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Becker, Gary Filmography
- Pop Tarts (1999)
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- Desperation Highway (1998)
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Becker, Gary Filmography
Becker, Gary Filmography
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Milton Friedman Interview with Gary Becker (2003)
- Order: Reorder
- Duration: 71:51
- Updated: 14 Aug 2013
Please Rate Up and Subscribe.
http://wn.com/Milton_Friedman_Interview_with_Gary_Becker_2003
Gary Becker -- The Economist's Economist
- Order: Reorder
- Duration: 36:37
- Updated: 06 Aug 2013
A professor at the University of Chicago for more than 30 years, Gary Becker is a founder of the Chicago school of economics. A winner of the John Bates Clar...
http://wn.com/Gary_Becker_-_The_Economist's_Economist
A professor at the University of Chicago for more than 30 years, Gary Becker is a founder of the Chicago school of economics. A winner of the John Bates Clar...
- published: 12 Nov 2010
- views: 10123
- author: HooverInstitution
1of19 - Human Capital and Intergeneration Mobility - Introduction
- Order: Reorder
- Duration: 66:34
- Updated: 15 Aug 2013
GARY BECKER This the first lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are f...
http://wn.com/1of19_Human_Capital_and_Intergeneration_Mobility_Introduction
GARY BECKER This the first lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are f...
- published: 06 Jan 2011
- views: 18113
- author: UChicago
Ronald Coase and Gary Becker on Utility Theory
- Order: Reorder
- Duration: 5:05
- Updated: 15 Aug 2013
This Idea Channel conversation comes from the offices of the University of Chicago featuring a discussion on the use and measurement of utility in consumer b...
http://wn.com/Ronald_Coase_and_Gary_Becker_on_Utility_Theory
This Idea Channel conversation comes from the offices of the University of Chicago featuring a discussion on the use and measurement of utility in consumer b...
- published: 27 Oct 2011
- views: 2836
- author: FreeToChooseNetwork
Gary Becker Intellectual Portrait part 1
- Order: Reorder
- Duration: 8:29
- Updated: 07 Apr 2013
Gary Becker Interviewed by Ed Glaeser.
http://wn.com/Gary_Becker_Intellectual_Portrait_part_1
Gary Becker - I Remember Milton
- Order: Reorder
- Duration: 3:58
- Updated: 13 Apr 2013
Gary Becker remembers Milton Friedman and his impact on the world.
http://wn.com/Gary_Becker_I_Remember_Milton
Gary Becker remembers Milton Friedman and his impact on the world.
- published: 31 Jul 2012
- views: 696
- author: FreeToChooseNetwork
Conversations with History: Gary Becker
- Order: Reorder
- Duration: 58:08
- Updated: 12 Aug 2013
Visit: http://www.uctv.tv/) Conversations host Harry Kreisler welcomes Nobel Laureate Gary S. Becker for a discussion of his intellectual journey. Topics co...
http://wn.com/Conversations_with_History_Gary_Becker
Visit: http://www.uctv.tv/) Conversations host Harry Kreisler welcomes Nobel Laureate Gary S. Becker for a discussion of his intellectual journey. Topics co...
- published: 02 May 2013
- views: 1014
- author: University of California Television (UCTV)
Gary Becker - MIP Conference 2013 - Keynote Speaker
- Order: Reorder
- Duration: 34:50
- Updated: 16 Aug 2013
Gary Becker (University of Chicago) discusses segregation at the 2013 MIP conference at the University of Chicago.
http://wn.com/Gary_Becker_MIP_Conference_2013_Keynote_Speaker
Gary Becker (University of Chicago) discusses segregation at the 2013 MIP conference at the University of Chicago.
- published: 21 Mar 2013
- views: 80
- author: hceconomics
Entrevista Gary Becker, Nobel Economía 1992 - ICEX
- Order: Reorder
- Duration: 34:18
- Updated: 12 Nov 2012
Entrevista completa realizada por Enrique Alejo, consejero económico y comercial de España en Chicago, en la que el profesor Becker expone su visión de la ec...
http://wn.com/Entrevista_Gary_Becker,_Nobel_Economía_1992_ICEX
Entrevista completa realizada por Enrique Alejo, consejero económico y comercial de España en Chicago, en la que el profesor Becker expone su visión de la ec...
- published: 29 Jan 2009
- views: 1248
- author: icex
Gary Becker: Fear, Technology, & Education
- Order: Reorder
- Duration: 45:44
- Updated: 17 Apr 2013
http://chicagohumanities.org - See more Chicago Humanities Festival events. How does fear govern the way we live? Why do we fear certain entities? How do old...
http://wn.com/Gary_Becker_Fear,_Technology,_Education
http://chicagohumanities.org - See more Chicago Humanities Festival events. How does fear govern the way we live? Why do we fear certain entities? How do old...
- published: 03 Feb 2010
- views: 1600
- author: ChicagoHumanities
Gary Becker on his work
- Order: Reorder
- Duration: 5:22
- Updated: 06 Jul 2013
On prejudice and discrimination.
http://wn.com/Gary_Becker_on_his_work
GARY BECKER | SUSTAINABLE GROWTH
- Order: Reorder
- Duration: 3:49
- Updated: 10 Aug 2012
An interview by Carlo Alberto Pratesi with Gary Becker, American economist, Nobel laureate and professor at the University of Chicago.
http://wn.com/GARY_BECKER_|_SUSTAINABLE_GROWTH
An interview by Carlo Alberto Pratesi with Gary Becker, American economist, Nobel laureate and professor at the University of Chicago.
- published: 09 Nov 2009
- views: 1189
- author: BarillaCFN
Nobel Winner Gary Becker on What Milton Friedman Taught Him
- Order: Reorder
- Duration: 2:55
- Updated: 30 May 2013
Gary Becker reflects on his mentor Milton Friedman. The great economist taught Becker that theory for it's own sake was not enough. It was the intersection b...
http://wn.com/Nobel_Winner_Gary_Becker_on_What_Milton_Friedman_Taught_Him
Gary Becker reflects on his mentor Milton Friedman. The great economist taught Becker that theory for it's own sake was not enough. It was the intersection b...
- published: 02 Jan 2012
- views: 3060
- author: FreeToChooseNetwork
Gary Becker (Nobel de economía 1992) - ICEX
- Order: Reorder
- Duration: 34:18
- Updated: 30 Apr 2013
Entrevista completa realizada por Enrique Alejo, consejero económico y comercial de España en Chicago, en la que el profesor Becker expone su visión de la ec...
http://wn.com/Gary_Becker_Nobel_de_economía_1992_ICEX
Entrevista completa realizada por Enrique Alejo, consejero económico y comercial de España en Chicago, en la que el profesor Becker expone su visión de la ec...
- published: 21 Jan 2009
- views: 1681
- author: IcexTV
2of19 - Human Capital, and Intergenerational Mobility - The basic model (1of2)
- Order: Reorder
- Duration: 81:29
- Updated: 10 Jul 2013
GARY BECKER This the second lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are ...
http://wn.com/2of19_Human_Capital,_and_Intergenerational_Mobility_The_basic_model_1of2
GARY BECKER This the second lecture in the "Lectures on Human Capital" series by Gary Becker. This series of lectures recorded during the Spring of 2010 are ...
- published: 06 Jan 2011
- views: 4540
- author: UChicago
Prof Gary Becker - "The Challenge of Immigration: A Radical Solution"
- Order: Reorder
- Duration: 64:55
- Updated: 03 May 2013
Professor Gary Becker (Nobel Laureate and Professor of Economics, University of Chicago) delivers the 2010 IEA Annual Hayek Memorial Leccture on the subject ...
http://wn.com/Prof_Gary_Becker_The_Challenge_of_Immigration_A_Radical_Solution
Professor Gary Becker (Nobel Laureate and Professor of Economics, University of Chicago) delivers the 2010 IEA Annual Hayek Memorial Leccture on the subject ...
- published: 20 May 2011
- views: 726
- author: iealondon
Stephen Dubner and Gary Becker chat on Expert Insight - Part 1
- Order: Reorder
- Duration: 9:57
- Updated: 03 Oct 2011
This is the first part of a live video chat between Freakonomics co-author Stephen Dubner and Nobel Prize Winning Economist Gary Becker on Expert Insight. Fi...
http://wn.com/Stephen_Dubner_and_Gary_Becker_chat_on_Expert_Insight_Part_1
This is the first part of a live video chat between Freakonomics co-author Stephen Dubner and Nobel Prize Winning Economist Gary Becker on Expert Insight. Fi...
- published: 21 Apr 2011
- views: 1575
- author: expertinsight1
Nobel laureate Gary Becker speaks about the importance of higher education
- Order: Reorder
- Duration: 1:51
- Updated: 22 Mar 2013
Nobel laureate Gary Becker discusses the myth of higher education.
http://wn.com/Nobel_laureate_Gary_Becker_speaks_about_the_importance_of_higher_education
Nobel laureate Gary Becker discusses the myth of higher education.
