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Milton Friedman 1912--2006

ChatGPT - Please tell me a joke about Milton Friedman.

Why did Milton Friedman tell the bartender, "I'll take a drink, but please, no government intervention in my cocktail"?

Because he believed in the free pour market, where the invisible hand of the bartender should determine the supply, demand, and the perfect equilibrium of alcohol content!

ChatGPT - Give me 5 famous quotes by Milton Friedman.

"There's no such thing as a free lunch."

This succinct phrase encapsulates Friedman's emphasis on the idea that resources are scarce, and even seemingly "free" goods or services have hidden costs.

"Inflation is always and everywhere a monetary phenomenon."

Friedman emphasized the role of the money supply in determining inflation rates, asserting that sustained inflation is primarily driven by excessive growth in the money supply.

"The most important single central fact about a free market is that no exchange takes place unless both parties benefit."

This quote reflects Friedman's belief in the mutual benefits that transactions in a free-market system can bring, emphasizing the voluntary and mutually advantageous nature of exchange.

"If you put the federal government in charge of the Sahara Desert, in five years there'd be a shortage of sand."

Friedman often expressed skepticism about the efficiency and competence of government intervention. This quote humorously illustrates his view on the potential pitfalls of government control.

"The social responsibility of business is to increase its profits."

This statement encapsulates Friedman's perspective on the role of businesses. He argued that the primary responsibility of a business is to generate profit for its shareholders within legal and ethical bounds.

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ChatGPT - Give me a short biography on Milton Friedman.

Milton Friedman was an American economist, statistician, and Nobel laureate in economic sciences. Born in Brooklyn, New York, he earned his Ph.D. from Columbia University in 1946. Friedman's influential career was marked by his advocacy for free-market capitalism and monetarism. He rose to prominence with his research on consumption theory, monetary history, and the relationship between inflation and unemployment.

Friedman's notable contributions include the development of the permanent income hypothesis and the critique of Keynesian economics. He emphasized the importance of individual freedom, limited government intervention, and the role of monetary policy in shaping economic outcomes. Alongside his academic work, Friedman was an engaging public intellectual, authoring popular books like "Capitalism and Freedom" and co-hosting the TV series "Free to Choose." His ideas have had a lasting impact on economic policy and continue to influence discussions on the role of government in the economy.

ChatGPT - Give me interesting facts about Milton Friedman's personal life.

  • Musical Talents: Friedman was not only an economist but also a talented amateur pianist. He enjoyed playing the instrument, showcasing a more artistic side to his personality.

  • Romantic Connection: Friedman had a lifelong romantic and professional partnership with his wife, Rose D. Friedman. They co-authored several works together and were deeply involved in each other's careers.

  • Influence of Parents: His parents' political and economic beliefs had a significant impact on shaping Friedman's own worldview. His father's involvement in local politics and his mother's interest in classical liberal ideas influenced his intellectual development.

  • Interaction with Students: Friedman was known for his accessibility to students. Despite his intellectual stature, he was approachable and engaged with students in discussions and debates. Many students who studied under him remember his mentorship fondly.

  • Advisor to Governments: Friedman served as an advisor to various governments, including President Ronald Reagan's administration in the United States and the governments of Chile and Hong Kong. His influence extended beyond academia to the realm of policy-making.

List of all major books by Milton Friedman:

  1. "Income from Independent Professional Practice" (with Simon Kuznets) - 1945

  2. "A Theory of the Consumption Function" - 1957

  3. "A Program for Monetary Stability" (with Anna Schwartz) - 1960

  4. "Capitalism and Freedom" (with Rose D. Friedman) - 1962

  5. "Price Theory: A Provisional Text" (with Rose D. Friedman) - 1962

  6. "A Monetary History of the United States, 1867–1960" (with Anna Schwartz) - 1963

  7. "Essays in Positive Economics" - 1966

  8. "The Balance of Payments: Free Versus Fixed Exchange Rates" - 1966

  9. "An Economist's Protest: Columns in Political Economy" - 1972

  10. "There's No Such Thing as a Free Lunch" - 1975

  11. "Free to Choose: A Personal Statement" (with Rose D. Friedman) - 1980

  12. "Monetary Trends in the United States and the United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867–1975" (with Anna Schwartz) - 1982

  13. "Milton Friedman's Monetary Framework: A Debate with His Critics" (edited by Robert J. Gordon) - 1974

  14. "Money Mischief: Episodes in Monetary History" - 1992

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