| Milton Friedman was
born in 1912 in New York City and was graduated from Rutgers University
before taking an M.A. at the University of Chicago and a Ph.D. at Columbia
University. Professor Friedman taught for many years at the University
of Chicago, where he was the Paul Snowden Russell Distinguished Service
Professor of Economics. He has taught at the universities of Minnesota,
Wisconsin, and Columbia and lectured at universities throughout the world
from Cambridge to Tokyo. Since 1976, he has been a senior research fellow
at the Hoover Institution of Stanford University.
In 1976, Professor Friedman was awarded the Nobel Memorial Prize in Economic Science.
Among his best known books are Essays in Positive Economics (Chicago, 1953); Studies in the Quantity Theory of Money (edited by Friedman, Chicago, 1956); A Theory of Consumption Function (Princeton, 1957); Capitalism and Freedom (Chicago, 1962); (with Anna L. Schwartz) A Monetary History of the United States, 1867-1960 (Princeton, 1963); Dollars and Deficits (Prentice-Hall, Inc., 1968); (with Rose Friedman) Free to Choose (Harcourt, Brace, Jovanovitch, 1980); (with Rose Friedman) Tyranny of the Status Quo (Harcourt, Brace, Jovanovitch, 1984); and Monetarist Economics (Basil Blackwell, Inc., 1991).
This essay is an excerpt from Capitalism and Freedom. Copyright 1962 by The University of Chicago Press. Reprinted by permission. The essay was reprinted in the January 1994 issue of Freedom Daily, published by The Future of Freedom Foundation.
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