- published: 22 Mar 2013
- views: 67
- author: thedailycal
Gary Becker: "Talento y calidad, claves para competir" - ICEX
- Order: Reorder
- Duration: 8:02
- Updated: 15 Apr 2012
Resumen de la entrevista realizada por Enrique Alejo, consejero económico y comercial de España en Chicago, al premio Nobel de economía 1992.
http://wn.com/Gary_Becker_Talento_y_calidad,_claves_para_competir_ICEX
Resumen de la entrevista realizada por Enrique Alejo, consejero económico y comercial de España en Chicago, al premio Nobel de economía 1992.
- published: 25 Nov 2009
- views: 708
- author: icex
The economy with Gary Becker: Chapter 3 of 5
- Order: Reorder
- Duration: 7:26
- Updated: 16 Mar 2013
Gary Becker discusses the initial and continuing response of the U.S. Federal Reserve to the financial crisis.
http://wn.com/The_economy_with_Gary_Becker_Chapter_3_of_5
Gary Becker discusses the initial and continuing response of the U.S. Federal Reserve to the financial crisis.
- published: 10 Nov 2010
- views: 1011
- author: HooverInstitution
The economy with Gary Becker: Chapter 4 of 5
- Order: Reorder
- Duration: 7:39
- Updated: 20 Dec 2011
Gary Becker discusses why Obamacare will increase health costs, rather than contain them.
http://wn.com/The_economy_with_Gary_Becker_Chapter_4_of_5
Gary Becker discusses why Obamacare will increase health costs, rather than contain them.
- published: 11 Nov 2010
- views: 801
- author: HooverInstitution
Gary Becker Intellectual Portrait part 2
- Order: Reorder
- Duration: 10:48
- Updated: 24 Nov 2012
Gary Becker Interviewed by Ed Glaeser.
http://wn.com/Gary_Becker_Intellectual_Portrait_part_2
Stephen Dubner and Gary Becker chat on Expert Insight - Part 4
- Order: Reorder
- Duration: 6:46
- Updated: 03 Oct 2011
This is the fourth and final part of a live video chat between Freakonomics co-author Stephen Dubner and Nobel Prize Winning Economist Gary Becker on Expert ...
http://wn.com/Stephen_Dubner_and_Gary_Becker_chat_on_Expert_Insight_Part_4
This is the fourth and final part of a live video chat between Freakonomics co-author Stephen Dubner and Nobel Prize Winning Economist Gary Becker on Expert ...
- published: 21 Apr 2011
- views: 320
- author: expertinsight1
Send this Playlist by SMS
Interview with Gary Becker on Globalization and inequalities
- Order: Reorder
- Duration: 3:45
- Updated: 04 Jun 2013
an interview with 1992 Nobel prize Winner in Economic Science, Gary Becker, on Globalization and Inequalities.
http://wn.com/Interview_with_Gary_Becker_on_Globalization_and_inequalities
an interview with 1992 Nobel prize Winner in Economic Science, Gary Becker, on Globalization and Inequalities.
- published: 15 Sep 2008
- views: 5864
- author: AfricanLiberty
Gary Becker Intellectual Portrait part 9
- Order: Reorder
- Duration: 7:42
- Updated: 01 Mar 2012
Gary Becker Interviewed by Edward Lazear.
http://wn.com/Gary_Becker_Intellectual_Portrait_part_9
Gary Becker Intellectual Portrait part 7
- Order: Reorder
- Duration: 10:13
- Updated: 24 Jul 2012
Gary Becker Interviewed by Edward Lazear.
http://wn.com/Gary_Becker_Intellectual_Portrait_part_7
Gary Becker - Making Your Family a Profitable Business - interview - Goldstein on Gelt - Oct 2013
- Order: Reorder
- Duration: 16:39
- Updated: 14 Oct 2013
http://www.GoldsteinOnGelt.com
Doug interviews Gary Becker, 1992 laureate of the Nobel Prize for Economics and winner of the Presidential Medal of Freedom in 2007. Find out why your family can be compared with a factory, and how to make your family enterprise into a success. Listen to this interview to discover why families can make rational decisions between them and what makes them tick
"Goldstein on Gelt" is a global investment and financial planning radio show designed to educate and entertain its listeners with financial strategies and investment tips. Investment advisor Douglas Goldstein hosts the weekly show and is the director of Profile Investment Services, Ltd., www.profile-financial.com.
http://wn.com/Gary_Becker_Making_Your_Family_a_Profitable_Business_interview_Goldstein_on_Gelt_Oct_2013
http://www.GoldsteinOnGelt.com
Doug interviews Gary Becker, 1992 laureate of the Nobel Prize for Economics and winner of the Presidential Medal of Freedom in 2007. Find out why your family can be compared with a factory, and how to make your family enterprise into a success. Listen to this interview to discover why families can make rational decisions between them and what makes them tick
"Goldstein on Gelt" is a global investment and financial planning radio show designed to educate and entertain its listeners with financial strategies and investment tips. Investment advisor Douglas Goldstein hosts the weekly show and is the director of Profile Investment Services, Ltd., www.profile-financial.com.
- published: 14 Oct 2013
- views: 5
A Conversation With Gary Becker, David Rubenstein and Robert Rubin
- Order: Reorder
- Duration: 56:41
- Updated: 02 Aug 2013
Speakers: Gary Becker, Nobel Laureate; Professor of Economics and Sociology, University of Chicago Robert Rubin, Co-Chairman, Council on Foreign Relations; f...
http://wn.com/A_Conversation_With_Gary_Becker,_David_Rubenstein_and_Robert_Rubin
Speakers: Gary Becker, Nobel Laureate; Professor of Economics and Sociology, University of Chicago Robert Rubin, Co-Chairman, Council on Foreign Relations; f...
- published: 30 Apr 2013
- views: 647
- author: MilkenInstitute
Gary Becker Intellectual Portrait part 8
- Order: Reorder
- Duration: 10:42
- Updated: 01 Mar 2012
Gary Becker Interviewed by Edward Lazear.
http://wn.com/Gary_Becker_Intellectual_Portrait_part_8
Gary Becker Intellectual Portrait part 5
- Order: Reorder
- Duration: 9:07
- Updated: 01 Mar 2012
Gary Becker Interviewed by Judge Richard Posner.
http://wn.com/Gary_Becker_Intellectual_Portrait_part_5
Gary Becker Interviewed by Judge Richard Posner.
- published: 30 Jan 2010
- views: 763
- author: lfvideo50
Gary Becker Intellectual Portrait part 4
- Order: Reorder
- Duration: 7:37
- Updated: 01 Mar 2012
Gary Becker Interviewed by Judge Richard Posner.
http://wn.com/Gary_Becker_Intellectual_Portrait_part_4
Gary Becker Interviewed by Judge Richard Posner.
- published: 30 Jan 2010
- views: 894
- author: lfvideo50
Stephen Dubner and Gary Becker chat on Expert Insight - Part 3
- Order: Reorder
- Duration: 9:15
- Updated: 03 Oct 2011
This is the third part of a live video chat between Freakonomics co-author Stephen Dubner and Nobel Prize Winning Economist Gary Becker on Expert Insight. Fi...
http://wn.com/Stephen_Dubner_and_Gary_Becker_chat_on_Expert_Insight_Part_3
This is the third part of a live video chat between Freakonomics co-author Stephen Dubner and Nobel Prize Winning Economist Gary Becker on Expert Insight. Fi...
