HB graphite pencils

A pencil is a writing implement or art medium usually constructed of a narrow, solid pigment core inside a protective casing. The case prevents the core from breaking, and also from marking the user’s hand during use.

Pencils create marks via physical abrasion, leaving behind a trail of solid core material that adheres to a sheet of paper or other surface. They are noticeably distinct from pens, which dispense liquid or gel ink that stain the light colour of the paper.

Most pencil cores are made of graphite mixed with a clay binder, leaving grey or black marks that can be easily erased. Graphite pencils are used for both writing and drawing, and the result is durable: although writing can usually be removed with an eraser, it is resistant to moisture, most chemicals, ultraviolet radiation and natural ageing. Other types of pencil core are less widely used. Charcoal pencils are mainly used by artists for drawing and sketching. Coloured pencils are sometimes used by teachers or editors to correct submitted texts but are more usually regarded as art supplies, especially those with waxy core binders that tend to smear on paper instead of erasing. Grease pencils have a softer crayon-like waxy core that can leave marks on smooth surfaces such as glass or porcelain.

The most common type of pencil casing is a thin wooden cylinder permanently bonded around the core. Similar permanent casings may be constructed of other materials such as plastic or paper. In order to use the pencil, the casing must be carved or peeled off to expose the working end of the core as a sharp point. Mechanical pencils have more elaborate casings that support mobile pieces of pigment core, which can be extended or retracted through the casing tip as needed.

History[link]

Old Soviet coloured pencils with box (circa 1959)

The archetypal pencil may have been the stylus, which was a thin metal stick, used for scratching in papyrus or, more commonly, wax tablets. They were used extensively by the Romans.^[1] The word pencil comes from the Old French word pincel, a small paintbrush, ultimately deriving from the Latin word penicillus a "little tail" — pincellus is Latin from the post-classical period.^[2]

Discovery of graphite deposit[link]

Some time before 1565 (some sources say as early as 1500), an enormous deposit of graphite was discovered on the approach to Grey Knotts from the hamlet of Seathwaite in Borrowdale parish, Cumbria, England.^[3][4][5] The locals found that it was very useful for marking sheep. This particular deposit of graphite was extremely pure and solid, and it could easily be sawn into sticks. This remains the only large scale deposit of graphite ever found in this solid form.^[6] Chemistry was in its infancy and the substance was thought to be a form of lead. Consequently, it was called plumbago (Latin for "lead ore").^[7][8] The black core of pencils is still referred to as lead, even though it never contained the element lead. The words for pencil in German (Bleistift), Irish (Peann Luaidhe), Arabic (قلم رصاص qalam ruṣāṣ), and other languages literally mean lead pen.

The value of graphite was soon realised to be enormous, mainly because it could be used to line the moulds for cannonballs, and the mines were taken over by the Crown and guarded. When sufficient stores of graphite had been accumulated, the mines were flooded to prevent theft until more was required. Graphite had to be smuggled out for use in pencils. Because graphite is soft, it requires some form of encasement. Graphite sticks were initially wrapped in string or sheepskin for stability. The news of the usefulness of these early pencils spread far and wide, attracting the attention of artists all over the known world.

Although deposits of graphite had been found in other parts of the world, they were not of the same purity and quality as the Borrowdale find, and had to be crushed to remove the impurities, leaving only graphite powder.^{[citation needed]} England continued to enjoy a monopoly on the production of pencils until a method of reconstituting the graphite powder was found. The distinctively square English pencils continued to be made with sticks cut from natural duck graphite into the 1860s. The town of Keswick, near the original findings of block graphite still manufactures pencils, the factory also being the location of the Cumberland pencil museum.^[9]

The first attempt to manufacture graphite sticks from powdered graphite was in Nuremberg, Germany, in 1662. It used a mixture of graphite, sulphur, and antimony.

Residual graphite from a pencil stick is not poisonous, and graphite is harmless if consumed.^[10]

Wood holders added[link]

Around 1560,^[11] an Italian couple named Simonio and Lyndiana Bernacotti made what are likely the first blueprints for the modern, wood-encased carpentry pencil. Their version was a flat, oval, more compact type of pencil. Their concept involved the hollowing out of a stick of juniper wood. Shortly thereafter, a superior technique was discovered: two wooden halves were carved, a graphite stick inserted, and the halves then glued together—essentially the same method in use to this day.^[12]

English and German pencils were not available to the French during the Napoleonic Wars; France, under naval blockade imposed by Great Britain, was unable to import the pure graphite sticks from the British Grey Knotts mines – the only known source in the world for solid graphite. France was also unable to import the inferior German graphite pencil substitute. It took the efforts of an officer in Napoleon's army to change this. In 1795, Nicholas Jacques Conté discovered a method of mixing powdered graphite with clay and forming the mixture into rods that were then fired in a kiln. By varying the ratio of graphite to clay, the hardness of the graphite rod could also be varied. This method of manufacture, which had been earlier discovered by the Austrian Joseph Hardtmuth of Koh-I-Noor in 1790, remains in use.^{[citation needed]}

In England, pencils continued to be made from whole sawn graphite. Henry Bessemer's first successful invention (1838) was a method of compressing graphite powder into solid graphite thus allowing the waste from sawing to be reused.^[13]

