Milton Friedman (July 31, 1912 – November 16, 2006) was an American
economist who received the 1976
Nobel Memorial Prize in Economic Sciences for his research on
consumption analysis,
monetary history and theory and the complexity of
stabilization policy. With
George Stigler and others, Friedman was among the intellectual leaders of the second generation of
Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include
Gary Becker,
Robert Fogel, and
Robert Lucas, Jr..