Pepperdine University
200px
Motto	Freely ye received, freely give
Established	1937
Type	Private
Religious affiliation	Churches of Christ
Endowment	USD $605 million[1]
President	Andrew K. Benton
Academic staff	636
Undergraduates	3,474 (Seaver College)
Postgraduates	4,294 (Pepperdine University)
Location	Malibu, California, USA
Campus	Suburban, 830 acres (340 ha)
Colors	Blue and Orange
Athletics	NCAA Division I West Coast Conference
Nickname	Waves
Mascot	Willy the Wave
Website	www.pepperdine.edu

Pepperdine University is an independent, private, medium-sized university affiliated with the Churches of Christ. The university's 830-acre (340 ha) campus overlooking the Pacific Ocean in unincorporated Los Angeles County, California, United States, near Malibu,^[2][3] is the location for Seaver College, the School of Law, the Graduate School of Education and Psychology, the Graziadio School of Business and Management, and the School of Public Policy. Courses are taught in Malibu, at six graduate campuses in southern California, and at international campuses in Germany, England, Italy, China, Switzerland, and Argentina.

History[link]

Early years[link]

In February 1937, against the backdrop of the Great Depression, George Pepperdine founded the university as a Christian liberal arts college in the city of Los Angeles. On September 21, 1937, 167 new students from 22 different states and two other countries entered classes on a newly built campus on 34 acres (14 ha) at West 79th Street and South Vermont Avenue in the Vermont Knolls neighborhood of South Central Los Angeles,^[4] referred to later as the Vermont Avenue campus.^[5][6] By April 6, 1938, George Pepperdine College was fully accredited by the Northwest Association.

Pepperdine had built a fortune founding and developing the Western Auto Supply Company, which he started with a $5 investment, but his prosperity led to his greater ambition to discover "how humanity can be helped most with the means entrusted to [his] care. [He] consider it wrong to build up a great fortune and use it selfishly." Mr. Pepperdine voiced his twofold objective for the college that bore his name, "First, we want to provide first-class, fully accredited academic training in the liberal arts ... Secondly, we are especially dedicated to a greater goal—that of building in the student a Christ-like life, a love for the church, and a passion for the souls of mankind."^[7]

Move to Malibu[link]

By the 1960s, the young college faced serious problems. The area around the Vermont Avenue campus developed issues with crime and urban decay; tensions also arose due to the Civil Rights Movement and attempts to circumvent it such as California Proposition 14, which challenged federal fair housing laws.^[6] The situation exploded in the 1965 Watts Riots.^[6] In 1969 activists in the Watts area threatened to burn down the campus; however, they were talked out of it after all-night negotiations by then-President M. Norvel Young.^[6] In addition, the Vermont Avenue campus was running out of room to expand.^[6]

In 1967, the school put forth a multi-campus idea that would move the undergraduate campus to an alternative location; a committee formed and looked at numerous locations, including sites in Valencia, Orange County, Ventura County and Westlake Village.^[6] Pepperdine favored the Westlake Village location until the Adamson-Rindge family, who owned hundreds of acres in Malibu, offered 138 acres (56 ha) of Malibu land; despite concerns over building costs on the mountainous site, the school decided to move forward based on its prime location and potential for raising donation.^[6] On April 13, 1971, the university broke ground to begin construction, and in September 1972, the Malibu campus opened for student enrollment.^[6]

(The old Pepperdine University campus was sold to Crenshaw Christian Center, whose pastor, Frederick K.C. Price, then oversaw construction of the "FaithDome," the largest domed-church in the United States, seating over 10,000).

School of Law[link]

Pepperdine gained university status in 1971 when the school of law was added and the business and education departments became separate schools. In the 1980s, Pepperdine rose to prominence as one of the United States' leading centers of conservative politics, attracting many conservative-leaning professors from nearby UCLA and USC. Prominent conservatives on the Pepperdine faculty have included Bruce Herschensohn, Ben Stein, Kenneth Starr, Arthur Laffer, Douglas Kmiec, and Daniel Pipes.

Smoke billows on a hill near Pepperdine University's Theme Tower.