Pencil manufacturing. The top sequence shows the old method that required pieces of graphite to be cut to size; the lower sequence is the new, current method using rods of graphite and clay

American colonists imported pencils from Europe until after the American Revolution. Benjamin Franklin advertised pencils for sale in his Pennsylvania Gazette in 1729, and George Washington used a three-inch pencil when he surveyed the Ohio Territory in 1762.^{[citation needed]} It is said^{[by whom?]} that William Munroe, a cabinetmaker in Concord, Massachusetts, made the first American wood pencils in 1812. This was not the only pencil-making occurring in Concord. According to Henry Petroski, transcendentalist philosopher Henry David Thoreau discovered how to make a good pencil out of inferior graphite using clay as the binder; this invention was prompted by his father's pencil factory in Concord, which employed graphite found in New Hampshire in 1821 by Charles Dunbar.

Munroe's method of making pencils was painstakingly slow, and in the neighbouring town of Acton, a pencil mill owner named Ebenezer Wood set out to automate the process at his own pencil mill located at Nashoba Brook along the old Davis Road. He used the first circular saw in pencil production. He constructed the first of the hexagon- and octagon-shaped wooden casings that we have today. Ebenezer did not patent his invention and shared his techniques with whomever asked. One of those was Eberhard Faber of New York, who became the leader in pencil production.^[14]

Joseph Dixon, an inventor and entrepreneur involved with the Tantiusques granite mine in Sturbridge, Massachusetts, developed a means to mass produce pencils. By 1870, The Joseph Dixon Crucible Company was the world’s largest dealer and consumer of graphite and later became the contemporary Dixon Ticonderoga pencil and art supplies company.^[15][16]

By the end of the 19th century over 240,000 pencils were used each day in the United States alone. The favoured timber for pencils was Red Cedar as it was aromatic and did not splinter when sharpened. In the early 20th century supplies of Red Cedar were dwindling so that pencil manufacturers were forced to recycle the wood from cedar fences and barns to maintain supply. Britain went as far as declaring the use of pencil sharpeners illegal to discourage unnecessary sharpening.^{[citation needed]} It was soon discovered that Incense cedar, when dyed and perfumed to resemble Red Cedar, was a suitable alternative and most pencils today are made from this timber which is grown in managed forests. Over 14 billion pencils are manufactured worldwide annually.^[17]

Eraser attached[link]

Drawing of pencil with an attached eraser from its patent application

Lead poisoning[link]

Although lead has not been used for writing since Roman times, lead poisoning from pencils was not uncommon; until the middle of the twentieth century the paint used for the outer coating could contain high concentrations of the element and this could be ingested when the pencil was sucked or chewed.^[21]

Manufacture[link]

Modern pencils usually do not contain lead as the "lead" of the pencil is actually a mix of finely ground graphite and clay powders. Before the two substances are mixed, they are separately cleaned of any foreign matter and dried in a manner that creates large square cakes. Once the cakes have fully dried, the graphite and the clay squares and are mixed together using water. The amount of clay content added to the graphite depends on the intended pencil hardness (lower proportions of clay makes the core softer^[22]), and the amount of time spent on grinding the mixture determines the quality of the lead. The mixture is then shaped into long spaghetti-like strings, straightened, dried, cut, and then tempered in a kiln. The resulting strings are dipped in oil or molten wax, which seeps into the tiny holes of the material and allows for the smooth writing ability of the pencil. A juniper or incense-cedar plank with several long parallel grooves is cut to fashion a "slat," and the graphite/clay strings are inserted into the grooves. Another grooved plank is glued on top, and the whole assembly is then cut into individual pencils, which are then varnished or painted. Many pencils feature an eraser on the top and so the process is usually still considered incomplete at this point. Each pencil has a shoulder cut on one end of the pencil to allow for a metal ferrule to be secured onto the wood. A rubber plug is then inserted into the ferrule for a functioning eraser on the end of the pencil.^[23]

Grading and classification[link]

HB graphite pencils. One is labelled #2 and the other #2½

A grading chart ranging from 9B to 9H

Many pencils across the world, and almost all in Europe, are graded on the European system using a continuum from “H” (for hardness) to “B” (for blackness), as well as “F” (for fine point). The standard writing pencil is graded HB.^{[citation needed]} According to Petroski, this system might have been developed in the early 20th century by Brookman, an English pencil maker. It used “B” for black and “H” for hard; a pencil's grade was described by a sequence or successive Hs or Bs such as BB and BBB for successively softer leads, and HH and HHH for successively harder ones.^[24]

As of 2009, a set of pencils ranging from a very hard, light-marking pencil to a very soft, black-marking pencil usually ranges from hardest to softest as follows:

Koh-i-noor offers twenty grades from 10H to 8B for its 1500 series;^[25] Derwent produces twenty grades from 9H to 9B for its graphic pencils^[26] and Staedtler produces nineteen from 9H to 8B for its Mars Lumograph pencils.^[27]

