Neyman, Leonard Savage, and Ronald Fisher.

However, despite being an advocate of the free market, Milton Friedman believed that the government had two crucial roles. In an interview with Phil Donahue, Milton Friedman argued that "the two basic functions of a government are to protect the nation against foreign enemy, and to protect citizens against its fellows.” He also admitted that although privatization of national defense could reduce the overall cost, he has not yet thought of a way to make this privatization possible.

Rejection and subsequent evolution of the Philips Curve

Other important contributions include his critique of the Phillips curve and the concept of the natural rate of unemployment (1968). This critique associated his name, together with that of Edmund Phelps, with the insight that a government that brings about greater inflation cannot permanently reduce unemployment by doing so. Unemployment may be temporarily lower, if the inflation is a surprise, but in the long run unemployment will be determined by the frictions and imperfections of the labor market. If the conditions are not met and inflation is expected, the "long run" effects will replace the "short term" ones.

Through his critique, the Philips curve evolved from a strict model emphasizing the connection between inflation and unemployment as being absolute, to a model which emphasized short term unemployment reductions and long term employment stagnations.

Statistics

One of his most famous contributions to statistics is sequential sampling. Friedman did statistical work at the Division of War Research at Columbia, where he and his colleagues came up with the technique. It became, in the words of The New Palgrave Dictionary of Economics, "the standard analysis of quality control inspection". The dictionary adds, "Like many of Friedman's contributions, in retrospect it seems remarkably simple and obvious to apply basic economic ideas to quality control; that, however, is a measure of his genius."

Public policy positions

Federal Reserve and monetary policy

Although Friedman concluded the government does have a role in the monetary system he was critical of the Federal Reserve due to its poor performance and felt it should be abolished. He was opposed to Federal Reserve policies, even during the so-called 'Volcker shock' that was labeled 'monetarist'. Friedman believed that the Federal Reserve System should ultimately be replaced with a computer program. He favored a system that would automatically buy and sell securities in response to changes in the money supply.

The proposal to constantly grow the money supply at a certain predetermined amount every year has become known as Friedman's k-percent rule. There is debate about the effectiveness of a theoretical money supply targeting regime. The Fed's inability to meet its money supply targets from 1978–1982 has led some to conclude it is not a feasible alternative to more conventional inflation and interest rate targeting. Towards the end of his life, Friedman expressed doubt about the validity of targeting the quantity of money. To date, most countries have adopted inflation targeting instead of the k-percent rule.

Idealistically, Friedman actually favored the principles of the 1930s Chicago plan, which would have ended fractional reserve banking and, thus, private money creation. It would force banks to have 100% reserves backing deposits, and instead place money creation powers solely in the hands of the US Government. This would make targeting money growth more possible, as endogenous money created by fractional reserve lending would no longer be a major issue.

Exchange rates

Friedman was a strong advocate for floating exchange rates throughout the entire Bretton-Woods period (1944-1971). He argued that a flexible exchange rate would make external adjustment possible and allow countries to avoid balance of payments crises. He saw fixed exchange rates as an undesirable form of government intervention. The case was articulated in an influential 1953 paper, "The Case for Flexible Exchange Rates", at a time when most commentators regarded the possibility of floating exchange rates as a fantasy.

School choice

In his 1955 article "The Role of Government in Education" Friedman proposed supplementing publicly operated schools with privately run but publicly funded schools through a system of school vouchers. Reforms similar to those proposed in the article were implemented in, for example, Chile in 1981 and Sweden in 1992. In 1996, Friedman, together with his wife, founded the Friedman Foundation for Educational Choice to advocate school choice and vouchers. In 2016, the Friedman Foundation changed its name to EdChoice to honor the Friedmans' desire to have the educational choice movement live on without their names attached to it after their deaths.

Conscription

While Walter Oi is credited with establishing the economic basis for a volunteer military, Friedman was a proponent, and has been credited with ending the draft itself, stating that the draft was "inconsistent with a free society." In Capitalism and Freedom, he argued that conscription is inequitable and arbitrary, preventing young men from shaping their lives as they see fit. During the Nixon administration he headed the committee to research a conversion to paid/volunteer armed force. He would later state that his role in eliminating the conscription in the United States was his proudest accomplishment. Friedman did, however, believe that the introduction of a system of universal military training as a reserve in cases of war-time could be justified. He still opposed its implementation in the United States, describing it as a “monstrosity”.

Foreign policy

Biographer Lanny Ebenstein noted a drift over time in Friedman's views from an interventionist to a more cautious foreign policy. He supported US involvement in the Second World War and initially supported a hard-line against Communism, but moderated over time. However, Friedman did state in a 1995 interview that he was an anti-interventionist. He opposed the Gulf War and the Iraq War. In a spring 2006 interview, Friedman said that the US's stature in the world had been eroded by the Iraq War, but that it might be improved if Iraq were to become a peaceful and independent country.

Libertarianism and the Republican Party

Friedman was an economic advisor and speech writer in Barry Goldwater's failed presidential campaign in 1964. He was an advisor to California governor Ronald Reagan, and was active in Reagan's presidential campaigns. He served as a member of President Reagan's Economic Policy Advisory Board starting in 1981. In 1988, he received the Presidential Medal of Freedom and the National Medal of Science.

Friedman stated that he was a libertarian philosophically, but a member of the U.S. Republican Party for the sake of "expediency" ("I am a libertarian with a small 'l' and a Republican with a capital 'R.' And I am a Republican with a capital 'R' on grounds of expediency, not on principle.") But, he said, "I think the term classical liberal is also equally applicable. I don't really care very much what I'm called. I'm much more interested in having people thinking about the ideas, rather than the person."

Public goods and monopoly

Friedman was supportive of the state provision of some public goods that private businesses are not considered as being able to provide. However, he argued that many of the services performed by government could be performed better by the private sector. Above all, if some public goods are provided by the state, he believed that they should not be a legal monopoly where private competition is prohibited; for example, he wrote:

There is no way to justify our present public monopoly of the post office. It may be argued that the carrying of mail is a technical monopoly and that a government monopoly is the least of evils. Along these lines, one could perhaps justify a government post office, but not the present law, which makes it illegal for anybody else to carry the mail. If the delivery of mail is a technical monopoly, no one else will be able to succeed in competition with the government. If it is not, there is no reason why the government should be engaged in it. The only way to find out is to leave other people free to enter.