Brushfires[link]

In 1993 and 1996, massive brushfires threatened the campus with destruction, but firefighters successfully protected almost all structures. On October 21, 2007, fast-moving wildfires forced campus residents to relocate and shelter in the Firestone Field house and Cafeteria, plus evacuations of local homes and businesses.^[8] Similarly, another November 2007 fire in Corral Canyon, accidentally set off by a group of Los Angeles youths, caused an evacuation of the Drescher Campus. However, most students were off-campus for the Thanksgiving holiday.

Campus[link]

The main campus is located among several ridges that overlook the Pacific Ocean and the Pacific Coast Highway in Malibu, California. The main campus entrance road ascends a steep, well-groomed grassy slope past a huge stylized cross, known as the Phillips Theme Tower, symbolizing the university's dedication to its original Christian mission. Most buildings were constructed in a typical 1980s-style reinterpretation of classic Californian and Mediterranean architecture (red tile roofs, white stuccoed walls, large tinted windows). There are views of the Pacific Ocean, Catalina Island, Palos Verdes Peninsula, Long Beach and the westside of Los Angeles from numerous points. Graduations take place at Alumni Park, a broad expanse of lawn overlooking Pacific Coast Highway and the Pacific Ocean. The main academic plaza for undergraduate programs of Seaver College lies just above Alumni Park and includes Stauffer Chapel, Tyler Campus Center, Payson Library, and the Ahmanson Fine Arts Center. Undergraduate housing and athletic facilities sit to the north/northwest of the academic complex. The Law School exists even higher above these areas. The central campus is surrounded by a loop road consisting of Seaver Drive, Huntsinger Circle, and John Tyler Drive. Banowsky Boulevard separates Alumni Park from the main academic complex and is named in honor of William S. Banowsky, the 4th president of Pepperdine.

Spur roads to the east of the central part of campus lead to faculty housing. To the northwest, Via Pacifica winds uphill to the Drescher Graduate Campus, completed in 2003 and home to the School of Public Policy, the Villa Graziadio conference center, as well as the fulltime programs of the Graziadio School of Business and Management and the Graduate School of Education and Psychology. Housing for graduate students, undergraduate honors students, and faculty are also located here.

Frederick R. Weisman Museum of Art[link]

Recent noteworthy exhibitions in the Frederick R. Weisman Museum of Art include:

Roy Lichtenstein: January - March, 2011

David Gallup: Channel Islands: May 2011

Graduate campuses[link]

The Graziadio School of Business and Management, School of Public Policy, and the Graduate School of Education and Psychology are headquartered in West Los Angeles at the Howard Hughes Center next to Interstate 405. These two schools also offer programs at graduate campuses in Encino, Irvine, Santa Clara, and Westlake Village. International programs of the University's various schools have taken place in London, Heidelberg, Florence, Buenos Aires, Paris, Madrid, Lausanne, Johannesburg, Tegucigalpa, Brisbane, Chiang Mai, Hong Kong and Tokyo.

Academics[link]

Houses adjacent to the Malibu campus.

Frank R. Seaver College of Letters, Arts, and Sciences[link]

Seaver College is named for Mr. and Mrs. Frank R. Seaver, the principal benefactors of Pepperdine's Malibu Campus. The college offers undergraduates a liberal arts education, and each candidate for a Bachelor's Degree must complete a series of general education courses crossing disciplinary lines. Seaver College students attend classes at the Malibu main campus and study abroad courses are offered at the University's permanent international campuses in Germany, England, China, Italy, Switzerland, and Buenos Aires. Rick Marrs is the current dean.

Seaver College comprises 8 divisions and offers 40 majors (listed below), as well as 37 minors:

Business Division: Accounting, Business Administration, International Business

Communication Division: Advertising, Integrated Marketing Communication, Journalism, Public Relations, Media Production- Production and Sports Sequence

Fine Arts Division: Art, Art History, Music, Theatre Arts, Theatre & Music, Theatre & Media Production

Humanities and Teacher Education Division: Creative Writing, English, Film Studies, History, Liberal Arts, Philosophy

International Studies and Languages Division: French, German, Hispanic Studies, International Studies, Italian

Natural Science Division: Biology, Chemistry, Computer Science/Mathematics, Mathematics, Mathematics Education, Nutritional Science, Physics, Sports Medicine, Natural Science- Engineering 3/2 Program

Religion Division: Religion

The Religion Division offers undergraduate and graduate education in ministry, administers a Center for Faith and Learning and an Office of Church Relations, and publishes Leaven: A Journal of Christian Ministry.^[12]

Social Science Division: Economics, Political Science, Psychology, Sociology

In addition, the college offers the following graduate degrees: Master of Arts in American studies, Master of Arts in Communication, Master of Science in Communication, Master of Arts in Religion, Master of Divinity, and Master of Fine Arts in Writing for Screen & Television. Seaver students can also earn both single-subject and multiple-subject teaching credentials.