The main market for such wide range of grades are artists who are interested in creating a full range of tones from light grey to black. Engineers prefer harder pencils which allow for a greater control in the shape of the lead. This is reflected in the way pencils are packaged and marketed. For example, for its Graphic pencils Derwent offers three packages of 12 pencils each: Technical (with hard grades from 9H to B), Sketching (with soft grades H to 9B), and Designer (with medium grades 4H to 6B).^{[citation needed]}

Pencils graded using this system are used to measure the hardness and resistance of varnishes and paints. The resistance of a coating (also known as its pencil hardness) is determined as the grade of the hardest pencil that does not mark the coating when pressed firmly against it at a 45 degree angle.^[28][29]

Another common method uses numbers to designate the grade of a pencil. It was originally created by Conté and adopted in the United States by John Thoreau, father of Henry Thoreau, in the 19th century.^[30] The following table shows approximate equivalences between the different systems:^[31]

* Also seen as 2-4/8, 2.5, 2-5/10

Although Conté/Thoreau's system is widely accepted, not all manufacturers follow it; for example, Faber-Castell uses a different equivalence table in its Grip 2001 pencils: 1 = 2B, 2 = B, 2½ = HB, 3 = H, 4 = 2H.

The various graphite pencil grades are achieved by altering the proportion of graphite to clay: the more clay the harder the pencil.^[32][33][34] Two pencils of the same grade but different manufacturers will not necessarily make a mark of identical tone nor have the same hardness.^[35]

External colour and shape of pencils[link]

A typical yellow no. 2 pencil

The majority of pencils made in the United States are painted yellow.^[36] According to Henry Petroski,^[37] this tradition began in 1890 when the L. & C. Hardtmuth Company of Austria-Hungary introduced their Koh-I-Noor brand, named after the famous diamond. It was intended to be the world's best and most expensive pencil, and at a time when most pencils were either painted in dark colours or not at all, the Koh-I-Noor was yellow. As well as simply being distinctive, the colour may have been inspired by the Austro-Hungarian flag; it was also suggestive of the Orient at a time when the best-quality graphite came from Siberia. Other companies then copied the yellow colour so that their pencils would be associated with this high-quality brand, and chose brand names with explicit Oriental references, such as Mikado (renamed Mirado)^[38][39] and Mongol.^[40][41]

Not all countries use yellow pencils, however; German and Brazilian pencils, for example, are often green, blue or black, based on the trademark colours of Faber-Castell, a major German stationery company which has major plants in those countries. In southern European countries pencils tend to be dark red or black with yellow lines while in Australia they are red with black bands at one end. In India the most common pencil colour scheme was dark red with black lines, and pencils with a large number of colour schemes are produced by various companies.

Pencils are commonly round, hexagonal or sometimes triangular in section. Carpenters' pencils (see below) are typically oval or rectangular, so they cannot easily roll away during work.

Notable pencil users[link]

• Thomas Edison had his pencils specially made by Eagle Pencil. Each pencil was three inches long, was thicker than standard pencils and had softer graphite than was normally available.^[42]
• Vladimir Nabokov rewrote everything he had ever published, usually several times, by pencil.^[42]
• John Steinbeck was an obsessive pencil user and is said to have used as many as 60 a day. His novel East of Eden took more than 300 pencils to write.^[42]
• Vincent van Gogh only used Faber pencils as they were "superior to Carpenters pencils, a capital black and most agreeable".^[42][43]
• Johnny Carson regularly played with pencils at his Tonight Show desk. These pencils were specially made with erasers at both ends in order to avoid on set accidents.^[44]
• Roald Dahl only used pencils with yellow casing to write his books. He had 6 sharpened pencils ready at the beginning of each day and only when all 6 pencils became unusable did he resharpen them.^{[citation needed]}

Types[link]

According to their marking material[link]

Coloured pencils

Graphite pencils

These are the most common types of pencils, and are encased in wood. They are made of a mixture of clay and graphite and their darkness varies from light grey to black. Their composition allows for the smoothest strokes.

Solid graphite pencils

As the name implies, these are solid sticks of graphite, about the diameter of a common pencil, which have no casing. They are used primarily for art purposes as the lack of casing allows for more interesting effects. They are available in the same darkness range as wood-encased graphite pencils.

Charcoal pencils

They are made of charcoal and provide fuller blacks than graphite pencils, but tend to smudge easily and are more abrasive than graphite. Sepia-toned and white pencils are also available for duotone techniques.

Carbon pencils

They generally are made of a mixture of clay and lamp black, but are sometimes blended with charcoal or graphite depending on the darkness and manufacturer. They produce a fuller black than graphite pencils, but are smoother than charcoal.