— Milton Friedman,

Social security, welfare programs and negative income tax

In 1962, Friedman criticized Social Security in his book Capitalism and Freedom, arguing that it had created welfare dependency. However, in the penultimate chapter of the same book, Friedman argued that while capitalism had greatly reduced the extent of poverty in absolute terms, "poverty is in part a relative matter, even in countries, there are clearly many people living under conditions that the rest of us label as poverty." Friedman also noted that while private charity could be one recourse for alleviating poverty and cited late 19th century Britain and the United States as exemplary periods of extensive private charity and eleemosynary activity, he made the following point:

It can be argued that private charity is insufficient because the benefits from it accrue to people other than those who make the gifts— ... a neighborhood effect. I am distressed by the sight of poverty; I am benefited by its alleviation; but I am benefited equally whether I or someone else pays for its alleviation; the benefits of other people's charity therefore partly accrue to me. To put it differently, we might all of us be willing to contribute to the relief of poverty, provided everyone else did. We might not be willing to contribute the same amount without such assurance. In small communities, public pressure can suffice to realize the proviso even with private charity. In the large impersonal communities that are increasingly coming to dominate our society, it is much more difficult for it to do so. Suppose one accepts, as I do, this line of reasoning as justifying governmental action to alleviate poverty; to set, as it were, a floor under the standard of life of every person in the community. arrangement that recommends itself on purely mechanical grounds is a negative income tax. ... The advantages of this arrangement are clear. It is directed specifically at the problem of poverty. It gives help in the form most useful to the individual, namely, cash. It is general and could be substituted for the host of special measures now in effect. It makes explicit the cost borne by society. It operates outside the market. Like any other measures to alleviate poverty, it reduces the incentives of those helped to help themselves, but it does not eliminate that incentive entirely, as a system of supplementing incomes up to some fixed minimum would. An extra dollar earned always means more money available for expenditure.

Friedman argued further that other advantages of the negative income tax were that it could fit directly into the tax system, would be less costly, and would reduce the administrative burden of implementing a social safety net. Friedman reiterated these arguments 18 years later in Free to Choose, with the additional proviso that such a reform would only be satisfactory if it replaced the current system of welfare programs rather than augment it. According to economist Robert H. Frank, writing in The New York Times, Friedman's views in this regard were grounded in a belief that while "market forces ... accomplish wonderful things", they "cannot ensure a distribution of income that enables all citizens to meet basic economic needs".

Drug policy

Friedman also supported libertarian policies such as legalization of drugs and prostitution. During 2005, Friedman and more than 500 other economists advocated discussions regarding the economic benefits of the legalization of marijuana.

Gay rights

Friedman was also a supporter of gay rights. He never specifically supported same-sex marriage, instead saying "I do not believe there should be any discrimination against gays."

Immigration

Friedman favored immigration, saying "legal and illegal immigration has a very positive impact on the U.S. economy." However, he suggested that immigrants ought not to have access to the welfare system. Friedman stated that immigration from Mexico had been a "good thing", in particular illegal immigration. Friedman argued that illegal immigration was a boon because they "take jobs that most residents of this country are unwilling to take, they provide employers with workers of a kind they cannot get" and they do not use welfare. In Free to Choose, Friedman wrote:

No arbitrary obstacles should prevent people from achieving those positions for which their talents fit them and which their values lead them to seek. Not birth, nationality, color, religion, sex, nor any other irrelevant characteristic should determine the opportunities that are open to a person — only his abilities.

Economic freedom

Michael Walker of the Fraser Institute and Friedman hosted a series of conferences from 1986 to 1994. The goal was to create a clear definition of economic freedom and a method for measuring it. Eventually this resulted in the first report on worldwide economic freedom, Economic Freedom in the World. This annual report has since provided data for numerous peer-reviewed studies and has influenced policy in several nations.

Along with sixteen other distinguished economists he opposed the Copyright Term Extension Act, and signed on to an amicus brief filed in Eldred v. Ashcroft. Friedman jokingly described it as a "no-brainer".

Friedman argued for stronger basic legal (constitutional) protection of economic rights and freedoms to further promote industrial-commercial growth and prosperity and buttress democracy and freedom and the rule of law generally in society.

Honors, recognition and legacy

George H. Nash, a leading historian of American conservatism, says that by "the end of the 1960s he was probably the most highly regarded and influential conservative scholar in the country, and one of the few with an international reputation." In 1971, Friedman received the Golden Plate Award of the American Academy of Achievement. Friedman allowed the libertarian Cato Institute to use his name for its biannual (occuring every two years) Milton Friedman Prize for Advancing Liberty beginning in 2001. A Friedman Prize was given to the late British economist Peter Bauer in 2002, Peruvian economist Hernando de Soto in 2004, Mart Laar, former Estonian Prime Minister in 2006 and a young Venezuelan student Yon Goicoechea in 2008. His wife Rose, sister of Aaron Director, with whom he initiated the Friedman Foundation for Educational Choice, served on the international selection committee.

Friedman was also a recipient of the Nobel Memorial Prize in Economics.

Upon Friedman's death, Harvard President Lawrence Summers called him "The Great Liberator", saying "... any honest Democrat will admit that we are now all Friedmanites." He said Friedman's great popular contribution was "in convincing people of the importance of allowing free markets to operate."

Stephen Moore, a member of the editorial forward of The Wall Street Journal, said in 2013: "Quoting the most-revered champion of free-market economics since Adam Smith has become a little like quoting the Bible." He adds, "There are sometimes multiple and conflicting interpretations."

Nobel Memorial Prize in Economic Sciences

Friedman won the Nobel Memorial Prize in Economic Sciences, the sole recipient for 1976, "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy."

Hong Kong

Friedman once said: "If you want to see capitalism in action, go to Hong Kong." He wrote in 1990 that the Hong Kong economy was perhaps the best example of a free market economy.

One month before his death, he wrote the article "Hong Kong Wrong—What would Cowperthwaite say?" in The Wall Street Journal, criticizing Donald Tsang, the Chief Executive of Hong Kong, for abandoning "positive non interventionism." Tsang later said he was merely changing the slogan to "big market, small government", where small government is defined as less than 20% of GDP. In a debate between Tsang and his rival Alan Leong before the 2007 Hong Kong Chief Executive election, Leong introduced the topic and jokingly accused Tsang of angering Friedman to death (Friedman had died only a year prior).

Chile

During 1975, two years after the military coup that brought military dictator President Augusto Pinochet to power and ended the government of Salvador Allende, the economy of Chile experienced a severe crisis. Friedman and Arnold Harberger accepted an invitation of a private Chilean foundation to visit Chile and speak on principles of economic freedom. He spent seven days in Chile giving a series of lectures at the Universidad Católica de Chile and the (National) University of Chile. One of the lectures was entitled "The Fragility of Freedom" and according to Friedman, "dealt with precisely the threat to freedom from a centralized military government."

In a letter to Pinochet of April 21, 1975, Friedman considered the "key economic problems of Chile are clearly ... inflation and the promotion of a healthy social market economy". He stated that "There is only one way to end inflation: by drastically reducing the rate of increase of the quantity of money ..." and that "... cutting government spending is by far and away the most desirable way to reduce the fiscal deficit, because it ... strengthens the private sector thereby laying the foundations for healthy economic growth". As to how rapidly inflation should be ended, Friedman felt that "for Chile where inflation is raging at 10–20% a month ... gradualism is not feasible. It would involve so painful an operation over so long a period that the patient would not survive." Choosing "a brief period of higher unemployment ..." was the lesser evil.. and that "the experience of Germany, ... of Brazil ..., of the post-war adjustment in the U.S. ... all argue for shock treatment". In the letter Friedman recommended to deliver the shock approach with "... a package to eliminate the surprise and to relieve acute distress" and "... for definiteness let me sketch the contents of a package proposal ... to be taken as illustrative" although his knowledge of Chile was "too limited to enable to be precise or comprehensive". He listed a "sample proposal" of 8 monetary and fiscal measures including "the removal of as many as obstacles as possible that now hinder the private market. For example, suspend ... the present law against discharging employees". He closed, stating "Such a shock program could end inflation in months". His letter suggested that cutting spending to reduce the fiscal deficit would result in less transitional unemployment than raising taxes.