- published: 21 Apr 2011
- views: 306
- author: expertinsight1
3:45
Interview with Gary Becker on Globalization and inequalities
an interview with 1992 Nobel prize Winner in Economic Science, Gary Becker, on Globalizati...
published: 15 Sep 2008
author: AfricanLiberty
Interview with Gary Becker on Globalization and inequalities
Interview with Gary Becker on Globalization and inequalities
an interview with 1992 Nobel prize Winner in Economic Science, Gary Becker, on Globalization and Inequalities.- published: 15 Sep 2008
- views: 5864
- author: AfricanLiberty
7:42
Gary Becker Intellectual Portrait part 9
Gary Becker Interviewed by Edward Lazear....
published: 30 Jan 2010
author: lfvideo50
Gary Becker Intellectual Portrait part 9
Gary Becker Intellectual Portrait part 9
Gary Becker Interviewed by Edward Lazear.- published: 30 Jan 2010
- views: 341
- author: lfvideo50
10:13
Gary Becker Intellectual Portrait part 7
Gary Becker Interviewed by Edward Lazear....
published: 30 Jan 2010
author: lfvideo50
Gary Becker Intellectual Portrait part 7
Gary Becker Intellectual Portrait part 7
Gary Becker Interviewed by Edward Lazear.- published: 30 Jan 2010
- views: 414
- author: lfvideo50
16:39
Gary Becker - Making Your Family a Profitable Business - interview - Goldstein on Gelt - Oct 2013
http://www.GoldsteinOnGelt.com
Doug interviews Gary Becker, 1992 laureate of the Nobel ...
published: 14 Oct 2013
Gary Becker - Making Your Family a Profitable Business - interview - Goldstein on Gelt - Oct 2013
Gary Becker - Making Your Family a Profitable Business - interview - Goldstein on Gelt - Oct 2013
http://www.GoldsteinOnGelt.com Doug interviews Gary Becker, 1992 laureate of the Nobel Prize for Economics and winner of the Presidential Medal of Freedom in 2007. Find out why your family can be compared with a factory, and how to make your family enterprise into a success. Listen to this interview to discover why families can make rational decisions between them and what makes them tick "Goldstein on Gelt" is a global investment and financial planning radio show designed to educate and entertain its listeners with financial strategies and investment tips. Investment advisor Douglas Goldstein hosts the weekly show and is the director of Profile Investment Services, Ltd., www.profile-financial.com.- published: 14 Oct 2013
- views: 5
56:41
A Conversation With Gary Becker, David Rubenstein and Robert Rubin
Speakers: Gary Becker, Nobel Laureate; Professor of Economics and Sociology, University of...
published: 30 Apr 2013
author: MilkenInstitute
A Conversation With Gary Becker, David Rubenstein and Robert Rubin
A Conversation With Gary Becker, David Rubenstein and Robert Rubin
Speakers: Gary Becker, Nobel Laureate; Professor of Economics and Sociology, University of Chicago Robert Rubin, Co-Chairman, Council on Foreign Relations; f...- published: 30 Apr 2013
- views: 647
- author: MilkenInstitute
10:42
Gary Becker Intellectual Portrait part 8
Gary Becker Interviewed by Edward Lazear....
published: 30 Jan 2010
author: lfvideo50
Gary Becker Intellectual Portrait part 8
Gary Becker Intellectual Portrait part 8
Gary Becker Interviewed by Edward Lazear.- published: 30 Jan 2010
- views: 301
- author: lfvideo50
9:07
Gary Becker Intellectual Portrait part 5
Gary Becker Interviewed by Judge Richard Posner....
published: 30 Jan 2010
author: lfvideo50
Gary Becker Intellectual Portrait part 5
Gary Becker Intellectual Portrait part 5
Gary Becker Interviewed by Judge Richard Posner.- published: 30 Jan 2010
- views: 763
- author: lfvideo50
7:37
Gary Becker Intellectual Portrait part 4
Gary Becker Interviewed by Judge Richard Posner....
published: 30 Jan 2010
author: lfvideo50
Gary Becker Intellectual Portrait part 4
Gary Becker Intellectual Portrait part 4
Gary Becker Interviewed by Judge Richard Posner.- published: 30 Jan 2010
- views: 894
- author: lfvideo50
9:15
Stephen Dubner and Gary Becker chat on Expert Insight - Part 3
This is the third part of a live video chat between Freakonomics co-author Stephen Dubner ...
published: 21 Apr 2011
author: expertinsight1
Stephen Dubner and Gary Becker chat on Expert Insight - Part 3
Stephen Dubner and Gary Becker chat on Expert Insight - Part 3
This is the third part of a live video chat between Freakonomics co-author Stephen Dubner and Nobel Prize Winning Economist Gary Becker on Expert Insight. Fi...- published: 21 Apr 2011
- views: 306
- author: expertinsight1
Vimeo results:
3:58
Michael Law || Devil Woman
The official music video for the new MICHAEL LAW track DEVIL WOMAN.
A Studio Sunkie // Yo...
published: 25 Dec 2010
author: Daniel Principe
Michael Law || Devil Woman
The official music video for the new MICHAEL LAW track DEVIL WOMAN.
A Studio Sunkie // Young Black Youth production
Camera :: Canon 5D Mk II
Lenses :: Canon EF 50mm f/1.2 // Canon EF 24-70mm f/2.8 L USM // Canon EF 70-200mm f/2.8 L IS USM
Editing :: Premiere Pro
Colour :: After Effects + Color Finesse
CREW
Directors // Producers - Nima Nabili Rad & Daniel Principe
Director of Photography - Nima Nabili Rad
Editor // Digital Colourist - Daniel Principe
Co-Producer - Nicholas Ely
Costumes & Props - Giovina D'angelo
Gaffer - Sam King
Focus Puller - Sian Bates
Best Boy // Camera Assistant - Kabelo Sebesho
Make Up Arists - Kirrilee Stone, Anita Rutter, Rachel McCabe, Renee Burns, Rebecca Burton, Kellie-Ann Armitt, Mel Anderson
Digital Effects - Simon Herden
Music & Lyrics written by Michael Law
Music Recorded & Produced by Stuart Stuart
CAST
Michael's Sidekick - Kristji Powell
Devil Woman - Nichola Purcell
Devil Woman's Minion - Alisa Marie
Devil Woman's Victim - Aliante Youngdino
Mayor - Gary Harrison
Fantômas - Frenk Castelletti
Constables - Josh Williams, Dayv Mitchell
Extras - Nicholas Ely, Tess O'Flaherty, Cassie McInnes, Kerry-Anne James, Sue DeLorger, Jonny Holds, Simone Brice-Fowlie, Les Window, Marcus Becker, Neil Goldsmith, Margaret Turner, Wayne Mackrill, Kerstin Anders
See the music clip for Michael Law's debut single TERRIFIED here - http://vimeo.com/11733757 and for his third release I WILL here - http://www.vimeo.com/27893305
www.michaellawltd.com
http://www.myspace.com/michaellawmusic
www.facebook.com/pages/Michael-Law/127904677221689
http://www.facebook.com/michaellawmusic
http://www.youtube.com/user/MichaelLawLtd
http://vimeo.com/user3336925
http://twitter.com/MichaelLawmusic
3:38
Sallie Ford & the Sound Outside - I Swear
Music video for Sallie Ford and the Sound Outside's first single off their debut album Dir...
published: 27 Apr 2011
author: Matthew Ross
Sallie Ford & the Sound Outside - I Swear
Music video for Sallie Ford and the Sound Outside's first single off their debut album Dirty Radio. Available 5/23/2011 on Partisan Records!!
Directed by: Matthew Thomas Ross
Director of Photography: Brad Reeb
Produced by: Matthew Thomas Ross & Eliza Sohn
Gaffer: Mike Weiss
Camera Operators: Brad Reeb & Conlan Murphy
Production Design: Eliza Sohn
Production Photos: Conlan Murphy
Edited by: Matthew Thomas Ross
F/X: Matthew Thomas Ross & Peter Rockwood
Special thanks:
Mississippi Studios and Travis Becker
60's - Grandma/Grandpa Ross for letting us use their home. Molly and Kyle Ray.
70's - Gary Dale Burns/Ashley Cozzetto's apartment. (thanks Ashley for your lovely interior design to make it look super 70's!) Emiko, Sadie, Libby, Louie.
80's - Alicia, Elec and lil Jonah!
90's - Peter, Johnny, Libby.
Current - All the extras who had patience!
THANK YOU!