Coloured pencils, or pencil crayons

These have wax-like cores with pigment and other fillers. Multiple colours are often blended together.^[45]

Grease pencils

They write on virtually any surface (including glass, plastic, metal and photographs). The most commonly found grease pencils are encased in paper (Berol and Sanford Peel-off), but they can also be encased in wood (Staedtler Omnichrom).^[45]

Watercolour pencils

These are designed for use with watercolour techniques. The pencils can be used by themselves for sharp, bold lines. Strokes made by the pencil can also be saturated with water and spread with brushes.^[45]

According to their use[link]

Two "woodless" graphite pencils, two charcoal pencils, and two grease pencils

Carpenter's pencils

These are pencils that have two main properties: their shape prevents them from rolling, and their graphite is strong.^[46] The oldest surviving pencil is a German carpenter's pencil dating from the 17th Century and now in the Faber-Castell collection.^[47][48]

Copying pencils

These are graphite pencils with an added dye that creates an indelible mark. They were invented in the late 19th century for press copying and as a practical substitute for fountain pens. Their markings are often visually indistinguishable from those of standard graphite pencils, but when moistened their markings dissolve into a coloured ink, which is then pressed into another piece of paper. They posed significant health risks (see below).^[49][50][51] They were widely used until the mid 20th century when ball pens slowly replaced them. In Italy their use is still mandated by law for voting paper ballots in elections and referenda. ^[52]

Erasable colour pencils

Unlike wax-based coloured pencils, these can be easily erased. Their main use is in sketching, where the objective is to create an outline using the same colour that other media (such as wax pencils, or watercolour paints) would fill^[53] or when the objective is to scan the colour sketch.^[54] Some animators prefer erasable colour pencils as opposed to graphite pencils because they don't smudge as easily, and the different colours allow for better separation of objects in the sketch.^[55] Copy-editors find them useful too, as their markings stand out more than graphite but can be erased.^[56]

Non-reproducing

or non-photo blue pencils make marks that are not reproduced by photocopiers^[57] (Sanford's Copy-not or Staedtler's Mars Non-photo) or by whiteprint copiers (Staedtler's Mars Non-Print).

Stenographer's pencil

Also known as a steno pencil. These pencils are expected to be very reliable, and their lead is break proof. Nevertheless sometimes steno pencils are sharpened at both ends to enhance reliability. They are round to avoid pressure pain during long texts.^[58]

Golf pencil

Golf pencils are usually short (a common length is 9 cm) and very cheap. They are also known as library pencils, as many libraries offer them as disposable, unspillable writing instruments.

According to their shape[link]

• Triangular (more accurately a Reuleaux triangle)
• Hexagonal
• Round
• Bendable (flexible plastic)

According to their size[link]

Typical

File:PencilMeasurement.jpg

Typically sized pencil under a ruler.

A standard, hexagonal, "#2 pencil" is cut to a hexagonal height of ¹⁄₄-inch (6 mm), but the outer diameter is slightly larger (about ⁹⁄₃₂-inch (7 mm)).^[59]

A standard, #2, hexagonal pencil is 19 cm (7.5 in) long.

Biggest

On 3 September 2007, Ashrita Furman unveiled his giant US$20,000 pencil – 76 feet (23 m) long, 18,000 pounds (8,200 kg) (with over 4,500 pounds (2,000 kg) for the graphite centre) – after three weeks of creation in August 2007 as a birthday gift for teacher Sri Chinmoy. It is longer than the 65-foot (20 m) pencil outside the Malaysia HQ of stationers Faber-Castell.^[60][61][62]

According to their manufacture[link]

Mechanical pencils

Pencil lead for mechanical pencils

Flexible pencils

There are also pencils which use mechanical methods to push lead through a hole at the end and are either propelling or clutch type. The erasers (sometimes replaced by a sharpener in larger lead sizes) are also removable (and thus replaceable), and usually cover a place to store replacement leads. Mechanical pencils are popular for their longevity and the fact that they may never need sharpening. Lead types are based on grade and size; with standard sizes being 2.00 mm, 1.40 mm, 1.00 mm, 0.70 mm, 0.50 mm, 0.35 mm, 0.25 mm, 0.18 mm, and 0.13 mm (ISO 9175-1)—the 0.9 mm size is available, but is not considered a standard ISO size.

Pop a Point Pencils

Pioneered by Taiwanese stationery manufacturer Bensia Pioneer Industrial Corporation in the early 70's, the product is also known as Bensia Pencils, non-sharpening pencils, is a type of pencil where many sharp points are housed in the body of the pencil in cartridge style plastic holders, removing a blunt point by pulling it from the writing end of the body and re-inserting it to the top of the body causes the next point to appear from the writing end of the pencil body.^[63]

Plastic pencils

Invented by Arthur D. Little for Empire Pencil Company in the early 1970s; commercialised by Empire as the "EPCON" Pencil. These pencils were co-extruded, extruding a plasticised graphite mix within a wood-composite core.^[64]

Stackable pencils

This section is empty. You can help by adding to it.

Other types[link]

• The Quadrachromic Pencil is a slightly enlarged pencil with four colours equally partitioned on the tip. The use of each colour while drawing is accomplished by rotating the pencil between the fingers.
• Penny pencil
• Recycled newspaper pencil

Health risks[link]

Indelible pencils were the cause of significant health risks due to the presence of aniline dyes. Exposure to aniline dyes could lead to eczema, acne and carcinoma. Penetration of the pencil lead into the body commonly leads to severe and debilitating effects such as fever, anaemia, elevated white cell count, gastro-intestinal upset, kidney and liver damage, anorexia and necrosis of the tissue surrounding the wound. Such risks are not associated with ordinary graphite pencils. While these symptoms may appear after a couple of days they often develop only after weeks have passed since the injury was sustained. Surgery is required to remove the lead and the infected tissue and "the necrotizing action may be so severe and extensive amputation is necessary". ^[65]

See also[link]

	Book: Pencils
Wikipedia books are collections of articles that can be downloaded or ordered in print.