Sergio de Castro, a Chilean Chicago School graduate, became the nation's Minister of Finance in 1975. During his six-year tenure, foreign investment increased, restrictions were placed on striking and labor unions, and GDP rose yearly. A foreign exchange program was created between the Catholic University of Chile and the University of Chicago. Many other Chicago School alumni were appointed government posts during and after the Pinochet years; others taught its economic doctrine at Chilean universities. They became known as the Chicago Boys.

Friedman defended his activity in Chile on the grounds that, in his opinion, the adoption of free market policies not only improved the economic situation of Chile but also contributed to the amelioration of Pinochet's rule and to the eventual transition to a democratic government during 1990. That idea is included in Capitalism and Freedom, in which he declared that economic freedom is not only desirable in itself but is also a necessary condition for political freedom. In his 1980 documentary Free to Choose, he said the following: "Chile is not a politically free system, and I do not condone the system. But the people there are freer than the people in Communist societies because government plays a smaller role. ... The conditions of the people in the past few years has been getting better and not worse. They would be still better to get rid of the junta and to be able to have a free democratic system." In 1984, Friedman stated that he has "never refrained from criticizing the political system in Chile." In 1991 he said: "I have nothing good to say about the political regime that Pinochet imposed. It was a terrible political regime. The real miracle of Chile is not how well it has done economically; the real miracle of Chile is that a military junta was willing to go against its principles and support a free market regime designed by principled believers in a free market. ... In Chile, the drive for political freedom, that was generated by economic freedom and the resulting economic success, ultimately resulted in a referendum that introduced political democracy. Now, at long last, Chile has all three things: political freedom, human freedom and economic freedom. Chile will continue to be an interesting experiment to watch to see whether it can keep all three or whether, now that it has political freedom, that political freedom will tend to be used to destroy or reduce economic freedom." He stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states. He further stated "I do not consider it as evil for an economist to render technical economic advice to the Chilean Government, any more than I would regard it as evil for a physician to give technical medical advice to the Chilean Government to help end a medical plague."

During the 2000 PBS documentary The Commanding Heights (based on the book), Friedman continued to argue that "free markets would undermine political centralization and political control.", and that criticism over his role in Chile missed his main contention that freer markets resulted in freer people, and that Chile's unfree economy had caused the military government. Friedman advocated for free markets which undermined "political centralization and political control".

Iceland

Friedman visited Iceland during the autumn of 1984, met with important Icelanders and gave a lecture at the University of Iceland on the "tyranny of the status quo." He participated in a lively television debate on August 31, 1984, with socialist intellectuals, including Ólafur Ragnar Grímsson, who later became the president of Iceland. When they complained that a fee was charged for attending his lecture at the university and that, hitherto, lectures by visiting scholars had been free-of-charge, Friedman replied that previous lectures had not been free-of-charge in a meaningful sense: lectures always have related costs. What mattered was whether attendees or non-attendees covered those costs. Friedman thought that it was fairer that only those who attended paid. In this discussion Friedman also stated that he did not receive any money for delivering that lecture.

Estonia

Although Friedman never visited Estonia, his book Free to Choose exercised a great influence on that nation's then 32-year-old prime minister, Mart Laar, who has claimed that it was the only book on economics he had read before taking office. Laar's reforms are often credited with responsibility for transforming Estonia from an impoverished Soviet Republic to the "Baltic Tiger." A prime element of Laar's program was introduction of the flat tax. Laar won the 2006 Milton Friedman Prize for Advancing Liberty, awarded by the Cato Institute.

United Kingdom

After 1950 Friedman was frequently invited to lecture in Britain, and by the 1970s his ideas had gained widespread attention in conservative circles. For example, he was a regular speaker at the Institute of Economic Affairs (IEA), a libertarian think tank. Conservative politician Margaret Thatcher closely followed IEA programs and ideas, and met Friedman there in 1978. He also strongly influenced Keith Joseph, who became Thatcher's senior advisor on economic affairs, as well as Alan Walters and Patrick Minford, two other key advisers. Major newspapers, including the Daily Telegraph, The Times, and The Financial Times all promulgated Friedman's monetarist ideas to British decision-makers. Friedman's ideas strongly influenced Thatcher and her allies when she became Prime Minister in 1979.

United States

After his death a number of obituaries and articles were written in Friedman's honor, citing him as one of the most important and influential economists of the post-war era. Milton Friedman's somewhat controversial legacy in America remains strong within the conservative movement. However, some journalists and economists like Noah Smith and Scott Sumner have argued Friedman's academic legacy has been buried under his political philosophy and misinterpreted by modern conservatives.

Criticism

I think Milton Friedman's interpretation of the success of market systems is historically seriously wrong, and his faith in market systems to achieve desirable ends I think is grossly mistaken.

Econometrician David Hendry criticized part of Friedman's and Anna Schwartz's 1982 Monetary Trends. When asked about it during an interview with Icelandic TV in 1984, Friedman said that the criticism referred to a different problem from that which he and Schwartz had tackled, and hence was irrelevant, and pointed out the lack of consequential peer review amongst econometricians on Hendry's work. In 2006, Hendry said that Friedman was guilty of "serious errors" of misunderstanding that meant "the t-ratios he reported for UK money demand were overstated by nearly 100 per cent", and said that, in a paper published in 1991 with Neil Ericsson, he had refuted "almost every empirical claim ... made about UK money demand" by Friedman and Schwartz. A 2004 paper updated and confirmed the validity of the Hendry–Ericsson findings through 2000.

Although Keynesian Nobel laureate Paul Krugman praised Friedman as a "great economist and a great man" after Friedman's death in 2006, and acknowledged his many, widely accepted contributions to empirical economics, Krugman had been, and remains, a prominent critic of Friedman. Krugman has written that "he slipped all too easily into claiming both that markets always work and that only markets work. It's extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose." Others agree Friedman was not open enough to the possibility of market inefficiencies. Economist Noah Smith argues that while Friedman made many important contributions to economic theory not all of his ideas relating to macroeconomics have entirely held up over the years and that too few people are willing to challenge them.

Political scientist C.B. Macpherson disagreed with Friedman's historical assessment of economic freedom leading to political freedom, suggesting that political freedom actually gave way to economic freedom for property-owning elites. He also challenged the notion that markets efficiently allocated resources and rejected Friedman's definition of liberty. Friedman's positivist methodological approach to economics has also been critiqued and debated. Finnish economist Uskali Mäki has argued some of his assumptions were unrealistic and vague.

In her book The Shock Doctrine, author and social activist Naomi Klein criticized Friedman's economic liberalism, identifying it with the principles that guided the economic restructuring that followed the military coups in countries such as Chile and Argentina. Based on their assessments of the extent to which what she describes as neoliberal policies contributed to income disparities and inequality, both Klein and Noam Chomsky have suggested that the primary role of what they describe as neoliberalism was as an ideological cover for capital accumulation by multinational corporations.