Press:
http://opbmusic.org/blog/sallie_ford_video_i_swear
http://wweek.com/portland/blog-27170-video_sallie_ford_th.html
photo: Public Domain / Rob39
26 Oct 2013
After news broke Friday that the long-running show about three magical sisters would be returning as a CBS pilot, longtime star Alyssa Milano took to Twitter, expressing a lack of enthusiasm in the project. Milano, who played Phoebe Halliwell in the series, said it seemed to early for a Charmed reboot. “The thing about them doing a #charmed reboot is… it just… it feels like yesterday ... It feels too close ... ....(size: 2.5Kb)
photo: USAF / Staff Sgt. Joseph Swafford
26 Oct 2013
An Afghan soldier has been killed at a military base in the capital Kabul, after shooting at international troops. The incident, which injured at least one foreign soldier, began after an argument, Nato officials said. It is the fourth such attack in a month. Last year, attacks by Afghan servicemen on their Nato colleagues accounted for around 15% of all international troop casualties ... ....(size: 1.8Kb)
photo: White House / Pete Souza
26 Oct 2013
Article by WN.com Correspondent Dallas Darling. In Kenya, popular Muslim clerics were just gunned down by fundamental Islamists. In Somalia and Sudan, Al-Shabab, consisting of young Muslim jihadists, are battling other Muslims while trying to impose Islamic Law ... Throughout the same areas, Sunni and Shiite factions are in the midst of sectarian conflicts ... Meanwhile, U.S ... In Afghanistan, U.S.-NATO forces just killed five civilians ... 39 ... 51. ....(size: 6.2Kb)
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Huffington Post
25 Oct 2013
Most readers have been in the position of being stopped for speeding and watching with a faint heart as the police officer wrote out a ticket. Following are my suggestions on how to be a driver and write your own ticket ... • Have I developed plans for the next phase of my life? ... 1 ... 2 ... 3 ... 4 ... Gary Becker, a Nobel laureate and professor of economics at the University of Chicago, called increased longevity "the greatest gift of the 20th century."...(size: 4.3Kb)
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Bloomberg
24 Oct 2013
Good morning. Pour yourself a fresh cup of coffee, sit back (unless you have an ergonomically correct computer set up) and enjoy your daily reads. Ladies beware ... A big increase in all 50 states ... The website provides a state-by-state breakdown ... While it may seem obvious, economists Gary Becker and Edward Lazear, in a Wall Street Journal op-ed, make the case for a rule to control spending directly instead of the debt that results from it....(size: 3.3Kb)
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Lehigh Valley
18 Oct 2013
A penumbral lunar eclipse will take place tonight, meaning the moon will be slightly shadowed in the southern half, according to Gary Becker, adjunct professor of astronomy at Moravian College ... Becker said....(size: 1.1Kb)
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Bloomberg
16 Oct 2013
Good morning, dear readers. It's T minus 1 and counting for the debt ceiling. Deals to raise the limit come and go so quickly that any update on the latest twists and turns may be old before it hits your screen. Here goes. It's back to the Senate ... this evening ... Leave it to University of Chicago economist Gary Becker to come up with the idea of using monetary incentives to encourage organ donations (or does that make them sales?)....(size: 3.6Kb)
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Bloomberg
15 Oct 2013
While the sale of kidneys is limited to the black market, the organ could fetch $15,200 if legal monetary incentives for donations were introduced, according to 2007 research by University of Chicago economics professor Gary Becker and Julio Elias, then an economics professor at State University of New York at Buffalo ... “Clearly that would be creating some pressure for people who haven’t been able to work,” Becker said....(size: 7.5Kb)
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noodls
14 Oct 2013
(Source. University of Chicago). University of Chicago professors Eugene F. Fama and Lars Peter Hansen have been awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013. The Royal Swedish Academy of Sciences honored Fama and Hansen, along with Robert J ... Fama, the Robert R ... (1995), and Gary Becker (1992). ... He serves as research director for UChicago's Becker Friedman Institute for Research in Economics....(size: 12.1Kb)
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CounterPunch
20 Sep 2013
Economism, or crude economic explanations of social relations such as Nobel Prize winning economist Gary Becker’s ‘utility maximizing’ choice of spouse / partner, is clearly devoid of history, culture and political context ... Becker and mainstream Western economics—to posit theories that apply, however implausibly, across time and space, geography and circumstance....(size: 17.7Kb)
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Attorney General Jepsen: Legislation Needed to Ensure Clear Disclosure of Facility Fees to Patients (State of Connecticut)
noodls19 Sep 2013
(Source. State of Connecticut). Attorney General Jepsen ... The Attorney General's Healthcare Competition Working Group - Assistant Attorneys General Charles Hulin, Thomas Ryan, Rachel Davis, Gary Becker and Richard Porter - under the direction of Assistant Attorney General Michael Cole, chief of the Antitrust and Government Program Fraud department, and Special Counsel Robert Clark are assisting the Attorney General with this matter. ###....(size: 4.2Kb)
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San Francisco Chronicle
16 Sep 2013
Jason Becker isn't supposed to be here ... Doctors gave Becker three to five years to live ... "At the time, I didn't believe that I couldn't cure it," Becker, now 44, said in an e-mail interview - which he is able to use through a system of blinking his eyes ... Gary Becker invented a simple way for his son to communicate using a hand-painted geometrical eye chart he dubbed Vocal Eyes ... Becker's incredible story is told in "Jason Becker....(size: 7.8Kb)
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Stockhouse
10 Sep 2013
CHICAGO, Sept. 10, 2013 /PRNewswire/ -- CME Group's Center for Innovation today announced that Sal Khan is the 2013 CME Group Melamed-Arditti Innovation Award recipient ... "I consider this award a real honor," said Khan ... Rothmeier Distinguished Service Professor of Economics, University of Chicago Booth School of Business ; Gary S. Becker, Nobel Prize-Winning Economist, Professor of Economics and Sociology, University of Chicago; David D....(size: 6.7Kb)
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CME Group Awards Sal Khan, Founder of Khan Academy, the 2013 Melamed-Arditti Innovation Award (CME Group Inc)
noodls10 Sep 2013
(Source. CME Group Inc). CHICAGO, Sept. 10, 2013 /PRNewswire/ -- CME Group's Center for Innovation today announced that Sal Khan is the 2013 CME Group Melamed-Arditti Innovation Award recipient ... CMAC Chairman, John P ... Rothmeier Distinguished Service Professor of Economics, University of Chicago Booth School of Business ; Gary S. Becker, Nobel Prize-Winning Economist, Professor of Economics and Sociology, University of Chicago; David D....(size: 7.0Kb)
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The Washington Post
09 Sep 2013
Safety Patrol history. More news about education How much do you know about the school safety patrol?. Michael Alison Chandler . Facts about the history, organization and personages of the Safety Patrol. Five education issues to watch in D.C. this school year. Emma Brown . Summer’s over. Here are five key questions that parents, educators and activists in D.C. are asking ... Donna St. George ... ●Nobel Prize winner Gary S. Becker ... ....(size: 2.9Kb)
 |
This biographical article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (March 2011) |
| Chicago School of Economics | |
|---|---|
 Gary Becker speaking in Chicago, May 24, 2008 |
|
| Born | (1930-12-02) December 2, 1930 (age 81) Pottsville, Pennsylvania |
| Nationality | American |
| Institution | University of Chicago (1968–present) Columbia University (1957–1968) |
| Field | Social economics |
| Alma mater | Princeton University University of Chicago |
| Contributions | Analysis of human capital Rotten kid theorem |
| Awards | 1967 John Bates Clark Medal 1992 Nobel Memorial Prize in Economic Sciences 1997 Pontifical Academy of Sciences 2004 John von Neumann Award 2007 Presidential Medal of Freedom |
| Information at IDEAS/RePEc | |
Gary Stanley Becker (born December 2, 1930) is an American economist. He is a professor of economics and sociology at the University of Chicago and a professor at the Booth School of Business. He was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007.[1] He is currently a Rose-Marie and Jack R. Anderson senior fellow at Stanford University's Hoover Institution.
Becker was one of the first economists to branch into what were traditionally considered topics belonging to sociology, including racial discrimination, crime, family organization, and drug addiction (see Rational addiction). He is known for arguing that many different types of human behavior can be seen as rational and utility maximizing. His approach can include altruistic behavior by defining individuals' utility appropriately. He is also among the foremost exponents of the study of human capital. Becker is also credited with the "rotten kid theorem". He is married to Guity Nashat, a historian of the Middle East whose research interests overlap his own.[2]
Contents |
Biography[link]
Born in Pottsville, Pennsylvania, Becker earned a B.A. at Princeton University in 1951 and a Ph.D. at the University of Chicago in 1955. He taught at Columbia University from 1957 to 1968, and then returned to the University of Chicago. Becker is a founding partner of The Greatest Good, a business and philanthropy consulting company. Becker won the John Bates Clark Medal in 1967. He was elected a Fellow of the American Academy of Arts and Sciences in 1972.[3] Becker also received the National Medal of Science in 2000.
Usually considered politically conservative, he wrote a monthly column for Business Week from 1985 to 2004, alternating with liberal Princeton economist Alan Blinder. In December 2004, Becker started a joint weblog with Judge Richard Posner entitled The Becker-Posner Blog.
Nobel Memorial Prize[link]
According to the Prize in Economic Sciences citation, his work can be categorized into four areas:
- investments in human capital
- behavior of the family (or household), including distribution of work and allocation of time in the family
- crime and punishment
- discrimination on the markets for labor and goods.
Becker's lecture, "Nobel Lecture: The Economic Way of Looking at Behavior", subsequently published in the Journal of Political Economy, reviews his four key areas of research. He explains that his framework of analysis is not a traditional self-interested motivation but an analysis based on a set of assumptions and individual preferences. Agents are maximizing welfare, which is based on individual conception constrained by income, time, and imperfect memory and calculation capabilities. Much of his research focuses on the impact of the rising value of time as a result of economic growth.