• Venus Pencils
• Blackwing 602

Notes[link]

References[link]

• Petroski, Henry (1990). The Pencil: A History of Design and Circumstance. New York: Alfred A. Knopf. ISBN 0-394-57422-2. 
• Petroski, Henry. H. D. Thoreau, Engineer.. 5. pp. 8–16. 

External links[link]

Wikimedia Commons has media related to: Pencils

Look up pencil in Wiktionary, the free dictionary.

Milton Friedman

Chicago School of Economics
Born	(1912-07-31)July 31, 1912 Brooklyn, New York
Died	November 16, 2006(2006-11-16) (aged 94) San Francisco, California
Nationality	American
Institution	Hoover Institution (1977–2006) University of Chicago (1946–77) Columbia University (1937–41, 1943–45, 1964–65) NBER (1937–40)
Field	Economics
Alma mater	Columbia University (Ph.D.), 1946, University of Chicago (M.A.), 1933 Rutgers University (B.A.), (1932)
Opposed	John Maynard Keynes, John Kenneth Galbraith, Murray Rothbard
Influences	Adam Smith, Irving Fisher, Frank Knight, Murray Rothbard, Jacob Viner, Harold Hotelling, Arthur Burns, Friedrich Hayek, Homer Jones, Ludwig von Mises, Henry Simons, George Stigler
Influenced	Margaret Thatcher, Alan Greenspan, David D. Friedman, Anna J. Schwartz, Ben Bernanke, Gary Becker, Thomas Sowell, Harry Markowitz, Chicago Boys, William F. Buckley, Jr., Cato Institute
Contributions	Price theory, Monetarism, applied macroeconomics, floating exchange rates, volunteer military, Permanent income hypothesis, Friedman test
Awards	John Bates Clark Medal (1951) Nobel Memorial Prize in Economics (1976) Presidential Medal of Freedom (1988) National Medal of Science (1988)
Signature

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.^[1] As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes,^[2] and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."^[3]

Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory^[4] began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies.^[5] In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions.^[6] During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate.^[7] He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation.^[8] Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.^[9]

Friedman was an economic adviser to conservative President Ronald Reagan. His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment, and his support for school choice led him to found The Friedman Foundation for Educational Choice. 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 education vouchers.^[10] His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis.^[11]

Milton Friedman's works include many monographs, books, scholarly articles, papers, magazine columns, television programs, videos, and lectures, and cover a broad range of topics of microeconomics, macroeconomics, economic history, and public policy issues. His books and essays were widely read, and have had an international influence, including in Communist countries.^{[12][13][14][15]}

Early life[link]

Friedman was born in Brooklyn, New York, to recent Jewish immigrants Jenő Friedman and Sára Landau from Beregszász in Austria-Hungary (now Berehove in Ukraine), both of whom worked as dry goods merchants. Shortly after Milton's birth, the family relocated to Rahway, New Jersey. A talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday.^[16][17]

Friedman graduated from Rutgers University in New Jersey, where he specialized in mathematics and initially intended to become an actuary. During his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression. After graduating from Rutgers in 1932, Friedman was offered two scholarships to do graduate work; one being Mathematics at Brown University and the other being Economics at the University of Chicago.^[18]Friedman chose the latter, thus earning an M.A. in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. It was at Chicago that Friedman met his future wife, economist Rose Director. During 1933–34 he had a fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. He was back in Chicago for 1934–35, spending the year working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand. That year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis.^[19]

Public service[link]

Friedman was initially unable to find academic employment, so during 1935, he followed his friend W. Allen Wallis to Washington, where Franklin D. Roosevelt's New Deal was "a lifesaver" for many young economists.^[20] 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."^[21] 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 money supply should simply have been expanded, instead of contracted.^[22] In the publication Monetary History of the United States by Friedman and Anna Schwartz, they argue that the Great Depression was caused by monetary contraction, which was the consequence of poor policymaking by the Federal reserve and the continuous crises of the banking system.^[23]

During 1935, he began work for the National Resources Committee, 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. Friedman began employment with the National Bureau of Economic Research during autumn 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 an assistant professor teaching Economics at the University of Wisconsin–Madison, but encountered antisemitism in the Economics department and decided to return to government service.^[24][25] Friedman spent 1941–43 working 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 badly needed money in order to fight the war.^[26] 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."^[27]

Academic career[link]

Early years[link]

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.^[28]

During 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 Ph.D. during 1946. Friedman spent the 1945–46 academic year teaching at the University of Minnesota (where his friend George Stigler was employed). On February 12, 1945, his son, David D. Friedman was born.

University of Chicago[link]

University of Chicago

During 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 helped build an intellectual community that produced a number of Nobel Prize winners, known collectively as the Chicago School of Economics.

At that time, Arthur Burns, who was then the head of the National Bureau of Economic Research, 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 1954–55 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 speculates 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.^[29] 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.^[30]

Friedman was an economic adviser to Republican presidential candidate Barry Goldwater during 1964.