Visit to Chile

Because of his involvement with the government of Chile, which was a dictatorship, there were international protests, spenning from Sweden to America when Friedman was awarded the Nobel Memorial Prize in 1976. Friedman was accused of supporting the military dictatorship in Chile because of the relation of economists of the University of Chicago to Pinochet, and a controversial seven-day trip he took to Chile during March 1975 (less than two years after the coup that ended with the death of President Salvador Allende). Friedman answered that he was never an adviser to the dictatorship, but only gave some lectures and seminars on inflation, and met with officials, including Augusto Pinochet the head of the military dictatorship, while in Chile.

Chilean economist Orlando Letelier asserted that Pinochet's dictatorship resorted to oppression because of popular opposition to Chicago School policies in Chile. After a 1991 speech on drug legalisation, Friedman answered a question on his involvement with the Pinochet regime, saying that he was never an advisor to Pinochet (also mentioned in his 1984 Iceland interview), but that a group of his students at the University of Chicago were involved in Chile's economic reforms. Friedman credited these reforms with high levels of economic growth and with the establishment of democracy that has subsequently occurred in Chile. In October 1988, after returning from a lecture tour of China during which he had met with Zhao Ziyang, General Secretary of the Communist Party of China, Friedman wrote to The Stanford Daily asking if he should anticipate a similar "avalanche of protests for having been willing to give advice to so evil a government? And if not, why not?"

Criticism of A Monetary History of the United States

Although the book has been described by the Cato Institute as among the greatest economics books in the 20th century, it has endured criticisms for its conclusion that the Federal Reserve was to blame for the Great Depression. Some economists, including Peter Temin have raised questions about the legitimacy of Friedman's claims about whether or not monetary quantity levels were endogenous rather than exogenously determined, as A Monetary History of the United States posits. Nobel-prize winning economist Paul Krugman has argued that the 2008 recession has proved that, during a recession, a central bank cannot control broad money (M3 money, as defined by the OECD), and even if it can, the money supply does not bear a direct or proven relationship with GDP. According to Krugman, this was also true in the 1930s, and the claim that the Federal Reserve could have avoided the Great Depression by reacting to what Friedman called The Great Contraction is "highly dubious".

James Tobin has questioned the importance of velocity of money, and how informative this measure of the frequency of transactions is to understanding the various fluctuations observed in A Monetary History of the United States.

Economic Historian Barry Eichengreen has argued that because of the gold standard, which was at this point in time the chief monetary system of the world, the Federal Reserve's hands were tied. This was because, in order to retain the credibility of the gold standard, the Federal Reserve could not undertake actions like dramatically expanding the money supply as proposed by Friedman and Schwartz.

Austrian economist Murray Rothbard has argued that Friedman's conclusions are inconsistent with data, mainly because during the period described by Friedman as "The Great Contraction", the money supply increased, rather than decreased as Friedman and Schwartz posit.

Selected bibliography

• A Theory of the Consumption Function (1957) ISBN 1614278121.
• A Program for Monetary Stability (Fordham University Press, 1960) 110 pp. online version ISBN 0-8232-0371-9
• Capitalism and Freedom (1962), highly influential series of essays that established Friedman's position on major issues of public policy (excerpts)
• A Monetary History of the United States, 1867–1960, with Anna J. Schwartz, 1963; part 3 reprinted as The Great Contraction
• "The Role of Monetary Policy." American Economic Review, Vol. 58, No. 1 (Mar. 1968), pp. 1–17 JSTOR presidential address to American Economics Association
• "Inflation and Unemployment: Nobel Lecture", 1977, Journal of Political Economy. Vol. 85, pp. 451–72. JSTOR
• Free to Choose: A Personal Statement, with Rose Friedman, (1980), highly influential restatement of policy views
• The Essence of Friedman, essays edited by Kurt R. Leube, (1987) (ISBN 0-8179-8662-6)
• Two Lucky People: Memoirs (with Rose Friedman) ISBN 0-226-26414-9 (1998) excerpt and text search
• Milton Friedman on Economics: Selected Papers by Milton Friedman, edited by Gary S. Becker (2008)

See also

• Conservatism
• Liberalism
• Libertarianism
• Business
• United States

• Causes of the Great Depression
• Great Contraction
• History of economic thought
• List of economists
• List of Jewish Nobel laureates
• List of Presidential Medal of Freedom recipients
• Monetary/fiscal debate
• "We are all Keynesians now"

References

Citations

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Sources

Works cited

• Bernanke, Ben (2004). Essays on the Great Depression. Princeton University Press. ISBN 978-0-691-11820-8.
• Ebenstein, Alan O. (2007). Milton Friedman: A Biography. St. Martin's Press. ISBN 978-0-230-60345-5.
• Friedman, Milton (1999). Two Lucky People: Memoirs. University of Chicago Press. ISBN 978-0-226-26415-8.

Further reading

• "Symposium: Why Is There No Milton Friedman Today?". Econ Journal Watch. 10 (2). May 2013.
• Jones, Daniel Stedman. Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (2nd ed. 2014) excerpt.
• McCloskey, Deirdre (Winter 2003). "Other Things Equal: Milton". Eastern Economic Journal. 29 (1): 143–146. JSTOR 40326463.
• Steelman, Aaron (2008). "Friedman, Milton (1912–2006)". In Hamowy, Ronald (ed.). The Encyclopedia of Libertarianism. Thousand Oaks, CA: SAGE; Cato Institute. pp. 195–197. doi:10.4135/9781412965811.n118. ISBN 978-1-4129-6580-4. LCCN 2008009151. OCLC 750831024.
• Wood, John Cunningham, and Ronald N. Wood, ed. (1990), Milton Friedman: Critical Assessments, v. 3. Scroll to chapter-preview links. Routledge.

External links

• Collected Works of Milton Friedman (Multiple Text, audio, video)
• The Milton Friedman papers at the Hoover Institution Archives
• Selected Bibliography for Milton Friedman at the University of Chicago Library
• Profile and Papers at Research Papers in Economics/RePEc
• Milton Friedman collected news and commentary at The New York Times
• Milton Friedman at IMDb
• Becker Friedman Institute at the University of Chicago
• The Foundation for Educational Choice
• Milton Fridman at Scarlett
• Milton Friedman on Nobelprize.org with the Prize Lecture December 13, 1976 Inflation and Unemployment
• Inflation and Unemployment 1976 lecture at NobelPrize.org
• Nobel Memorial Prize acceptance speech
• "Milton Friedman (1912–2006)". The Concise Encyclopedia of Economics. Library of Economics and Liberty (2nd ed.). Liberty Fund. 2008.
• Interview with Milton Friedman, Dominic Streatfeild, May 25, 2000, source material for Cocaine: An Unauthorised Biography
• Milton Friedman vs. The Fed Bailout by Michael Hirsh, Newsweek, July 17, 2009
• Four Deformations of the Apocalypse, David Stockman, The New York Times, July 31, 2010
• Roberts, Russ. "Milton Friedman Podcasts". EconTalk. Library of Economics and Liberty.
• Milton Friedman publications indexed by Google Scholar
• A collection of Milton Friedman's works