Pepperdine has six international branch campuses located in Heidelberg, Germany; London, England; Florence, Italy; Lausanne, Switzerland; Shanghai, China; and Buenos Aires, Argentina.

Graziadio School of Business and Management[link]

Pepperdine University's George L. Graziadio School of Business and Management enrolls approximately 2,000 students in its full-time and part-time degree programs. The school was founded in 1969, and has since graduated over 30,000 alumni. Dr. Linda Livingstone has served as dean since 2002. In 2011, US News ranked Pepperdine 75th out of 437 business programs in the United States.^[13]

School of Law[link]

The Pepperdine University School of Law is located adjacent to the Seaver College Campus, and enrolls about 670 students who come from all parts of the country. It is fully approved by the American Bar Association and is a member of the Association of American Law Schools. The school of law recently has attained membership in the prestigious Order of the Coif.^[14][15] Pepperdine's Straus Institute of Dispute Resolution is consistently ranked as the number one dispute resolution program in the country, offering LL.M., master's and certificate programs. Some of its other newer degree offerings include the juris doctor/master of divinity in conjunction with Pepperdine's Seaver College. Other joint degree programs include the JD/MBA, JD/MPP, and JD/MDR. The school offers both a summer session and a fall semester in London, England. Thomas G. Bost is the interim dean.

The school placed 49th among the nation's "Top 100" law schools by the 2013 U.S. News and World Report rankings^[16] and is the third highest ranked law school in Southern California. It is known for its entertainment law,^[17] and also its dispute resolution program, which is currently ranked No. 1 in the nation.^[18]

Graduate School of Education and Psychology[link]

With a focus on collaborative learning, leadership and academic excellence, the Pepperdine University Graduate School of Education and Psychology (GSEP) offers both masters and doctorate programs in education, educational technology, education administration, leadership, organizational change, organizational leadership, social entrepreneurship and change, school counseling, psychology, clinical psychology, and clinical psychology with emphasis marriage and family therapy. Dr. Margaret Weber is the current dean.

School of Public Policy[link]

Approximately 120 graduate students are enrolled in the Pepperdine University School of Public Policy, which offers a two-year masters of public policy degree. Not simply the study of government, public policy is the study of how governments, non-profits, and even individuals and businesses address problems of public concern. Students specialize in economics, international relations, American politics, or local/regional policy in addition to their core studies and are required to complete a policy-related internship.

Joint degree programs include the MPP/Juris Doctor degree in conjunction with the School of Law, the MPP/Masters of Dispute Resolution degree in conjunction with the School of Law's number one ranked Straus Institute for Dispute Resolution ^[19] and the MPP/MBA degree in conjunction with the Graziadio School of Business and Management.

Notable faculty at the School of Public Policy include: Ted McAllister, James Q. Wilson, James Prieger (Senior Economic Advisor, FCC), Joel Fox, Angela Hawken, Gordon Lloyd and Robert Kaufman.

Notable graduates include at least one former member of the Bush Administration: Eryn Witcher, Director of Television.^[20]

The current dean of the Public Policy School is James R. Wilburn.

Presidents[link]

• Batsell Baxter (1937–39)
• Hugh M. Tiner (1939–57)
• M. Norvel Young (1957–71)
• William S. Banowsky (1971–78)
• Howard A. White (1978–85)
• David Davenport (1985–2000)
• Andrew K. Benton (2000–Present)

Athletics[link]

Pepperdine University participates in the West Coast Conference, a conference made up exclusively of religiously affiliated schools. Appropriate for its location adjacent to the Pacific Ocean, Pepperdine's teams are known as the Waves.

Pepperdine University was recently ranked by the Sears Cup as having the most successful athletic program for non-football Division I schools. (Stanford was ranked the most successful Division I athletic program with football.) Pepperdine University sponsors fourteen NCAA Division I intercollegiate athletics teams: baseball, basketball, cross country, golf, tennis, volleyball and water polo teams for men; and basketball, cross country, golf, soccer, swimming, tennis and volleyball for women. There are also several intercollegiate sports clubs such as men's soccer, men's and women's lacrosse, surf team, Ultimate Frisbee and men's rugby.