Nobel memorial prize and retirement[link]

In 1976 Friedman won the Nobel Memorial 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."^[1] During the banquet speech he made a reference to “the Prize in Economic Sciences in Memory of Alfred Nobel”. In that he was the first recipient to do so, and it wasn’t until 2006 that a recipient of the prize called it by its proper name.^[31] During 1977, at age 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 and has since been translated into 14 foreign languages.

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. During 1988, he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom. Milton Friedman is known now as one of the most influential economists of the 20th century.^[32][33] 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.^[34][35][36]

Scholarly contributions[link]

Economics[link]

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 (1963), which was an examination of the role of the money supply and economic activity in U.S. history. A striking conclusion of their research was one regarding the role of money supply fluctuations as contributing to economic fluctuations. Several regression studies with David Meiselman during the 1960s suggested the primacy of the money supply over investment and government spending in determining consumption and output. These challenged a prevailing but largely untested view on their relative importance. Friedman's empirical research and some theory supported the conclusion that the short-run effect of a change of the money supply was primarily on output but that the longer-run effect was primarily on the price level.

Friedman was the main proponent of the monetarist school of economics. He maintained that there is a close and stable association between price inflation and the money supply, mainly that price inflation should be regulated with monetary deflation and price deflation with monetary inflation. He famously quipped that price deflation can be fought by "dropping money out of a helicopter."^[37]

Friedman's arguments were designed to counter popular claims that price inflation 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.^[38]

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, which he termed the Great Contraction, arguing that it 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

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."^[39]

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.^[40] This work contended that rational consumers would spend a proportional amount of what they perceived to be their permanent income. Windfall gains would mostly be saved. Tax reductions likewise, as rational consumers would predict that taxes would have to increase later to balance public finances. 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.

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.^[41]

Statistics[link]

One of his most famous contributions to statistics is sequential sampling. "Friedman did statistical work at the Division of War Research at Columbia. He and his colleagues came up with a sampling technique, known as sequential sampling, which 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.'"^[42]

Public policy positions[link]

Federal reserve[link]

Friedman believed that if the money supply was to be centrally controlled (as by the Federal Reserve) that the preferable way to do it would be with a mechanical system that would keep the quantity of money increasing at a steady rate. However, instead of government involvement at all, he was open to a "real," non-government, gold standard where money is produced by the private market: "A real gold standard is thoroughly consistent with [classical] liberal principles and I, for one, am entirely in favor of measures promoting its development." He did however add this caveat, "Let me emphasize that this note is not a plea for a return to a gold standard.... I regard a return to a gold standard as neither desirable nor feasible—with the one exception that it might become feasible if the doomsday predictions of hyperinflation under our present system should prove correct."^[43] He said the reason that it was not feasible was because "there is essentially no government in the world that is willing to surrender control over its domestic monetary policy." However, it could be done if "you could re-establish a world in which government's budget accounted for 10 percent of the national income, in which laissez-faire reigned, in which governments did not interfere with economic activities and in which full employment policies had been relegated to the dustbin..."^[43]

He was critical of the Federal Reserve's influence on the economics profession. In a 1993 letter to University of Texas economics professor and former House Banking Committee investigator Robert Auerbach, Friedman wrote:

I cannot disagree with you that having something like 500 economists is extremely unhealthy. As you say, it is not conducive to independent, objective research. You and I know there has been censorship of the material published. Equally important, the location of the economists in the Federal Reserve has had a significant influence on the kind of research they do, biasing that research toward noncontroversial technical papers on method as opposed to substantive papers on policy and results.^[44]

School choice[link]

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.^[45] Reforms similar to those proposed in the article were implemented in, for example, Chile in 1981 and Sweden in 1992.^[46] In 1996 Friedman, together with his wife, founded the The Foundation for Educational Choice to advocate school choice and vouchers.

Conscription[link]

Milton Friedman was a major proponent of a volunteer military, stating that the draft was "inconsistent with a free society."^[47][48] In Capitalism and Freedom, he argued that conscription is inequitable and arbitrary, preventing young men from shaping their lives as they see fit.^[49] 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.^[9] Friedman did, however, believe a nation could compel military training as a reserve in case of war time.^[49]

Libertarianism and the Republican party[link]

He served as a member of President Reagan's Economic Policy Advisory Board during 1981. During 1988, he received the Presidential Medal of Freedom and the National Medal of Science. He said 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."^[50]

Public goods and monopoly[link]

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, Friedman, Milton & Rose D. Capitalism and Freedom, University of Chicago Press, 1982, 29

Welfare[link]

Friedman made newspaper headlines by proposing a negative income tax to replace the existing welfare system, and then opposing a bill to implement it because the bill proposed to supplement the existing system rather than replace it.

Drugs[link]

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.^[51]

Economic freedom[link]

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 filed an amicus brief in Eldred v. Ashcroft.^[52] He supported the inclusion of the word "no-brainer" in the brief.^[53]

Friedman argued for stronger basic legal (constitutional) protection of economic rights and freedoms in order to further promote industrial-commercial growth and prosperity and buttress democracy and freedom and the rule of law generally in society.^[54]

Honors, recognition, and influence[link]

Friedman allowed the Cato Institute to use his name for its biannual Milton Friedman Prize for Advancing Liberty beginning in 2001. A Friedman Prize was given to the late British economist Peter Bauer during 2002, Peruvian economist Hernando de Soto during 2004, Mart Laar, former Estonian Prime Minister during 2006 and a young Venezuelan student Yon Goicoechea during 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 Prize in Economics.