Videos

• Appearances on C-SPAN
  • Booknotes interview with Friedman on the 50th Anniversary Edition of F.A. Hayek's Road to Serfdom, November 20, 1994.
  • In Depth interview with Friedman, September 3, 2000
• A film clip "The Open Mind – Living Within Our Means (1975)" is available for viewing at the Internet Archive
• A film clip "The Open Mind – A Nobel Laureate on the American Economy (1977)" is available for viewing at the Internet Archive
• Milton Friedman on Charlie Rose
• Free To Choose on YouTube
• Milton Friedman, Commanding Heights, PBS, October 1, 2000, interview, profile and video
• "Free To Choose" (1980), a PBS TV series by Milton Friedman
• Milton Friedman at the Cato Institute
• Free to Choose Network

Links to related articles

Awards Preceded byLeonid Vitaliyevich Kantorovich Tjalling C. Koopmans Laureate of the Nobel Memorial Prize in Economics 1976 Succeeded byBertil Ohlin James E. Meade v t e Milton Friedman Academic career Statistics Friedman test Decision theory Friedman–Savage utility function Economics Monetarism Friedman rule Friedman's k-percent rule Miracle of Chile Permanent income hypothesis Works Essays in Positive Economics (1953) Capitalism and Freedom (1962) Price Theory (1962) A Monetary History of the United States (1963) Free to Choose (1980) Milton Friedman bibliography Philosophy Friedman doctrine Family Rose Friedman (wife) David D. Friedman (son) Patri Friedman (grandson) v t e Laureates of the Sveriges Riksbank Prize in Economic Sciences 1969–1975 1969: Ragnar Frisch / Jan Tinbergen 1970: Paul A. Samuelson 1971: Simon Kuznets 1972: John R. Hicks / Kenneth J. Arrow 1973: Wassily Leontief 1974: Gunnar Myrdal / Friedrich August von Hayek 1975: Leonid Vitaliyevich Kantorovich / Tjalling C. Koopmans 1976–2000 1976: Milton Friedman 1977: Bertil Ohlin / James E. Meade 1978: Herbert A. Simon 1979: Theodore W. Schultz / Sir Arthur Lewis 1980: Lawrence R. Klein 1981: James Tobin 1982: George J. Stigler 1983: Gérard Debreu 1984: Richard Stone 1985: Franco Modigliani 1986: James M. Buchanan Jr. 1987: Robert M. Solow 1988: Maurice Allais 1989: Trygve Haavelmo 1990: Harry M. Markowitz / Merton H. Miller / William F. Sharpe 1991: Ronald H. Coase 1992: Gary S. Becker 1993: Robert W. Fogel / Douglass C. North 1994: John C. Harsanyi / John F. Nash Jr. / Reinhard Selten 1995: Robert E. Lucas Jr. 1996: James A. Mirrlees / William Vickrey 1997: Robert C. Merton / Myron S. Scholes 1998: Amartya Sen 1999: Robert A. Mundell 2000: James J. Heckman / Daniel L. McFadden 2001–present 2001: George A. Akerlof / A. Michael Spence / Joseph E. Stiglitz 2002: Daniel Kahneman / Vernon L. Smith 2003: Robert F. Engle III / Clive W.J. Granger 2004: Finn E. Kydland / Edward C. Prescott 2005: Robert J. Aumann / Thomas C. Schelling 2006: Edmund S. Phelps 2007: Leonid Hurwicz / Eric S. Maskin / Roger B. Myerson 2008: Paul Krugman 2009: Elinor Ostrom / Oliver E. Williamson 2010: Peter A. Diamond / Dale T. Mortensen / Christopher A. Pissarides 2011: Thomas J. Sargent / Christopher A. Sims 2012: Alvin E. Roth / Lloyd S. Shapley 2013: Eugene F. Fama / Lars Peter Hansen / Robert J. Shiller 2014: Jean Tirole 2015: Angus Deaton 2016: Oliver Hart / Bengt Holmström 2017: Richard H. Thaler 2018: William Nordhaus / Paul Romer 2019: Abhijit Banerjee / Esther Duflo / Michael Kremer 2020: Paul Milgrom / Robert B. Wilson 2021: David Card / Joshua Angrist / Guido Imbens 2022: Ben Bernanke / Douglas Diamond / Philip H. Dybvig 2023: Claudia Goldin 2024: Daron Acemoglu / Simon Johnson / James A. Robinson v t e 1976 Nobel Prize laureates Chemistry William Lipscomb (United States) Literature (1976) Saul Bellow (United States) Peace Betty Williams (United Kingdom) Mairead Maguire (United Kingdom) Physics Burton Richter (United States) Samuel C. C. Ting (United States) Physiology or Medicine Baruch Samuel Blumberg (United States) Daniel Carleton Gajdusek (United States) Economic Sciences Milton Friedman (United States) Nobel Prize recipients 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 v t e Chicago school of economics Founders Frank Knight Henry Calvert Simons Jacob Viner Theodore Schultz George Stigler Monetarism Milton Friedman Anna Schwartz Karl Brunner Phillip D. Cagan Harry G. Johnson Allan H. Meltzer David Laidler Scott Sumner New economic history Douglass North Robert Fogel Robert M. Townsend New social economics Jacob Mincer Gary Becker James Heckman Thomas Sowell Sherwin Rosen Kevin M. Murphy John A. List Sudhir Venkatesh Steven Levitt Roland Fryer Public choice school James M. Buchanan Gordon Tullock Randall Holcombe Anthony Downs William A. Niskanen Bryan Caplan Law and economics Ronald Coase Aaron Director William Landes Richard Posner Richard Epstein Robert Bork Frank H. Easterbrook Business and finance Harry Markowitz Myron Scholes Merton Miller Julian Lincoln Simon Eugene Fama Kenneth French Campbell Harvey Lars Peter Hansen v t e United States National Medal of Science laureates Behavioral and social science 1960s 1964 Neal Elgar Miller 1980s 1986 Herbert A. Simon 1987 Anne Anastasi George J. Stigler 1988 Milton Friedman 1990s 1990 Leonid Hurwicz Patrick Suppes 1991 George A. Miller 1992 Eleanor J. Gibson 1994 Robert K. Merton 1995 Roger N. Shepard 1996 Paul Samuelson 1997 William K. Estes 1998 William Julius Wilson 1999 Robert M. Solow 2000s 2000 Gary Becker 2003 R. Duncan Luce 2004 Kenneth Arrow 2005 Gordon H. Bower 2008 Michael I. Posner 2009 Mortimer Mishkin 2010s 2011 Anne Treisman 2014 Robert Axelrod 2015 Albert Bandura Biological sciences 1960s 1963 C. B. van Niel 1964 Theodosius Dobzhansky Marshall W. Nirenberg 1965 Francis P. Rous George G. Simpson Donald D. Van Slyke 1966 Edward F. Knipling Fritz