Milton Friedman DefinitionMilton Friedman is a senior research fellow at the Hoover Institution at Stanford University and a professor emeritus of economics at the University of Chicago, where he taught from He served as an unofficial adviser to presidential candidate Barry Goldwater and Presidents Nixon and Reagan. How do you reconcile this statement with the fact that we think of free markets as being competitive? The question is, how do you make money in a free market? You only make money if you can provide someone with something he or she is willing to pay for.
Free to Choose Part 6: What's Wrong With Our Schools Featuring Milton Friedman
Free to Choose : A Personal Statement
He went on to earn his M. In Friedman received the John Bates Clark Medal honoring economists under age forty for outstanding achievement. After retiring from the University of Chicago in , Friedman became a senior research fellow at the Hoover Institution at Stanford University. Friedman established himself in with Income from Independent Professional Practice, coauthored with Simon Kuznets. In it he argued that state licensing procedures limited entry into the medical profession, thereby allowing doctors to charge higher fees than they would be able to do if competition were more open.