Hong Kong[link]

Friedman once said, "If you want to see capitalism in action, go to Hong Kong."^[55] He wrote in 1990 that the Hong Kong economy was perhaps the best example of a free market economy.^[56]

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 noninterventionism."^[57] 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 Chief Executive election, Leong introduced the topic and jokingly accused Tsang of angering Friedman to death.

Chile[link]

During 1975, two years after the military coup that ended the government of Salvador Allende, the economy of Chile experienced a severe crisis. Friedman accepted the invitation of a private foundation to visit Chile and speak on principles of economic freedom. He spent seven days in Chile giving a series of lectures. 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."^[58] Friedman encapsulated his philosophy in a lecture at Universidad Católica de Chile, saying: "free markets would undermine political centralization and political control."^[59]

Friedman also met with military dictator President Augusto Pinochet during his visit. He never served as an adviser to the Chilean government, but did write a letter to Pinochet outlining what Friedman considered the two key economic problems of Chile. The letter listed a series of monetary and fiscal measures deemed a "shock program" to end hyperinflation and promote a market economy.^[60] His letter suggested (among other, more specific prescriptions) that a brief period of cutting government spending would reduce its fiscal deficit and thus reduce the rate of increase of the quantity of money in the country that was driving inflation. The economist did however admit his knowledge of Chile was "too limited to enable [him] to be precise or comprehensive" and that the measures he outlined were "to be taken as illustrative."^[60] Friedman felt that there might be a brief period ("measured in months") of higher unemployment, followed by recovery once inflation was tamed. His letter also suggested that cutting spending to reduce the fiscal deficit would result in less transitional unemployment than raising taxes to do so. Later, Friedman said he believed that market reforms would undermine Pinochet.^[61] Chilean graduates of the Chicago School of Economics and its new local chapters had been appointed to important positions in the new government soon after the coup, which allowed them to advise Pinochet on economic policies in accord with the School's economic doctrine.

According to his critics, Friedman did not criticize Pinochet's dictatorship at the time, nor the assassinations, illegal imprisonments, torture, or other atrocities that were well known by then.^[62] 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."^[63][64] In 1984 Friedman stated that he has "never refrained from criticizing the political system in Chile."^[58]

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. He stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states.^[65] During the 2000 PBS documentary The Commanding Heights (based on the book), Friedman continued to argue 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 suggested that the economic liberalization he advocated caused the end of military rule and a free Chile.^[66]

Iceland[link]

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.^[67] 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[link]

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.^[68]

United Kingdom[link]

Milton Friedman influenced the thinking of Alan Walters and Patrick Minford, two of Margaret Thatcher's main macroeconomic advisers. See the book Margaret Thatcher's Revolution: How it Happened and What it Meant, edited by Subroto Roy & John Clarke, Continuum 2005

Criticism[link]

Keynesian criticism[link]

During the financial crisis of 2007–2010, several Keynesian economists such as James Galbraith and Joseph Stiglitz blamed the free market philosophy of Friedman and the Chicago school for the economic turmoil.^[69]

After Friedman's death in 2006, Keynesian Nobel laureate Paul Krugman, praised Friedman as a "great economist and a great man," but criticized him by writing 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."^[70]

Austrian school criticism[link]

In 1971, libertarian economist Murray Rothbard criticized Friedman's efforts to make the government more efficient as detrimental to individual liberty, concluding "...as we examine Milton Friedman’s credentials to be the leader of free-market economics, we arrive at the chilling conclusion that it is difficult to consider him a free-market economist at all."^[71] Friedman's position on governmental control of money changed since 1971 when this criticism was made.^[72] In a 1995 interview in Reason magazine he said the "difference between me and people like Murray Rothbard is that, though I want to know what my ideal is, I think I also have to be willing to discuss changes that are less than ideal so long as they point me in that direction." He said he actually would "like to abolish the Fed," and points out that when he has written about the Fed it is simply his recommendations of how it should be run given that it exists.^[9]

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Other criticism[link]

In her book The Shock Doctrine: The Rise of Disaster Capitalism, journalist and author Naomi Klein criticized Friedman's ideology and the principles that guided the economic restructuring that followed the military coups in countries such as Chile and Indonesia, drawing analogies between the way that Friedman proposed using the social "shock" of the coups to create an economic "blank slate" with Ewen Cameron's controversial medical experiments that used electroshock therapy to create a mental "blank slate" in patients with mental disorders.^[73] Based on the extent to which the application of neoliberal policies has contributed to income disparities and inequality,^[74] both Klein and Noam Chomsky have suggested that the primary role of neoliberalism was as an ideological cover for capital accumulation by multinational corporations.^[75] Chilean economist Orlando Letelier asserted that Pinochet's dictatorship resorted to oppression because of popular opposition to Chicago School policies in Chile.^[76] Klein's book has been criticized. In the October 2008 issue of Reason magazine, Swedish historian Johan Norberg called her book a "disastrous ... polemic" and criticized the book as exaggerating some facts and ignoring others, subjecting Friedman to "the most malevolent distortions of a thinker's ideas in recent history." Norberg states that "Friedman's view was the opposite of what Klein claims" and "twists [the] relationship [between Friedman and Pinochet's regime] beyond recognition," concluding that "Klein is dead wrong about Friedman."^[77] Tom Redburn wrote that Klein "accuses Friedman of being the godfather of a Mafia-like gang", stated that "her argument constantly overreaches because her goal is not really to tame capitalism so much as to taunt it", and that Klein is "blind to the necessary role of entrepreneurial capitalism in overcoming the inherent tendency of any established social system to lapse into stagnation."^[78]