Discrimination[link]
Discrimination as defined by Kenneth Arrow is "the valuation in the market place of personal characteristics of the worker that are unrelated to worker productivity." [4] Personal characteristics can be physical features such as sex or race, or other characteristics such as a person's religion, caste, or national origin.[4]
Becker often includes a variable of taste for discrimination in explaining behavior. He believes that people often mentally increase the cost of a transaction if it is with a minority against which they discriminate. His theory held that competition decreases discrimination. If firms were able to specialize in employing mainly minorities and offer a better product or service, such a firm could bypass discrepancy in wages between equally productive blacks and whites or equally productive females and males.
Becker's research found that when minorities are a very small percentage the cost of discrimination mainly falls on the minorities. However, when minorities represent a larger percentage of society, the cost of discrimination falls on both the minorities and the majority. He also pioneered research on the impact of self-fulfilling prophecies of teachers and employers on minorities. Such attitudes often lead to less investment in productive skills and education of minorities.[citation needed]
Gary Becker recognized that people (employers, customers, and employees) sometimes do not want to work with minorities because they have preference against the disadvantaged groups. He goes on to say that discrimination increases the cost of the firm because in discriminating against certain workers, the employer would have to pay more so that work can proceed without them. If the employer employs the minority, low wages can be provided, but more people can be employed, and productivity can be increased.[5]
Crime and punishment[link]
Becker's interest in criminology arose when he was rushed for time one day. He had to weigh the cost and benefits of legally parking in an inconvenient garage versus in an illegal but convenient spot. After roughly calculating the probability of getting caught and potential punishment, Becker rationally opted for the crime. Becker surmised that other criminals make such rational decisions. However, such a premise went against conventional thought that crime was a result of mental illness and social oppression.
While Becker acknowledged that many people operate under a high moral and ethical constraint, criminals rationally see that the benefits of their crime outweigh the cost such as the probability of apprehension, conviction, and punishment, and their current set of opportunities. From the public policy perspective, since the cost of increasing the fine is trivial in comparison to the cost of increasing surveillance, one can conclude that the best policy is to maximize the fine and minimize surveillance. However, this conclusion has limits, not the least of which include ethical considerations.
One of the main differences between this theory and Jeremy Bentham's rational choice theory, which had been abandoned in criminology, is that if Bentham considered it possible to annihilate crime completely (through the panopticon), Becker's theory acknowledged that a society could not eradicate crime beneath a certain level. For example, if 25% of a supermarket's products were stolen, it would be very easy to reduce this rate to 15%, quite easy to reduce it until 5%, difficult to reduce it under 3%, and nearly impossible to reduce it to 0% (a feat that would be so costly to the supermarket that it would outweigh the benefit, if it is even possible).
Human capital[link]
Becker's research was fundamental in arguing for the augmentability of human capital. When his research was first introduced it was considered very controversial as some considered it debasing. However, he was able to convince many that individuals make choices of investing in human capital based on rational benefits and cost that include a return on investment as well as a cultural aspect.
His research included the impact of positive and negative habits such as punctuality and alcoholism on human capital. He explored the different rates of return for different people and the resulting macroeconomic implications. He also distinguished between general to specific education and their influence on job-lock and promotions.
Families[link]
Becker's research on human social interactions has had many implications for the family including implications for marriage, divorce, fertility, and social security. Becker argued that such decisions are made in a marginal-cost and marginal-benefit framework and that marriage markets affect allocation into couples and individual well-being. He first analyzed fertility, starting in 1960. His research examined the impact of higher real wages in increasing the value of time and therefore the cost of home production such as childrearing. As women increase investment in human capital and enter the workforce, the opportunity cost of childcare rises. Additionally, the increased rate of return to education raises the desire to provide children with formal and costly education. Coupled together, the impact is to lower fertility rates. His theory of marriage was published in 1973 and 1974. Among its many insights are that (1) sex ratios (the ratio of men to women in marriage markets) are positively related with wives' relative access to consumption in marriages and (2) men with higher incomes are more likely to be polygamous. He then published a paper on divorce in 1977, with his students Robert T. Michael and Elizabeth Landes in which it is hypothesized that divorces are more likely when there are unexpected changes in income. Many of these insights on fertility, marriage, and divorce were included in Becker's Treatise on the Family [[1]], first published in 1981 by Harvard University Press. According to Google Scholar it is one of the most cited books in economics[6].
A more controversial issue was Becker's conclusion that parents often act altruistically towards selfish children by highly investing in a child in an effort to indirectly save for old age. Becker believed that the rate of return from investing in children was often greater than normal retirement savings. However, parents can not know for sure that the child will take care of them. Since they cannot legally bind a child to care for them, they often resort to manipulation through instilling a sense of "guilt, obligation, duty and filial love that indirectly, but still very effectively... commits children to helping them out." Becker said that social security can cause families to be less interdependent by removing the motivation of parents to use altruistic behaviors in motivating their children to care for them.
Organ markets[link]
An article by Gary Becker and Julio Elias on "Introducing Incentives in the market for Live and Cadaveric Organ Donations"[7] said that a free market could help solve the problem of a scarcity in organ transplants. Their economic modeling was able to estimate the price tag for human kidneys ($15,000) and human livers ($32,000). It is argued by critics[8] that this particular market would exploit the underprivileged donors from the developing world. This view was endorsed by the National Kidney Foundation in a testimony to the US Congress where Dr Francis Delmonico argued that "a US congressional endorsement for payment would propel other countries to sanction unethical and unjust standards...." Another concern is that if a market for organ donations were introduced, then organs would often go to the patients most able to afford them rather than patients who may have more need for them medically.
Politics[link]
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Becker is also famous for his economic analysis of democracy. He asked what determines the extent to which an interest group can exploit another. The basis of his analysis was the concept of deadweight loss.
Becker's insight was to recognize that deadweight losses put an exponential break on predation. He took the well-known insight that deadweight losses are proportional to the square of the tax, and used it to argue that a linear increase in takings by a predatory interest group will provoke a non-linear increase in the deadweight losses its victim suffers. These rapidly increasing losses will prod victims to invest equivalent sums in resisting attempts on their wealth. The advance of predators, fueled by linear incentives slows before the stiffening resistance of prey outraged by non-linear damages.
He is also noted for his advocacy of immigration tariffs, and for his staunch defense of the consequences of neoliberalism in Latin America.
Quotations[link]
- "My teachers taught me that economics was not a game played by clever academics, but a serious subject that helped us understand the real world we lived in. You can do economics and do it in a rigorous way and nevertheless talk about important problems."[citation needed]
- "So I had this little idea. I saw a way of taking the prejudices of workers and employers and customers and all groups, even governments, and sort of putting that through an economic analysis with competition and the goals of employers, opportunities for black and white employees to choose among different firms. So it becomes a complicated problem, using all the tools of economics."[9]
Publications[link]
- Gary S. Becker (1957, 1971, 2nd ed.). The Economics of Discrimination. Chicago, University of Chicago Press. ISBN 0-226-04115-8. (Description. Scroll down to chapter-preview links.)
- Gary S. Becker (1964, 1993, 3rd ed.). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education.. Chicago, University of Chicago Press. ISBN 978-0-226-04120-9. (UCP descr)
- Gary S. Becker (1965) “A Theory of the Allocation of Time,” Economic Journal 75 (299), p p. 493-517.
- Gary Becker (1968). "Crime and Punishment: An Economic Approach". The Journal of Political Economy 76: pp. 169–217.
- Gary Becker and H. Gregg Lewis (1973). "On the Interaction between the Quantity and Quality of Children". The Journal of Political Economy 81: pp. S279–S288.
- Gary S. Becker (1974). "A Theory of Social Interactions," Journal of Political Economy, 82(6), pp. 1063–1093.
- Gary S. Becker and Gilbert Ghez (1975). The Allocation of Time and Goods Over the Life Cycle. New York, Columbia University Press. ISBN 0-87014-514-2.
- Gary S. Becker (1976). The Economic Approach to Human Behavior. Links to chapter previews. University of Chicago Press.
- Gary Becker and George J. Stigler (1977). "De Gustibus Non Est Disputandum". The American Economic Review 67 (2): pp. 76–90 (different pagination).
- Gary Becker (1983). "A Theory of Competition among Pressure Groups for Political Influence". The Quarterly Journal of Economics 98: pp. 371–400..
- Gary Becker and Kevin M. Murphy (1988). "A Theory of Rational Addiction". The Journal of Political Economy 96(4): pp.675–700..
- Gary S. Becker (1981,1991). A Treatise on the Family, Harvard University Press, ISBN 0-674-90698-5
- Gary S. Becker (1992). "The Economic Way of Looking at Life" (Nobel Prize Lecture).
- Gary S. Becker, (1996), Accounting for Tastes, Harvard University Press, ISBN 0-674-54356-4. Description & Chapter-preview links.
- Gary S. Becker and Guity Nashat Becker (1997). The Economics of Life. McGraw-Hill. Popular essays in 9 parts by subject. Preview.
