Background
Friedman, Benjamin Morton was born on August 5, 1944 in Louisville. Son of Norbert and Eva (Lipsky) Friedman.
(The Moral Consequences of Economic Growth by Friedman, Be...)
The Moral Consequences of Economic Growth by Friedman, Benjamin M. [Vintage, ...
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Friedman, Benjamin Morton was born on August 5, 1944 in Louisville. Son of Norbert and Eva (Lipsky) Friedman.
AB summa cum laude, Harvard University, 1966. AM, Harvard University, 1969. Doctor of Philosophy, Harvard University, 1971.
Master of Science King's College, Cambridge University, 1970.
Economist Morgan Stanley & Company, New York City, 1971-1972. Assistant professor economics Harvard University, Cambridge, Massachusetts, 1972-1976, associate professor, 1976-1980, professor, 1980-1989, William Joseph Maier professor political economy, since 1989, chairman department of economics, 1991-1994. Director finance markets and monetary economics National Bureau Economic Research, Cambridge, 1977—1993.
Board directors Private Export Funding Corporation, Encyclopedia British, Inc.
(The consequences of American economic policy under Reagan...)
(The Moral Consequences of Economic Growth by Friedman, Be...)
(The Moral Consequences of Economic Growth by Friedman,Ben...)
(1981 first edition. Banking Research Fund. 4to. wraps. 88...)
Author: Economic Stabilization Policy, 1975, Monetary Policy in the United States, 1981, Day of Reckoning, 1988, The Moral Consequences of Economic Growth, 2005. Co-author: Does Debt Management Matter?, 1992. Editor: New Challenges to the Role of Profits, 1978, The Changing Roles of Debt and Equity in Financing United States Capital Formation, 1982, Corporate Capital Structures in the United States, 1985, Financing Corporate Capital Formation, 1986, Handbook on Monterary Economics, 1990.
Associate editor: Journal Monetary Economics, 1977-1995.
The principal goal of most of my research to date has been, in the first instance, to further understanding of how financial markets work and why what happens in financial markets matters for nonfinancial economic activity, and, secondly, to seek ways of exploiting that understanding for improved policy decisionmaking. Within this overall objective, the central principle that has influenced my approach has been the belief that observed economic behaviour in general and financial behaviour in particular depend importantly on prevailing institutional structures, including legal and regulatory restrictions as well as aspects of business organisation and practice in the broadest sense. As a result of influences of the institutional environment in which actual businesses and consumers take and execute decisions, many familiar classical propositions, describing the functioning of perfect markets populated exclusively by atomistic traders possessing full information, no longer apply.
The resulting, more complex set of relationships connecting financial market phenomena with nonfinancial economic outcomes gives rise in general to opportunities for public actions to affect nonfinancial economic activity, deliberately or inadvertently, and for good or ill.
My earliest work focussed explicitly
on aspects of monetary and fiscal policies consistent with this central line of thinking, and work on monetary and fiscal policies continues to be an important part of my research agenda. I next devoted a substantial part of my work to studying the determination of asset returns, especially returns on longterm debt instruments. Most recently, I have been examining more closely the portfolio behaviour of risk-averse investors and borrowers that underlies the determination of asset returns.
Finally, a further principle that has also guided much of my work on all of these subjects is the belief that the most interesting questions in the context of these broad concerns are really empirical ones, and that the advances which will ultimately prove most valuable will emerge from careful marshalling and assessment of the relevant evidence.
Trustee College Retirement Equities Fund, New York City, 1978—1982, Standish Mellon Investment, since 1989. Director National Council Economic Education, since 2006. Trustee Pioneer Investment, since 2008.
Director American Friends Cambridge University, 1994—2000. Member of American Economic Association, Brookings Panel Economic Activity, Council Foreign Relations, Harvard Club (New York City).
Married Barbara Allan Cook, December 17, 1972. Children: John Norton, Jeffrey Allan.