NCAA Division I Team Championships:

• Baseball (1992)
• Men's Golf (1997)
• Men's Tennis (2006)
• Men's Volleyball (1978, 1985, 1986, 1992, 2005)
• Water Polo (1997)

NCAA Division I Individual Titles:

• Robbie Weiss (1988 Tennis - Singles)
• Carlos Di Laura & Kelly Jones (1985 Tennis - Doubles)
• Jerome Jones & Kelly Jones (1984 Tennis - Doubles)

Notable alumni[link]

Academia[link]

• Michael Shermer (B.S., 1976) - Founder of The Skeptics Society
• Christopher Chetsanga (1965), Professor at University of Zimbabwe that discovered two DNA repair enzymes
• Victoria Pynchon (Master of Law, 2006) - Writer, lecturer, mediator, adjunct law professor at Pepperdine University School of Law
• Paul Egertson (B.A., 1955) - Senior Lecturer and Adjunct Professor of Religion at California Lutheran University
• Mike Aamodt - industrial and organizational psychology professor at Radford University
• Michael A. O'Donnell (1976-77), Ph.D., author, and former Professor of Family Studies at Abilene Christian University

Business[link]

• Neil Clark Warren (1956) - Chairman and Co-Founder of eHarmony.com ^[21]
• Rod Menzies (MBA, 1988) - entrepreneur^[22]
• Robert Tchenguiz (LL.B., 1982) - London-based Property Tycoon^[23]

Entertainment[link]

• Lisa-Marie Kohrs - Miss World USA 2009 ^{[24][25][26][27][28][29][30]}
• Todd Matthew Burns - American film producer
• Marshall Colt - Actor, McClain's Law; later marriage and family therapist in San Diego
• Chace Crawford - Actor, Gossip Girl (TV series)
• Kim Fields (1995) - actress, U.S. TV sitcoms The Facts of Life and Living Single
• Kimberly Forsyth - Miss Arkansas USA 2006
• Madison Hildebrand - Star of Bravo Channel's "Million Dollar Listing"
• Darby Hinton - Actor, Daniel Boone
• Adam Housley - Fox News Channel Los Angeles correspondent, former Milwaukee Brewers and Detroit Tigers baseball player
• Ashley Jones - American actress
• Montell Jordan - R&B recording artist famous for his hit 1990s single, "This is How We Do It"
• Tahj Mowry - Television actor best known for his role on the WB's Smart Guy
• Tia Mowry - Television actress best known for her role on ABC and The WB's Sister, Sister and the BET's The Game
• Tamera Mowry - Television actress best known for her role on ABC's Sister, Sister and Lifetime Television's Strong Medicine
• Porntip Nakhirunkanok - Miss Universe 1988
• Brandy Norwood - R&B artist and actress
• Eric Christian Olsen - American actor
• George Schlatter - Emmy-winning American television producer and director, best known for Rowan & Martin's Laugh-In
• Matt "Money" Smith - Southern California sports radio personality
• Clayton Snyder - Actor, on sitcom Lizzie McGuire
• Bill Weir - Co-anchor of ABC News Nightline
• Les Baxter - Soundtrack and exotica composer
• Kelly Hu - Miss Teen USA 1985 and Actress
• Cami Edwards - Cast member, Laguna Beach
• Brittany Dawn Brannon - Miss Teen America 2007
• D.J. Caruso - Film Director
• Meredith Salenger - actress

Media[link]

• Adam Housley (B.A. 1994) -National Correspondent Fox News Channel, Emmy Winner
• Anna Song (B.A., 1999) - KATU investigative reporter, weekend anchor (1999–present), 2007 Emmy for Human Interest News Series, 2007 Regional Edward R. Murrow award for investigative reporting.
• Michelle Fields (B.A., 2011) - Daily Caller Reporter
• Joel Widzer (B.S., 1986) Author and Correspondent MSNBC

Politics and Government[link]