Personal life[link]

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."^[79] He described himself as an agnostic.^[80]

Friedman wrote extensively of his life and experiences, especially in 1998 in his memoirs with his wife Rose, titled Two Lucky People. He died of heart failure at the age of 94 years in San Francisco on November 16, 2006.^[81][82] He was survived by his wife (who died on August 18, 2009) and their two children, David, who is a philosopher and anarcho-capitalist economist, and Janet. David's son, Patri Friedman, is the executive director of the Seasteading Institute.^[83]

See also[link]

liberalism portal

• Works of Milton Friedman
• Friedman–Savage utility function
• Friedman rule
• Friedman's k-percent rule
• Friedman test
• List of economists
• List of Jewish Nobel laureates
• List of notable Presidential Medal of Freedom recipients
• History of economic thought

Notes[link]

Bibliography[link]

References[link]

• Bernanke, Ben (2004), Essays on the Great Depression, Princeton University Press, ISBN 0-691-11820-5 
• Butler, Eamonn. Milton Friedman (Harriman Economic Essentials) (2011)
• Ebenstein, Alan O. Milton Friedman: a biography (2007)
• Friedman, Milton (1999), Two Lucky People: Memoirs, University of Chicago Press, ISBN 0-226-26415-7 
• Wood, John Cunningham, and Ronald N. Wood, ed. (1990) Milton Friedman: Critical Assessments, v. 3. Scroll to chapter-preview links. Routledge.

Further reading[link]

• Friedman, Milton (1948). "A Monetary and Fiscal Framework for Economic Stability," American Economic Review, 38(3), pp. 245-264. Also in Friedman (1953), pp. 133–56.
• Friedman, Milton (1953). Essays in Positive Economics, University of Chicago Press. Chapter- preview links.
• Friedman, Milton (1959). A Program for Monetary Stability. Fordham University Press. New York. TOC chapter-preview links.
• Friedman, Milton (1963). A Monetary History of the United States, 1867-1960. Princeton University Press. ISBN 0-691-00354-8. 
• "The Role of Monetary Policy." American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1–17 JSTOR presidential address to American Economics Association
• Ebenstein, Lanny (January 23, 2007). Milton Friedman: A Biography. Palgrave Macmillan. ISBN 1-4039-7627-9. 
• Enlow, Robert (September 25, 2006). Liberty & Learning: Milton Friedman's Voucher Idea at Fifty. Cato Institute. ISBN 1-930865-86-4. 
• Friedman, Milton (November 15, 2002). Capitalism and Freedom. University of Chicago Press. ISBN 0-226-26421-1. 
• Friedman, Milton (November 26, 1990). Free to Choose: A Personal Statement. Harvest Books. ISBN 0-15-633460-7. 
• Friedman, Milton (February 1, 2008). Milton Friedman on Economics: Selected Papers. University of Chicago Press Journals. ISBN 0-226-26349-5. 

External links[link]

Find more about Milton Friedman on Wikipedia's sister projects:
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	Quotations from Wikiquote

• Works by or about Milton Friedman in libraries (WorldCat catalog)
• Milton Friedman at the Internet Movie Database
• 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 free download at the Internet Archive [more]
• A film clip "The Open Mind - A Nobel Laureate on the American Economy (1977)" is available for free download at the Internet Archive [more]
• Milton Friedman on Charlie Rose
• Milton Friedman collected news and commentary at The New York Times
• The Milton Friedman papers at the Hoover Institution Archives
• Selected Bibliography for Milton Friedman at the University of Chicago Library
• Inflation and Unemployment 1976 lecture at NobelPrize.org
• Profile and Papers at Research Papers in Economics/RePEc
• Milton Friedman at Econlib
• Milton Friedman, Commanding Heights, PBS, October 1, 2000, interview, profile and video
• Becker Friedman Institute at the University of Chicago
• "Free To Choose" (1980) a PBS TV Series by Milton Friedman
• Milton Friedman at the Cato Institute
• Free to Choose Network
• The Foundation for Educational Choice
• Milton Fridman at Scarlett
• Milton Friedman:Why Not a Volunteer Army?, New Individualist Review, Spring 1967
• The Social Responsibility of Business is to Increase its Profits, Milton Friedman, The New York Times Magazine, September 13, 1970
• 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
• The Case for Free Trade by Milton and Rose Friedman
• How to Cure Inflation : Milton Friedman