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Milton Friedman is born.
Milton Friedman is born in Brooklyn, New York to Jewish Hungarian immigrant parents; his father trades goods, while his mother sews garments in a New York sweatshop. -
Starts attending Rutgers University for mathematical studies.
Attend Rutgers University, meets economists Arthur Burns and Homer Jones. -
Important Event: Great Depression
The Wall Street crash heralds a decade of economic turmoil, it is dubbed, the Great Depression. -
Graduates from Rutgers University with a bachelors degree.
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Attends the University of Chicago.
Attends the University of Chicago as a graduate student; influenced by economists Jacob Viner, Frank Wright and Henry Simons who were his professors. He also meets his future wife Rose Director; graduates with a master's degree in economics. -
Important Event: Roosevelt's New Deal is signed.
Rosevelt's New Deal attempts to kick-start the economy. -
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Friedman studies statistics on a fellowship at Columbia University.
Friedman studies statistics on a fellowship at Columbia University under promenint economist and statistician Harlod Hotelling. -
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Meets George Stigler; friend and fellow Nobel economist.
Friedman works as a research assistant to Henry Shulz at Chicago; meets George Stigler, who would become a lifelong friend and fellow Nobel economist. -
Begins work on consumer spending.
Begins work on consumer spending at the National Resources Committee in Washington; this work informs his subsequent book, "The Theory of the Consumption Function". -
Keynes's General Theory of Employment, Interest, and Money is published.
Keynes's General Theory of Employment, Interest, and Money is published, introducing concepts such as multiplier and promoting activist economic management. -
Marries Rose Director
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Assits US Department of the Treasury during WW2
Starts wartime work on tax policy at the US Department of the Treasury; works on the withholding tax system; co-authors 'Taxing to Prevent Inflation'. -
Daughter is born.
The Friedmans' daugter is born; their son will be born two years later. -
Awarded PhD from Columbia
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Begins teaching at the University of Chicago
Begins a 30 year teaching postition in the economics department at the University of Chicago, where he is further influenced by the free-market ideas of Irving Fisher. -
Friedman writes powerful article about capitalism.
Friedman's article, "A monetary and Fiscal Framework" suggests that free-market capitalism is more effective than socialism. -
Teaches Gary Becker.
Teaches Gary Becker, one of 5 students he taught who won the Nobel prize in economics. -
American Economic Assn. awards Friedman the John Bates Clark Medal
American Economic Assn. awards Friedman the John Bates Clark Medal, the profession's most pretigous prize. -
Milton and his wife travel across 22 different countries.
Milton Friedman and his wife travel across 22 different countries to study their economic policies. -
Publishes Capitalism and Freedom
Friedman publishes the bestselling Capitalism and Freedom, which argues for libertarian economic and social policies. -
Publishes NY Times best-selling book, A Monetary History of the United States.
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Becomes president of the American Economic Association.
Friedman becomes president of the American Economic Association, uses presidential speech to introduce theory of 'natural unemployement'. -
Introduces Price Theory
Introduces Price Thoery. A cornerstone of his economic policies. -
Recieves Nobel Prize for Economic Science
Recieves Nobel Prize for Economic Science for his work on consumer behavior, monetary history and economic stabilisation policy. -
Aids Margret Thatcher in implementing Friedman-style monetarist policies in the U.K
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Creates TV Show and book.
Free to Choose, a book and TV series, brings Friedman;s ideas to millions of people everywhere. -
Aide to Ronald Reagan
Friedman begins advising Ronald Reagan on economic policy. -
Awarded Presidential Medal of Freedom.
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Milton Friedman Dies