• Rod Blagojevich (J.D., 1983) - Former Governor of Illinois, 2003–2009
• Henry Burns, (M.A.) - Member of the Louisiana House of Representatives since January 14, 2008
• Talis Colberg (J.D., 1983) - Attorney General, State of Alaska
• James Hahn (J.D., 1975) - Los Angeles Mayor, 2001–2005
• Janice Hahn - U.S. Congresswoman from California, since July 19, 2011^[31]
• Theodore Kanavas - Wisconsin State Senate, 2001 - 2010
• Joel Kleefisch (B.A., 1993), Wisconsin State Assembly, 2004 - present
• Jami Miscik (1980) - Director of the Office of International Affairs, CIA^{[citation needed]}
• Bernard C. Parks - Los Angeles City Councilman, 8th District, former Los Angeles Police Chief
• Todd Russell Platts (J.D., 1991) - U.S. Congressman from Pennsylvania, 2001–Present
• Amb. Pierre-Richard Prosper (J.D., 1989) - United States Ambassador-at-Large for War Crimes Issues
• Robin Sax (J.D., 1997) - Author, legal analyst, victim advocate, former prosecutor for Los Angeles County District Attorney's Office
• Arthur K. Snyder, Los Angeles City Council member, 1967–85
• Michelle Park Steel - Board Member, California Board of Equalization, 2006–Present

Sports[link]

Yakhouba Diawara

Brad Gilbert

Noah Lowry

• Alex Acker (2005) – Professional basketball player (2005–06; 2008–09 Detroit Pistons, Los Angeles Clippers)
• Brandon Armstrong (2001) – Former professional basketball player (2001–04; New Jersey Nets)
• Dain Blanton (1994) – 2000 Olympic Gold Medalist in Beach Volleyball
• Paul Carroll (2009) – Australian Men's National Volleyball Team
• Doug Christie (1992) – Retired professional basketball player (1992–2007; Los Angeles Lakers, New York Knicks, Toronto Raptors, Sacramento Kings, Orlando Magic, Dallas Mavericks & Los Angeles Clippers)
• Ricardo Brown(1980) – basketball player drafted in 1979 by Houston Rockets; Southern California Player of the Year in 1979; Played professional basketball in the Philippine Basketball Association (1983–90); member of PBA Hall of Fame (2009) and Pepperdine University Hall of Fame (1995)
• Bob Ctvrtlik (1985) – 1988 Olympic Gold Medal Volleyball Team Member, Member of International Olympic Committee
• Richard Cho – Former General Manager of Portland Trail Blazers.
• Yakhouba Diawara (2005) – Power Forward for the Miami Heat
• Barry Enright (2007) – Pitcher for the Arizona Diamondbacks.
• Jim Everett - Former NFL QB. Received his MBA from Pepperdine.
• Mike Fetters – Former professional baseball player (1989–2004; California Angels, Milwaukee Brewers, Oakland Athletics, Baltimore Orioles, Los Angeles Dodgers, Pittsburgh Pirates, Arizona Diamondbacks & Minnesota Twins)
• Greg Genske – sports agent
• Brad Gilbert (1982) – Former professional tour tennis player; prominent coach, of Andre Agassi's, Andy Murray
• Jason Gore (2000) – Professional golfer
• Dan Haren – Professional baseball player; 2007 A.L. All Star Starting Pitcher (Arizona Diamondbacks, Los Angeles Angels of Anaheim)
• Ginger Helgeson-Nielsen – Former professional tennis player who holds the all-time match winning percentage at Pepperdine^[32]
• Adam Housley (1994) – Former professional minor league baseball player. Drafted by the Montreal Expos
• Katherine Hull (2003) – Professional golfer
• Daniel Johnson (2008) - Professional basketball player (Adelaide 36ers, Australian NBL)
• Dennis Johnson (1976) – Former professional basketball player (1977–90; Seattle Supersonics, Phoenix Suns & Boston Celtics)
• Chad Kreuter – Former professional baseball player (1988–2003; Texas Rangers, Detroit Tigers, Seattle Mariners, Chicago White Sox, Anaheim Angels, Kansas City Royals & Los Angeles Dodgers)
• Jennifer Lacy – Female Professional Basketball Player Phoenix Mercury & Atlanta Dream
• Martin Laurendeau – Former professional tour tennis player
• Mike Leach – Texas Tech head football coach 2000–2009
• Noah Lowry – Professional baseball player (San Francisco Giants)
• Glenn Michibata – Former professional tour tennis player
• Merrill Moses (2000) – Water polo goalie for USA National Team (2008 Olympic Silver Medalist)
• David Newhan – Professional baseball player (Houston Astros)
• Will Ohman – Professional baseball player (Los Angeles Dodgers)
• Rob Picciolo – Former professional baseball player (1977–85; Oakland Athletics, Milwaukee Brewers & California Angels) ^[33]
• Steve Rodriguez, major league infielder for the Boston Red Sox and Detroit Tigers, and a player and head coach for the Waves baseball team.
• Sean Rooney (2004) – USA Men's National Volleyball Team (2008 Gold Medalist)
• Dane Sardinha – Professional Baseball Player (Detroit Tigers).
• Mike Scott – Former professional baseball player (1979–91; New York Mets & Houston Astros) & winner of the 1986 NL Cy Young Award
• Jesse A. Smith USA Mens Water Polo Olympic Team 2000, 2004, 2008. (2008 Olympic Silver Medalist)
• Andy Stankiewicz – Former professional baseball player (1992–98; New York Yankees, Houston Astros, Montreal Expos & Arizona Diamondbacks)
• Andrew Sznajder – Former professional tour tennis player
• Derek Wallace – Former professional baseball player (1996–99; New York Mets & Kansas City Royals)^{[citation needed]}
• Robbie Weiss – Former professional tennis player
• Randy Wolf – Professional baseball player
• Danny Worth – Professional baseball player (Detroit Tigers)