- Gary S. Becker and Kevin M. Murphy, (2001), Social Economics: Market Behavior in a Social Environment, Harvard University Press.
See also[link]
- Economic imperialism (economics)
- Family economics
- Household production function
- Social capital
- List of economists
- A Treatise on the Family
- Richard Posner
References[link]
- ^ President Bush Announces 2007 Medal of Freedom Recipients
- ^ Gary S. Becker – Biography
- ^ "Book of Members, 1780-2010: Chapter B". American Academy of Arts and Sciences. http://www.amacad.org/publications/BookofMembers/ChapterB.pdf. Retrieved May 29, 2011.
- ^ a b http://tutor2u.net/economics/revision-notes/a2-micro-labour-market-discrimination.html
- ^ http://openlearn.open.ac.uk/mod/oucontent/view.php?id=399032§ion=5.2
- ^ http://scholar.google.com/scholar?hl=en&q=gary+becker&btnG=&as_sdt=1%2C5&as_sdtp=
- ^ The New York Times. http://graphics8.nytimes.com/images/blogs/freakonomics/pdf/BeckerEliasOrgans(5-06).pdf.
- ^ http://www.nature.com/ncpneph/journal/v2/n9/full/ncpneph0268.html
- ^ Biography and Video Interview of Gary Becker at Academy of Achievement.
External links[link]
- The Becker-Posner Blog
- Homepage at the University of Chicago
- Lecture Series on Human Capital available via YouTube (~25 hours)
- Profile in the Financial Times
- Interview by the Minneapolis Fed
- The Becker Center on Chicago Price Theory
- Gary S. Becker – Autobiography
- Podcast featuring Becker Becker discusses human behavior, Adam Smith, and Alfred Marshall on EconTalk.
- IDEAS/RePEc
- Gary Becker's opinion editorials comments for Project Syndicate
- Selected Bibliography for Gary S. Becker, University of Chicago Library with some links
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| Name | Becker, Gary |
| Alternative names | |
| Short description | American economist |
| Date of birth | December 2, 1930 |
| Place of birth | Pottsville, Pennsylvania |
| Date of death | |
| Place of death | |
http://wn.com/Gary_Becker
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| Chicago School of Economics | |
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| 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) |
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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]
Contents |
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]
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]
See also: Friedman–Savage utility function, Friedman rule, Friedman's k-percent rule, and Friedman test
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]
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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]
Main articles: Miracle of Chile and Chicago Boys
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]
- 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]
- ^ a b "Milton Friedman on nobelprize.org". Nobel Prize. 1976. http://nobelprize.org/nobel_prizes/economics/laureates/1976/. Retrieved February 20, 2008.
- ^ Davis, William L, Bob Figgins, David Hedengren, and Daniel B. Klein. "Economic Professors' Favorite Economic Thinkers, Journals, and Blogs", Econ Journal Watch 8(2): 126-146, May 2011.
- ^ "Milton Friedman, a giant among economists". The Economist. November 23, 2006. http://www.economist.com/business/displaystory.cfm?story_id=8313925. Retrieved February 20, 2008.
- ^ "Milton Friedman". Commanding Heights. PBS. Oct 1, 2000. http://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html#7. Retrieved September 19, 2011.
- ^ Milton Friedman—Economist as Public Intellectual
- ^ Mark Skousen. The Making of Modern Economics: The Lives and Ideas of the Great Thinkers. M.E. Sharpe. p. 407. ISBN 0-7656-2227-0. http://books.google.com/books?id=6sisXMv_AecC&lpg=PA407&dq=friedman%20we.are.all.keynesians.now&pg=PA407#v=onepage&q=friedman%20we.are.all.keynesians.now&f=false.
- ^ Among macroeconomists, the "natural" rate has been increasingly replaced by James Tobin's NAIRU, the non-accelerating inflation rate of unemployment, which is seen as having fewer normative connotations.
- ^ Nobel prize winner Paul Krugman stated that, "In 1968 in one of the decisive intellectual achievements of postwar economics, Friedman not only showed why the apparent tradeoff embodied in the idea of the Phillips curve was wrong; he also predicted the emergence of combined inflation and high unemployment...dubbed ‘stagflation.” Paul Krugman, Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations (1995) p 43 online
- ^ a b c Doherty, Brian (June 1, 1995), "Best of Both Worlds", Reason Magazine, http://www.reason.com/news/show/29691.html, retrieved October 24, 2009
- ^ Milton Friedman (1912–2006)
- ^ Bullock, Penn (November 17, 2009), "Bernanke’s Philosopher", Reason Magazine, http://reason.com/archives/2009/11/17/bernankes-philosopher, retrieved February 4, 2010
- ^ "Capitalism and Friedman". The Wall Street Journal. November 17, 2006. http://www.opinionjournal.com/editorial/feature.html?id=110009260. Retrieved August 22, 2008.
- ^ Václav Klaus (January 29, 2007). "Remarks at Milton Friedman Memorial Service". http://www.klaus.cz/klaus2/asp/clanek.asp?id=3DpXss5H9RJv. Retrieved August 22, 2008.
- ^ Johan Norberg, Defaming Milton Friedman: Naomi Klein's disastrous yet popular polemic against the great free market economist, Reason Magazine, Washington, D.C., Oct. 2008
- ^ Friedman 1999, p. 506
- ^ Eamonn Butler, Milton Friedman (2011) ch 1
- ^ Alan O. Ebenstein, Milton Friedman: a biography (2007) pp 5-12
- ^ "Milton Friedman and his start in economics". Young America's Foundation. August, 2006. http://www.youtube.com/watch?v=EhYOtG2pt3w&feature=related. Retrieved march 12, 2012.
- ^ Ebenstein, Milton Friedman: a biography (2007) pp 13-30
- ^ Feeney, Mark (November 16, 2006). "Nobel laureate economist Milton Friedman dies at 94". The Boston Globe. http://www.boston.com/news/globe/city_region/breaking_news/2006/11/nobel_lauriet_e.html. Retrieved February 20, 2008.
- ^ Friedman 1999, p. 59
- ^ "Right from the Start? What Milton Friedman can teach progressives." (PDF). J. Bradford DeLong. http://delong.typepad.com/pdf/20070308_108-115.delong.FINAL.pdf. Retrieved February 20, 2008.
- ^ Bernanke 2004, p. 7
- ^ Friedman 1999, p. 42
- ^ Friedman 1999, pp. 84–85
- ^ Milton Friedman; Rose D. Friedman (1999). Two Lucky People: Memoirs. University of Chicago Press. pp. 122–23. http://books.google.com/books?id=6l0_vQ1zpI8C&pg=PA122.
- ^ Doherty, Brian (June 1995). "Best of Both Worlds". Reason. http://reason.com/archives/1995/06/01/best-of-both-worlds. Retrieved July 28, 2010.
- ^ Philip Mirowski (2002). Machine Dreams: Economics Becomes a Cyborg Science. Cambridge University Press. pp. 202–3. http://books.google.com/books?id=GkrYxL0QtpcC&pg=PA203.
- ^ CATO, "Letter from Washington," National Review, September 19, 1980, Vol. 32 Issue 19, p 1119
- ^ http://www.hoover.org/multimedia/slide-shows/79281
- ^ { http://nobelprize.org/nobel_prizes/economics/laureates/1976/friedman-speech.html }
- ^ "Milton Friedman: An enduring legacy". The Economist. November 17, 2006. http://www.economist.com/daily/news/displaystory.cfm?story_id=8190872. Retrieved February 20, 2008.
- ^ Sullivan, Patricia (November 17, 2006). "Economist Touted Laissez-Faire Policy". The Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2006/11/16/AR2006111600592.html. Retrieved February 20, 2008.
- ^ http://www.cato.org/special/friedman/friedman/index.html
- ^ http://phillysoc.org/trustees.htm
- ^ http://www.phillysoc.org/fried.htm
- ^ Optimum Quantity of Money. Aldine Publishing Company. 1969. p. 4.
- ^ Friedman, Milton. Inflation: Causes and Consequences. New York: Asia Publishing House.
- ^ Friedman, Milton (1969). Memoirs of an Unregulated Economist. Aldine Publishing Company. p. 4.
- ^ "Charlie Rose Show". December 26, 2005.
- ^ David Teira, "Milton Friedman, the Statistical Methodologist," History of Political Economy (2007) 39#3 pp 511-527,
- ^ The Life and Times of Milton Friedman – Remembering the 20th century's most influential libertarian
- ^ a b Richard M. Ebeling.Monetary Central Planning and the State, Part 27: Milton Friedman's Second Thoughts on the Costs of Paper Money http://www.fff.org/freedom/0399b.asp
- ^ Grim, Ryan (September 7, 2009) Priceless: How The Federal Reserve Bought The Economics Profession, Huffington Post
- ^ Leonard Ross and Richard Zeckhauser (December 1970). "Review: Education Vouchers". The Yale Law Journal 80 (2): 451–461. JSTOR 795126.
