Today I'd like to honor Milton Friedman by talking about one of his greatest contributions to economics, made in close collaboration with his distinguished coauthor, Anna J. In his humane and engaging way, Milton Friedman has conveyed to millions an understanding of the economic benefits of free, competitive markets, as well as the close connection that economic freedoms such as property rights and freedom of contract bear to other types of liberty.
What is more, Milton Friedman's influence on broader public opinion, exercised through his popular writings, speaking, and television appearances, has been at least as important and enduring as his impact on academic thought. Generations of graduate students, at the University of Chicago and elsewhere, have benefited from his insight and many of these intellectual children and grandchildren continue to this day to extend the sway of Friedman's ideas in economics. His seminal contributions to economics are legion, including his development of the permanent-income theory of consumer spending, his paradigm-shifting research in monetary economics, and his stimulating and original essays on economic history and methodology. Among economic scholars, Friedman has no peer. I can think of no greater honor than being invited to speak on the occasion of Milton Friedman's ninetieth birthday. FRB Speech, Bernanke - On Milton Friedman's ninetieth birthday - November 8, 2002Īt the Conference to Honor Milton Friedman,
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