Albert Lipmann William C. Rose Sewall Wright 1967 Kenneth S. Cole Harry F. Harlow Michael Heidelberger Alfred H. Sturtevant 1968 Horace Barker Bernard B. Brodie Detlev W. Bronk Jay Lush Burrhus Frederic Skinner 1969 Robert Huebner Ernst Mayr 1970s 1970 Barbara McClintock Albert B. Sabin 1973 Daniel I. Arnon Earl W. Sutherland Jr. 1974 Britton Chance Erwin Chargaff James V. Neel James Augustine Shannon 1975 Hallowell Davis Paul Gyorgy Sterling B. Hendricks Orville Alvin Vogel 1976 Roger Guillemin Keith Roberts Porter Efraim Racker E. O. Wilson 1979 Robert H. Burris Elizabeth C. Crosby Arthur Kornberg Severo Ochoa Earl Reece Stadtman George Ledyard Stebbins Paul Alfred Weiss 1980s 1981 Philip Handler 1982 Seymour Benzer Glenn W. Burton Mildred Cohn 1983 Howard L. Bachrach Paul Berg Wendell L. Roelofs Berta Scharrer 1986 Stanley Cohen Donald A. Henderson Vernon B. Mountcastle George Emil Palade Joan A. Steitz 1987 Michael E. DeBakey Theodor O. Diener Harry Eagle Har Gobind Khorana Rita Levi-Montalcini 1988 Michael S. Brown Stanley Norman Cohen Joseph L. Goldstein Maurice R. Hilleman Eric R. Kandel Rosalyn Sussman Yalow 1989 Katherine Esau Viktor Hamburger Philip Leder Joshua Lederberg Roger W. Sperry Harland G. Wood 1990s 1990 Baruj Benacerraf Herbert W. Boyer Daniel E. Koshland Jr. Edward B. Lewis David G. Nathan E. Donnall Thomas 1991 Mary Ellen Avery G. Evelyn Hutchinson Elvin A. Kabat Robert W. Kates Salvador Luria Paul A. Marks Folke K. Skoog Paul C. Zamecnik 1992 Maxine Singer Howard Martin Temin 1993 Daniel Nathans Salome G. Waelsch 1994 Thomas Eisner Elizabeth F. Neufeld 1995 Alexander Rich 1996 Ruth Patrick 1997 James Watson Robert A. Weinberg 1998 Bruce Ames Janet Rowley 1999 David Baltimore Jared Diamond Lynn Margulis 2000s 2000 Nancy C. Andreasen Peter H. Raven Carl Woese 2001 Francisco J. Ayala George F. Bass Mario R. Capecchi Ann Graybiel Gene E. Likens Victor A. McKusick Harold Varmus 2002 James E. Darnell Evelyn M. Witkin 2003 J. Michael Bishop Solomon H. Snyder Charles Yanofsky 2004 Norman E. Borlaug Phillip A. Sharp Thomas E. Starzl 2005 Anthony Fauci Torsten N. Wiesel 2006 Rita R. Colwell Nina Fedoroff Lubert Stryer 2007 Robert J. Lefkowitz Bert W. O'Malley 2008 Francis S. Collins Elaine Fuchs J. Craig Venter 2009 Susan L. Lindquist Stanley B. Prusiner 2010s 2010 Ralph L. Brinster Rudolf Jaenisch 2011 Lucy Shapiro Leroy Hood Sallie Chisholm 2012 May Berenbaum Bruce Alberts 2013 Rakesh K. Jain 2014 Stanley Falkow Mary-Claire King Simon Levin Chemistry 1960s 1964 Roger Adams 1980s 1982 F. Albert Cotton Gilbert Stork 1983 Roald Hoffmann George C. Pimentel Richard N. Zare 1986 Harry B. Gray Yuan Tseh Lee Carl S. Marvel Frank H. Westheimer 1987 William S. Johnson Walter H. Stockmayer Max Tishler 1988 William O. Baker Konrad E. Bloch Elias J. Corey 1989 Richard B. Bernstein Melvin Calvin Rudolph A. Marcus Harden M. McConnell 1990s 1990 Elkan Blout Karl Folkers John D. Roberts 1991 Ronald Breslow Gertrude B. Elion Dudley R. Herschbach Glenn T. Seaborg 1992 Howard E. Simmons Jr. 1993 Donald J. Cram Norman Hackerman 1994 George S. Hammond 1995 Thomas Cech Isabella L. Karle 1996 Norman Davidson 1997 Darleane C. Hoffman Harold S. Johnston 1998 John W. Cahn George M. Whitesides 1999 Stuart A. Rice John Ross Susan Solomon 2000s 2000 John D. Baldeschwieler Ralph F. Hirschmann 2001 Ernest R. Davidson Gábor A. Somorjai 2002 John I. Brauman 2004 Stephen J. Lippard 2005 Tobin J. Marks 2006 Marvin H. Caruthers Peter B. Dervan 2007 Mostafa A. El-Sayed 2008 Joanna Fowler JoAnne Stubbe 2009 Stephen J. Benkovic Marye Anne Fox 2010s 2010 Jacqueline K. Barton Peter J. Stang 2011 Allen J. Bard M. Frederick Hawthorne 2012 Judith P. Klinman Jerrold Meinwald 2013 Geraldine L. Richmond 2014 A. Paul Alivisatos Engineering sciences 1960s 1962 Theodore von Kármán 1963 Vannevar Bush John Robinson Pierce 1964 Charles S. Draper Othmar H. Ammann 1965 Hugh L. Dryden Clarence L. Johnson Warren K. Lewis 1966 Claude E. Shannon 1967 Edwin H. Land Igor I. Sikorsky 1968 J. Presper Eckert Nathan M. Newmark 1969 Jack St. Clair Kilby 1970s 1970 George E. Mueller 1973 Harold E. Edgerton Richard T. Whitcomb 1974 Rudolf Kompfner Ralph Brazelton Peck Abel Wolman 1975 Manson Benedict William Hayward Pickering Frederick E. Terman Wernher von Braun 1976 Morris Cohen Peter C. Goldmark Erwin Wilhelm Müller 1979 Emmett N. Leith Raymond D. Mindlin Robert N. Noyce Earl R. Parker Simon Ramo 1980s 1982 Edward H. Heinemann Donald L. Katz 1983 Bill Hewlett George Low John G. Trump 1986 Hans Wolfgang Liepmann Tung-Yen Lin Bernard M. Oliver 1987 Robert Byron Bird H. Bolton Seed Ernst Weber 1988 Daniel C. Drucker Willis M. Hawkins George W. Housner 1989 Harry George Drickamer Herbert E. Grier 1990s 1990 Mildred Dresselhaus Nick Holonyak Jr. 1991 George H. Heilmeier Luna B. Leopold H. Guyford Stever 1992 Calvin F. Quate John Roy Whinnery 1993 Alfred Y. Cho 1994 Ray W. Clough 1995 Hermann A. Haus 1996 James L. Flanagan C. Kumar N. Patel 1998 Eli Ruckenstein 1999 Kenneth N. Stevens 2000s 2000 Yuan-Cheng B. Fung 2001 Andreas Acrivos 2002 Leo Beranek 2003 John M. Prausnitz 2004 Edwin N. Lightfoot 2005 Jan D. Achenbach 2006 Robert S. Langer 2007 David J. Wineland 2008 Rudolf E. Kálmán 2009 Amnon Yariv 2010s 2010 Shu Chien 2011 John B. Goodenough 2012 Thomas Kailath Mathematical, statistical, and computer sciences 1960s 1963 Norbert Wiener 1964 Solomon Lefschetz H. Marston Morse 1965 Oscar Zariski 1966 John Milnor 1967 Paul Cohen 1968 Jerzy Neyman 1969 William Feller 1970s 1970 Richard Brauer 1973 John Tukey 1974 Kurt Gödel 1975 John W. Backus Shiing-Shen Chern George Dantzig 1976 Kurt Otto Friedrichs Hassler Whitney 1979 Joseph L. Doob Donald E. Knuth 1980s 1982 Marshall