Notable faculty[link]

• Allen Fox (born 1939), tennis player (ranked as high as # 4) and coach
• Christopher Parkening, distinguished professor of music
• Kenneth Starr, former law school dean
• Ben Stein, law professor

Rankings and reputation[link]

The Princeton Review ranked Pepperdine on the list of colleges with "Dorms Like Palaces" in 2004 and 2007 and #1 under "Most Beautiful Campus" in 2006 and 2007. Pepperdine also appeared on other lists including "Students Pray on a Regular Basis," and "High Quality of Life." Because of its Christian affiliation, some contend that the student body breeds a religious and politically conservative atmosphere.^[34] Princeton Review also ranked Pepperdine University #13 in its list "Alternative Lifestyles not an Alternative".^[35] In 2007 Pepperdine was named as "One of the Top Producing Colleges and Universities" by the Peace Corps of America. The 2005 edition of the Fiske Guide to Colleges has also noted Pepperdine as being one of the nation's largest conservative colleges. U.S. News & World Report (see “Pepperdine at Glance” in the external links section) has ranked Pepperdine as the 53rd best national university for undergraduate education. It is also ranked one of the 10 worst party schools in the country. ^[36]

The School of Law placed 49th among the nation's "Top 100" law schools by the 2013 U.S. News and World Report rankings^[16] and is the third highest ranked law school in Southern California. It is known for its entertainment law,^[17] and also its dispute resolution program, which is currently ranked No. 1 in the nation.^[18]

In 2010, US News ranked Pepperdine's business school tied with Santa Clara University at 82 in America.^[13] It ranked its part-time program 9th best in California.^[37] Forbes magazine has ranked the Graziadio School's Fully Employed MBA programs in the world's Top 20 based on ROI.^{[38][citation needed]} In 2008, the magazine In Tune for music educators named Pepperdine one of the 38 best music schools in the United States. In 2009, the Sustainable Endowments Institute awarded Pepperdine a "C" for its sustainability efforts in the annual College Sustainability Report Card.^[39]

The Nickelodeon series, Zoey 101 was shot on Pepperdine's Malibu campus. Pepperdine signs were covered with trendy, purple signs reading "Pacific Coast Academy", the name of the boarding school attended by the students on the show.

Late 2011, Pepperdine stirred controversy when it denied official recognition to an LGBT student organization, Reach OUT, for failure to meet the traditional Christian mission of the university.^[40] A statement in the group's constitution reads that it would not "endorse sexual relationships."^[41] The group still meets on campus but does not receive other perks of recognition.^[42] Students Alexander Cooper and Lindsay Jakows circulated a petition that received nearly 7,500 signatures in support of Reach OUT.^[43]

Notes[link]

External links[link]

	Los Angeles portal
	University portal

Wikimedia Commons has media related to: Pepperdine University

• Official website
• Official Athletics website

Coordinates: 34°02′19.26″N 118°42′27.29″W / 34.0386833°N 118.7075806°W / 34.0386833; -118.7075806

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.