Recipient of the Nobel Memorial Prize in Economic Sciences, Milton Friedman (1912-2006) has long been recognized as one of our most important economic thinkers and a leader of the Chicago school of economics. He is the author of many books and articles in economics, including A Theory of the Consumption Function and A Monetary History of the United States (with Anna J. Schwartz). Friedman also wrote extensively on public policy, always with a primary emphasis on the preservation and extension of individual freedom. His most important books in this field include (with Rose D. Friedman) Capitalism and Freedom and Free to Choose. Friedman also wrote a popular column for Newsweek magazine from 1966 to 1983. In this 2003 interview with his former student and fellow Nobel laureate Gary Becker, Friedman discusses his economics, his public outreach, and his thoughts on economic education.
Additional materials, including a video index and sharing tool, discussion questions, and links for further reading plus audio-only file formats, are available at Newmedia at UFM.edu.
Below are some discussion prompts to correspond to the video:
Milton Friedman's Economics
How does fellow Nobel laureate Gary Becker describe the style of economics Friedman was known for at the University of Chicago? What appeals to you about this tradition, and why?
How did Friedman come to the tradition of economics described by Becker? How do Walrasian and Marshallian economics differ according to Friedman?