- ^ Martin Carnoy (August 1998). "National Voucher Plans in Chile and Sweden: Did Privatization Reforms Make for Better Education?". Comparative Education Review 42 (3): 309–337. JSTOR 1189163.
- ^ Milton Friedman (1991). The War on Drugs. America's Drug Forum. http://yes390.org/friedmanvideos.html.
- ^ Rostker, Bernard (2006). I Want You!: The Evolution of the All-Volunteer Force. Rand Corporation. p. 4. ISBN 978-0-8330-3895-1.
- ^ a b Friedman, Milton (November 15, 2002). Capitalism and Freedom. University Of Chicago Press. p. 36.
- ^ "Friedman and Freedom". Queen's Journal. Archived from the original on August 11, 2006. http://web.archive.org/web/20060811115145/http://queensjournal.ca/article.php?point=vol129/issue37/features/lead1. Retrieved February 20, 2008. , Interview with Peter Jaworski. The Journal, Queen's University, March 15, 2002 – Issue 37, Volume 129
- ^ "An open letter". Prohibition Costs. http://www.prohibitioncosts.org/endorsers.html. Retrieved February 20, 2008.
- ^ "In the Supreme Court of the United States". Harvard Law School. http://cyber.law.harvard.edu/openlaw/eldredvashcroft/supct/amici/economists.pdf. Retrieved February 20, 2008.
- ^ Lessig, Lawrence (November 19, 2006). ""only if the word 'no-brainer' appears in it somewhere": RIP Milton Friedman (Lessig Blog)". Lessig.org. http://lessig.org/blog/2006/11/only_if_the_word_nobrainer_app.html. Retrieved July 29, 2010.
- ^ A New British Bill of Rights: The Case For, ISR Online Guide
- ^ Ingdahl, Waldemar (March 22, 2007). "Real Virtuality". The American. http://www.american.com/archive/2007/march-0307/real-virtuality/. Retrieved February 20, 2008.
- ^ Friedman, Milton; Friedman, Rose (1990). Free to Choose: A Personal Statement. Harvest Books. p. 34. ISBN 0-15-633460-7.
- ^ Friedman, Milton (October 6, 2006). "Dr. Milton Friedman". Opinion Journal. http://www.opinionjournal.com/editorial/feature.html?id=110009051. Retrieved February 20, 2008.
- ^ a b Milton Friedman (August 31, 1984) (Flash Video). Iceland Television Debate (Television production). Reykjavík: Icelandic State Television. Event occurs at 009:48:00. http://www.youtube.com/watch?v=oJNxg3ZhXf8#t=9m11s&feature=PlayList&p=EBBF6DB20C85145A&playnext_from=PL&index=3. Retrieved June 27, 2010.
- ^ "Interview with Jeffery Sachs on the "Miracle of Chile"". PBS. http://www.pbs.org/wgbh/commandingheights/shared/minitextlo/ufd_reformliberty_full.html. Retrieved February 20, 2008.
- ^ a b Letters of correspondence between Friedman and dictator Pinochet
- ^ "Commanding Heights: Milton Friedman". PBS. http://www.pbs.org/wgbh/commandingheights/shared/minitext/int_miltonfriedman.html#10. Retrieved December 29, 2008.
- ^ O'Shaughnessy, Hugh (December 11, 2006). "General Augusto Pinochet". The Independent. http://www.independent.co.uk/news/obituaries/general-augusto-pinochet-427998.html. Retrieved February 20, 2008.
- ^ "Free to Choose Vol. 5". Free to Choose. Archived from the original on February 9, 2008. http://web.archive.org/web/20080209233014/http://www.freetochoose.net/1980_vol5_transcript.html. Retrieved February 20, 2008.
- ^ Frances Fox Piven vs. Milton Friedman, Thomas Sowell, debate, 1980, YouTube.
- ^ Friedman 1999, pp. 600–601
- ^ "Milton Friedman interview". PBS. http://www.pbs.org/wgbh/commandingheights/shared/minitextlo/int_miltonfriedman.html. Retrieved February 20, 2008.
- ^ Friedman, Milton; Grímsson, Ólafur Ragnar. Milton Friedman on Icelandic State Television in 1984.
- ^ "Mart Laar". Cato Institute. http://www.cato.org/special/friedman/laar/. Retrieved February 20, 2008.
- ^ John Lippert, Friedman Would Be Roiled as Chicago Disciples Rue Repudiation, Bloomberg L.P., December 23, 2009. Retrieved September 9, 2009.
- ^ The New York Review of Books, Who Was Milton Friedman?, February 15, 2007
- ^ Murray Rothbard, "Milton Friedman Unraveled". Originally printed 1971 in The Individualist. Reprinted in the Journal of Libertarian Studies, Fall 2002.
- ^ Ebeling, Richard. M., "Monetary Central Planning and the State, Part 27: Milton Friedman's Second Thoughts on the Costs of Paper Money"
- ^ Naomi Klein, The Shock Doctrine, Metropolitan Books, New York, NY 2007.
- ^ Goldberg, P.K. and Pavcnik, N. (2007) "Distributional Effects of Globalization in Developing Countries" Journal of Economic Literature, American Economic Association 45(1): 39–82
- ^ Noam Chomsky (1999) Profit Over People: Neoliberalism and Global Order, Seven Stories Press, New York, NY.
- ^ Orlando Letelier, Economic Freedom's Awful Toll, The Nation, August 28, 1976.
- ^ Johan Norberg, Defaming Milton Friedman, Reason Magazine, October 2008.
- ^ Tom Redburn, It’s All a Grand Capitalist Conspiracy, The New York Times, September 29, 2007.
- ^ Lanny Ebenstein, Milton Friedman, Commentary, May 2007, p. 286.
- ^ Asman, David (November 16, 2006). "'Your World' Interview With Economist Milton Friedman". Fox News. http://www.foxnews.com/story/0,2933,230045,00.html. Retrieved August 2, 2011.
- ^ Christie, Jim (November 16, 2006). "Free market economist Milton Friedman dead at 94". Reuters. http://www.reuters.com/article/ousiv/idUSWBT00621920061116. Retrieved February 20, 2008.
- ^ Ambrose, Jay (November 22, 2006). "Milton Friedman’s legacy". Examiner.com. http://www.examiner.com/a-413909~Jay_Ambrose__Milton_Friedman_s_legacy.html. Retrieved February 20, 2008. [dead link]
- ^ Doherty, Brian (July 1, 2009), "20,000 Nations Above the Sea; Is floating the last, best hope for liberty?", Reason Magazine, http://www.reason.com/news/show/133865.html, retrieved October 24, 2009
Bibliography[link]
Main article: Milton Friedman bibliography
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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Images and media from Commons |
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News stories from Wikinews |
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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
- 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
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| Name | Friedman, Milton |
| Alternative names | None |
| Short description | American economist, public intellectual, nobel laureate |
| Date of birth | July 31, 1912 |
| Place of birth | Brooklyn, New York City, New York, United States |
| Date of death | November 16, 2006 |
| Place of death | San Francisco, California, United States of America |
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This biographical article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (July 2010) |
| New institutional economics | |
|---|---|
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| Born | (1910-12-29) 29 December 1910 (age 101) Willesden, London, England |
| Nationality | United Kingdom |
| Institution | University at Buffalo, University of Virginia, and University of Chicago |
| Field | Law and economics |
| Alma mater | London School of Economics |
| Opposed | Arthur Cecil Pigou |
| Influences | Frank Knight |
| Influenced | Oliver E. Williamson, Armen Alchian, Steven N. S. Cheung |
| Contributions | Coase Theorem Analysis of transaction costs Coase conjecture |
| Awards | Nobel Prize in Economics (1991) |
| Information at IDEAS/RePEc | |
Ronald Harry Coase (/ˈkoʊs/; born 29 December 1910) is a British-born, America-based economist and the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School. After studying with the University of London External Programme in 1927–29, Coase entered the London School of Economics, where he took courses with Arnold Plant.[1] He received the Nobel Memorial Prize in Economics in 1991.
Coase is best known for two articles in particular: "The Nature of the Firm" (1937), which introduces the concept of transaction costs to explain the nature and limits of firms, and "The Problem of Social Cost" (1960), which suggests that well-defined property rights could overcome the problems of externalities (see Coase Theorem). Coase is also often referred to as the "father" of reform in the policy for allocation of the electromagnetic spectrum, based on his article "The Federal Communications Commission" (1959), where he criticizes spectrum licensing, suggesting property rights as a more efficient method of allocating spectrum to users. Additionally, Coase's transaction costs approach is currently influential in modern organizational economics, where it was reintroduced by Oliver E. Williamson.