H. Stone 1983 Herman Goldstine Isadore Singer 1986 Peter Lax Antoni Zygmund 1987 Raoul Bott Michael Freedman 1988 Ralph E. Gomory Joseph B. Keller 1989 Samuel Karlin Saunders Mac Lane Donald C. Spencer 1990s 1990 George F. Carrier Stephen Cole Kleene John McCarthy 1991 Alberto Calderón 1992 Allen Newell 1993 Martin David Kruskal 1994 John Cocke 1995 Louis Nirenberg 1996 Richard Karp Stephen Smale 1997 Shing-Tung Yau 1998 Cathleen Synge Morawetz 1999 Felix Browder Ronald R. Coifman 2000s 2000 John Griggs Thompson Karen Uhlenbeck 2001 Calyampudi R. Rao Elias M. Stein 2002 James G. Glimm 2003 Carl R. de Boor 2004 Dennis P. Sullivan 2005 Bradley Efron 2006 Hyman Bass 2007 Leonard Kleinrock Andrew J. Viterbi 2009 David B. Mumford 2010s 2010 Richard A. Tapia S. R. Srinivasa Varadhan 2011 Solomon W. Golomb Barry Mazur 2012 Alexandre Chorin David Blackwell 2013 Michael Artin Physical sciences 1960s 1963 Luis W. Alvarez 1964 Julian Schwinger Harold Urey Robert Burns Woodward 1965 John Bardeen Peter Debye Leon M. Lederman William Rubey 1966 Jacob Bjerknes Subrahmanyan Chandrasekhar Henry Eyring John H. Van Vleck Vladimir K. Zworykin 1967 Jesse Beams Francis Birch Gregory Breit Louis Hammett George Kistiakowsky 1968 Paul Bartlett Herbert Friedman Lars Onsager Eugene Wigner 1969 Herbert C. Brown Wolfgang Panofsky 1970s 1970 Robert H. Dicke Allan R. Sandage John C. Slater John A. Wheeler Saul Winstein 1973 Carl Djerassi Maurice Ewing Arie Jan Haagen-Smit Vladimir Haensel Frederick Seitz Robert Rathbun Wilson 1974 Nicolaas Bloembergen Paul Flory William Alfred Fowler Linus Carl Pauling Kenneth Sanborn Pitzer 1975 Hans A. Bethe Joseph O. Hirschfelder Lewis Sarett Edgar Bright Wilson Chien-Shiung Wu 1976 Samuel Goudsmit Herbert S. Gutowsky Frederick Rossini Verner Suomi Henry Taube George Uhlenbeck 1979 Richard P. Feynman Herman Mark Edward M. Purcell John Sinfelt Lyman Spitzer Victor F. Weisskopf 1980s 1982 Philip W. Anderson Yoichiro Nambu Edward Teller Charles H. Townes 1983 E. Margaret Burbidge Maurice Goldhaber Helmut Landsberg Walter Munk Frederick Reines Bruno B. Rossi J. Robert Schrieffer 1986 Solomon J. Buchsbaum H. Richard Crane Herman Feshbach Robert Hofstadter Chen-Ning Yang 1987 Philip Abelson Walter Elsasser Paul C. Lauterbur George Pake James A. Van Allen 1988 D. Allan Bromley Paul Ching-Wu Chu Walter Kohn Norman Foster Ramsey Jr. Jack Steinberger 1989 Arnold O. Beckman Eugene Parker Robert Sharp Henry Stommel 1990s 1990 Allan M. Cormack Edwin M. McMillan Robert Pound Roger Revelle 1991 Arthur L. Schawlow Ed Stone Steven Weinberg 1992 Eugene M. Shoemaker 1993 Val Fitch Vera Rubin 1994 Albert Overhauser Frank Press 1995 Hans Dehmelt Peter Goldreich 1996 Wallace S. Broecker 1997 Marshall Rosenbluth Martin Schwarzschild George Wetherill 1998 Don L. Anderson John N. Bahcall 1999 James Cronin Leo Kadanoff 2000s 2000 Willis E. Lamb Jeremiah P. Ostriker Gilbert F. White 2001 Marvin L. Cohen Raymond Davis Jr. Charles Keeling 2002 Richard Garwin W. Jason Morgan Edward Witten 2003 G. Brent Dalrymple Riccardo Giacconi 2004 Robert N. Clayton 2005 Ralph A. Alpher Lonnie Thompson 2006 Daniel Kleppner 2007 Fay Ajzenberg-Selove Charles P. Slichter 2008 Berni Alder James E. Gunn 2009 Yakir Aharonov Esther M. Conwell Warren M. Washington 2010s 2011 Sidney Drell Sandra Faber Sylvester James Gates 2012 Burton Richter Sean C. Solomon 2014 Shirley Ann Jackson v t e Presidents of the American Economic Association 1886–1900 Francis A. Walker (1886) Charles F. Dunbar (1893) John B. Clark (1894) Henry C. Adams (1896) Arthur T. Hadley (1898) Richard T. Ely (1900) 1901–1925 Edwin R. A. Seligman (1902) F. W. Taussig (1904) Jeremiah W. Jenks (1906) Simon N. Patten (1908) Davis R. Dewey (1909) Edmund J. James (1910) Henry W. Farnam (1911) Frank A. Fetter (1912) David Kinley (1913) John H. Gray (1914) Walter F. Willcox (1915) Thomas N. Carver (1916) John R. Commons (1917) Irving Fisher (1918) Henry B. Gardner (1919) Herbert J. Davenport (1920) Jacob H. Hollander (1921) Henry R. Seager (1922) Carl C. Plehn (1923) Wesley C. Mitchell (1924) Allyn A. Young (1925) 1926–1950 Edwin W. Kemmerer (1926) Thomas S. Adams (1927) Fred M. Taylor (1928) Edwin F. Gay (1929) Matthew B. Hammond (1930) Ernest L. Bogart (1931) George E. Barnett (1932) William Z. Ripley (1933) Harry A. Millis (1934) John M. Clark (1935) Alvin S. Johnson (1936) Oliver M. W. Sprague (1937) Alvin Hansen (1938) Jacob Viner (1939) Frederick C. Mills (1940) Sumner Slichter (1941) Edwin G. Nourse (1942) Albert B. Wolfe (1943) Joseph S. Davis (1944) I. Leo Sharfman (1945) Emanuel A. Goldenweiser (1946) Paul Douglas (1947) Joseph Schumpeter (1948) Howard S. Ellis (1949) Frank Knight (1950) 1951–1975 John H. Williams (1951) Harold A. Innis (1952) Calvin B. Hoover (1953) Simon Kuznets (1954) John D. Black (1955) Edwin E. Witte (1956) Morris A. Copeland (1957) George W. Stocking (1958) Arthur F. Burns (1959) Theodore W. Schultz (1960) Paul A. Samuelson (1961) Edward S. Mason (1962) Gottfried Haberler (1963) George J. Stigler (1964) Joseph J. Spengler (1965) Fritz Machlup (1966) Milton Friedman (1967) Kenneth E. Boulding (1968) William J. Fellner (1969) Wassily Leontief (1970) James Tobin (1971) John Kenneth Galbraith (1972) Kenneth J. Arrow (1973) Walter W. Heller (1974) R. Aaron Gordon (1975) 1976–2000 Franco Modigliani (1976) Lawrence R. Klein (1977) Jacob Marschak (1978) Tjalling C. Koopmans (1978) Robert M. Solow (1979) Moses Abramovitz (1980) William J. Baumol (1981) Gardner Ackley (1982) W. Arthur Lewis (1983) Charles L. Schultze (1984) Charles P. Kindleberger (1985) Alice M. Rivlin (1986) Gary S. Becker (1987) Robert Eisner (1988) Joseph A. Pechman (1989) Gérard Debreu (1990) Thomas C. Schelling (1991) William Vickrey (1992) Zvi Griliches (1993) Amartya Sen (1994) Victor R. Fuchs (1995) Anne O. Krueger (1996) Arnold C. Harberger (1997) Robert W. Fogel (1998) D. Gale Johnson (1999) Dale W. Jorgenson (2000) 2001–present Sherwin Rosen (2001) Robert Lucas Jr. (2002) Peter Diamond (2003) Martin Feldstein (2004) Daniel McFadden (2005) George Akerlof (2006) Thomas J. Sargent (2007) Avinash Dixit (2008) Angus Deaton (2009) Robert Hall (2010) Orley Ashenfelter (2011) Christopher A. Sims (2012) Claudia Goldin (2013) William Nordhaus (2014) Richard Thaler (2015) Robert J. Shiller (2016) Alvin E. Roth (2017) Olivier Blanchard (2018) Ben Bernanke (2019) Janet Yellen (2020) David Card (2021) Christina Romer (2022) Susan Athey (2023) Janet Currie (2024) v t e John Bates Clark Medal recipients Paul A. Samuelson (1947) Kenneth E. Boulding (1949) Milton Friedman (1951) No Award (1953) James Tobin (1955) Kenneth J. Arrow (1957) Lawrence R. Klein (1959) Robert M. Solow (1961) Hendrik S. Houthakker (1963) Zvi Griliches (1965) Gary S. Becker (1967) Marc Leon Nerlove (1969) Dale W. Jorgenson (1971) Franklin M. Fisher (1973) Daniel McFadden (1975) Martin S. Feldstein (1977) Joseph E. Stiglitz (1979) A. Michael Spence (1981) James J. Heckman (1983) Jerry A. Hausman (1985) Sanford J. Grossman (1987) David M. Kreps (1989) Paul R. Krugman (1991) Lawrence H. Summers (1993) David Card (1995) Kevin M. Murphy (1997) Andrei Shleifer (1999) Matthew Rabin (2001) Steven Levitt (2003) Daron Acemoglu (2005) Susan C. Athey (2007) Emmanuel Saez (2009) Esther Duflo (2010) Jonathan Levin (2011) Amy Finkelstein (2012) Raj Chetty (2013) Matthew Gentzkow (2014) Roland Fryer (2015) Yuliy Sannikov (2016) Dave Donaldson (2017) Parag Pathak (2018) Emi Nakamura (2019) Melissa Dell (2020) Isaiah Andrews (2021) Oleg Itskhoki (2022) Gabriel Zucman (2023) Philipp Strack (2024) v t e Libertarianism Origins Age of Enlightenment Anarchism Aristotelianism Liberalism classical radical Schools Libertarian capitalism (Right-libertarianism) Anarcho-capitalism Autarchism Christian libertarianism Conservative libertarianism Consequentialist libertarianism Fusionism Libertarian transhumanism Minarchism Natural-rights libertarianism Neo-classical liberalism Bleeding-heart libertarianism Paleolibertarianism Propertarianism Voluntaryism Libertarian socialism (Left-libertarianism) Anarchism collectivist communist free-market agorism green individualist insurrectionary libertarian communism mutualism philosophical social syndicalist Autonomism Communalism Guild socialism Libertarian Marxism Syndicalism Concepts Abstention Academic freedom Age of consent reform Anti-authoritarianism Anti-capitalism Antimilitarism Anti-statism Artistic freedom Civil liberties Class struggle Cognitive liberty Counter-economics Crypto-anarchism Decentralization Decriminalization of sex work Departurism Drug liberalization Direct action Economic freedom Egalitarianism Evictionism Expropriative anarchism Federalism (anarchist) Free association (Marxism and anarchism) Free love Free market Free-market environmentalism Free migration Free trade Freedom of assembly Freedom of association Freedom of choice Freedom of conscience Freedom of contract Freedom of information Freedom of religion Freedom of speech Freedom of thought Gift economy Homestead principle Illegalism Individualism Individualist feminism Individual reclamation Liberty Libertarianism (metaphysics) Localism Natural law Natural rights and legal rights Night-watchman state Non-aggression principle Non-interventionism Participatory economics Propaganda of the deed Property is theft! Refusal of work Reproductive rights Right to die Right to privacy Right to sexuality Self-governance Self-ownership Single tax Social ecology Spontaneous order Squatting Stateless society Tax resistance Voluntary association Voluntary society Workers' councils Workers' self-management Philosophers Left-wing Bakunin Bookchin Camus Chomsky Cleyre Déjacque Fourier Godwin Goldman Guérin Hodgskin Kropotkin Marcuse Öcalan Proudhon Warren Tucker Right-wing Bastiat Block Brennan Emerson D. Friedman M. Friedman R. Friedman Goldwater Hayek Herbert Hoppe Jillette Kinsella Korwin-Mikke Lane Locke von Mises de Molinari Nock Nozick Paterson Rand Read Rothbard Simon Spencer Stossel Other George Hess Konkin III de La Boétie McElroy Paine Spooner Stirner Szasz Thoreau Politicians Cleveland Coolidge Farage Gandhi Johnson Jorgensen Korwin-Mikke Milei Paul Sarwark Issues Abortion Affirmative action Anarcho-capitalism and minarchism Capital punishment Criticism Foreign intervention Immigration Intellectual property Internal debates LGBT rights Objectivism Political alliances Political parties Theories of law War on Drugs Works Atlas Shrugged (1957) The Market for Liberty (1970) For a New Liberty: The Libertarian Manifesto (1973) Law, Legislation and Liberty (1973–1979) Anarchy, State, and Utopia (1974) Free to Choose (1980) Related Abolitionism Anti-collectivism Anti-communism Anti-fascism Anti-socialism Austro-libertarianism Center for Libertarian Studies Civil libertarianism Classical liberalism Conscientious objector Constitutionalism Cultural liberalism Economic liberalism Freeman on the land movement Fusionism Geolibertarianism Georgism Green libertarianism Libertarian conservatism Libertarian Democrats Libertarian socialism Libertarian Republicans Libertarian science fiction Libertarianism in South Africa Libertarianism in the United Kingdom Libertarianism in the United States Objectivism Public choice theory Small government Sovereign citizen movement Technolibertarianism Libertarianism portal Outline of libertarianism

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