Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and writer who taught at the University of Chicago for more than three decades. He was a recipient of the 1976 Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he profoundly influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century after John Maynard Keynes, and The Economist described him as “the most influential economist of the second half of the 20th century…possibly of all of it.”
Friedman’s challenges to what he later called “naive Keynesian” (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using “Keynesian language and apparatus” yet rejecting its “initial” conclusions. During the 1960s he promoted an alternative macroeconomic policy known as “monetarism“. He theorized there existed a “natural” rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Though opposed to the existence of the Federal Reserve, Friedman argued that, given that it does exist, a steady, small expansion of the money supply was the only wise policy.
Friedman was an economic adviser to Republican U.S. President Ronald Reagan. His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment, and his support for school choice led him to found The Friedman Foundation for Educational Choice. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and education vouchers. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve‘s response to the global financial crisis of 2007–08. In the field of statistics, Friedman developed the sequential sampling method of analysis.
Walter Kissinger is a Managing Director of Topspin Partners, the successor to the Long Island Venture Fund, one of CosmoCom’s early investors. Mr. Kissingeralso directs the Kissinger Family Foundation and serves on the Board of the Stony Brook Foundation. He was President of WBK Associates, an investment and consulting group, and served as Vice Chairman of the Board of Trustees of Hofstra University and Chaired the Academic Affairs Committee. Mr. Kissinger is the founder and former chairman of the Long Island Research Institute. He has been a Director of various public and private companies and quasi-public Boards such as the National Council for U.S./China Trade. From 1969 -1988 he was Chairman, President and CEO of The Allen Group, Inc. (NYSE), a worldwide manufacturer of automotive test and service equipment. He is a graduate of Princeton University and received an M.B.A. from the Harvard Business School. Mr. Kissinger is listed in Who’s Who in America.
Some 50 years after his family had left Germany, Walter Kissinger was asked why he did not share his famous brother Henry’s heavy German accent. “I,” he replied, “am theKissinger who listens.”