American laissez-faire economist, professor at the University of Chicago,
and one of the leading conservative economists in the second half of
the 20th-century. He was awarded the Nobel Prize for Economics in 1976.
After studying at Rutgers University and the University of Chicago,
Friedman received his Ph.D. from Columbia University in 1946 and joined
the faculty of the University of Chicago that same year. Friedman became
one of the leading American advocates of the monetarist school of economics,
which holds that the business cycle is determined primarily by money
supply and interest rates rather than by a government's fiscal policy.
In Capitalism and Freedom (1962; with his wife, Rose D. Friedman) Friedman
argued for a negative income tax, or guaranteed income, to supersede
centralized, bureaucratized social welfare services, which in his view
are inimical to the traditional values of individualism and useful work.
Among his other works, many of which concern the theory of money, are
A Monetary History of the United States, 1867-1960 (1963) and Monetary
Trends of the United States and the United Kingdom (1981).