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Biography[link]
Ronald Harry Coase was born in Willesden, a suburb of London, on 29 December 1910. His father was a telegraphist for the post office, as was his mother before marriage. As a child, Coase had a weakness in his legs, for which he was required to wear leg-irons. Due to this problem, he attended the school for physical defects. At the age of 12, he was able to enter the Kilburn Grammar School on scholarship. At Kilburn, Coase completed the first year of his B.Comm degree and then passed on to the University of London.[2] Coase married Marion Ruth Hartung of Chicago, Illinois in Willesden, England, August 7, 1937.
Coase attended the London School of Economics, where he received a bachelor of commerce degree in 1932, and was a member of the staff from 1935 to 1951. He then started to work at the University at Buffalo and became an American citizen after moving to the United States in the 1950s.[3] In 1958, he moved to the University of Virginia. Coase settled at the University of Chicago in 1964 and became the editor of the Journal of Law and Economics. He was also for a time a Trustee of the Philadelphia Society.[4] He received the Nobel Prize in Economics in 1991.
As his 100th birthday approached, Coase was working on a book concerning the rise of the economies of China and Vietnam.[5] An interview with Coase was conducted by Wang Ning (co-author of the book How China Became Capitalist) December 28–29, 2010, in Chicago. In the interview, Coase explained the mission of the Coase China Society and his vision of economics and the part to be played by Chinese economists.[6][7] Coase will be honored and will receive an honorary doctorate from the University at Buffalo department of economics in May of 2012.[8]
The Nature of the Firm[link]
Main article: The Nature of the Firm
The Nature of the Firm was a brief but highly influential essay in which Coase tries to explain why the economy is populated by a number of business firms, instead of consisting exclusively of a multitude of independent, self-employed people who contract with one another. Given that "production could be carried on without any organization [that is, firms] at all", Coase asks, why and under what conditions should we expect firms to emerge?
Since modern firms can only emerge when an entrepreneur of some sort begins to hire people, Coase's analysis proceeds by considering the conditions under which it makes sense for an entrepreneur to seek hired help instead of contracting out for some particular task.
The traditional economic theory of the time suggested that, because the market is "efficient" (that is, those who are best at providing each good or service most cheaply are already doing so), it should always be cheaper to contract out than to hire.
Coase noted, however, that there are a number of transaction costs to using the market; the cost of obtaining a good or service via the market is actually more than just the price of the good. Other costs, including search and information costs, bargaining costs, keeping trade secrets, and policing and enforcement costs, can all potentially add to the cost of procuring something with a firm. This suggests that firms will arise when they can arrange to produce what they need internally and somehow avoid these costs.
There is a natural limit to what can be produced internally, however. Coase notices a "decreasing returns to the entrepreneur function", including increasing overhead costs and increasing propensity for an overwhelmed manager to make mistakes in resource allocation. This is a countervailing cost to the use of the firm.
Coase argues that the size of a firm (as measured by how many contractual relations are "internal" to the firm and how many "external") is a result of finding an optimal balance between the competing tendencies of the costs outlined above. In general, making the firm larger will initially be advantageous, but the decreasing returns indicated above will eventually kick in, preventing the firm from growing indefinitely.
Other things being equal, therefore, a firm will tend to be larger:
- the lower the costs of organizing and the slower these costs rise with an increase in the number of transactions organized.
- the less likely the entrepreneur is to make mistakes and the smaller the increase in mistakes with an increase in the transactions organized.
- the greater the lowering (or the less the rise) in the supply price of factors of production to firms of larger size.
The first two costs will increase with the spatial distribution of the transactions organized and the dissimilarity of the transactions. This explains why firms tend to either be in different geographic locations or to perform different functions. Additionally, technology changes that mitigate the cost of organizing transactions across space will cause firms to be larger—the advent of the telephone and cheap air travel, for example, would be expected to increase the size of firms.
Coase does not consider non-contractual relationships, as between friends or family.
The Problem of Social Cost[link]
Main article: The Problem of Social Cost
Published in the Journal of Law and Economics in 1960, while Coase was a member of the Economics department at the University of Virginia, "The Problem of Social Cost" provided the key insight that it is unclear where the blame for externalities lies. The example he gave was of a rancher whose cattle stray onto the cropland of his neighbour. If the rancher is made to restrict his cattle, he is harmed just as the farmer is if the cattle remain unrestrained.
Coase argued that without transaction costs it is economically irrelevant who is assigned initial property rights; the rancher and farmer will work out an agreement about whether to restrict the cattle or not based on the economic efficiency of doing so. Property rights allocation will hence matter only in determining distribution, not efficiency.
With sufficient transaction costs however, initial property rights will have a non-trivial effect. From the point of view of economic efficiency, property rights should be assigned such that the owner of the rights wants to take the economically efficient action. To elaborate, if it is efficient not to restrict the cattle, the rancher should be given the rights (so that cattle can move about freely), whereas if it is efficient to restrict the cattle, the farmer should be given the rights over the movement of the cattle (so the cattle are restricted).
This seminal argument forms the basis of the famous Coase Theorem as labeled by George Stigler.
Coase Conjecture[link]
Another important contribution of Coase is the Coase Conjecture: an informal argument that durable-goods monopolists do not have market power because they are unable to commit to not lowering their prices in future periods.
Critics[link]
Some scholars have looked at Coase's work through the lens of its relevance in time. In particular, scholar Patrick Ryan pointed out that "although Coase made one of the world’s leading economic arguments on transaction costs, there is evidence of a massive crack in the Coasian spectrum theory." Ryan points to later statements by Coase that indicate that his spectrum theories were couched in a time that did not have the technology to consider the impact of digital switching on spectrum efficiency.[9]
The Ronald Coase Institute[link]
Coase is research advisor to the Ronald Coase Institute, an organization that promotes research on the institutions - the laws, rules, customs, and norms - that govern real economic systems, with particular support for young scholars from developing and transitional countries.
Quotations[link]
Coase coined the well known, but often misquoted adage "If you torture the data long enough, it will confess."[10]
Publications[link]
See also[link]
- Theory of the firm
- Coase theorem
- Merger
- Horizontal integration
- Vertical integration
- Partnership
- List of think tanks
Notes[link]
- ^ Ronald Coase. "Nobel Prize Autobiography," 1991
- ^ Breit, William and Barry T. Hirsch. Lives of the Laureates, 4th ed. Cambridge, Mass: The MIT Press, 2004.
- ^ U. of Chicago Professor Wins Nobel Economics Prize, http://alb.merlinone.net/mweb/wmsql.wm.request?oneimage&imageid=5579499/
- ^ http://phillysoc.org/trustees.htm
- ^ "99-year-old economist researches the rise of China and Vietnam", VietNamNet Bridge, 24 March 2010, http://english.vietnamnet.vn/spf/201003/99yearold-economist-researches-the-rise-of-China-and-Vietnam-900486/ .
- ^ "Coase China Society Interviews Ronald Coase", Unirule Institute of Economics, 3 January 2011, http://www.law.uchicago.edu/news/coase-china-society-interviews-ronald-coase .
- ^ "Interview with Professor Ronald Coase", Unirule Institute of Economics, 3 January 2011, http://english.unirule.org.cn/Html/Unirule-News/20110101130956819.html .
- ^ http://economics.buffalo.edu/ Robert Coase Honorary Doctorate
- ^ [SSRN: http://ssrn.com/abstract=732483 Wireless Communications and Computing at a Crossroads: New Paradigms and Their Impact on Theories Governing the Public's Right to Spectrum Access], Patrick S. Ryan, Journal on Telecommunications & High Technology Law, Vol. 3, No. 2, p. 239, 2005.
- ^ Gordon Tullock, "A Comment on Daniel Klein's 'A Plea to Economists Who Favor Liberty'", Eastern Economic Journal, Spring 2001, note 2 (Text: "As Ronald Coase says, 'if you torture the data long enough it will confess'." Note: "I have heard him say this several times. So far as I know he has never published it.")
External links[link]
- A video of Prof. Coase talking about law and economics
- Biography at the Nobel site
- Biography at EconLib
- Wireless Communications and Computing at a Crossroads, Journal on Telecommunications & High Technology Law, Vol. 3, No. 2, p. 239, 205 (describing some of Ronald Coase's theories as they apply to wireless communications and providing several footnotes for further research).
- Coase Institute
- "Looking for Results", interview in Reason by Thomas W. Hazlett
- 2003 Coase Centennial Speech delivered by Coase (500MB QuickTime file, recommend downloading video before watching)
- [1], article in The Economist magazine, December 18 thru 31st, 2010.
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| Name | Coase, Ronald |
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| Date of birth | 29 December 1910 |
| Place of birth | Willesden near London |
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http://wn.com/Ronald_Coase
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This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
