Statement on the Passing of Milton Friedman, Rutgers College Class of 1932

President Richard L. McCormick
November 17, 2006

Of the more than 400,000 people who have earned Rutgers degrees, few have had a greater impact on the world than Milton Friedman, one of the leading economists of the 20th century. Dr. Friedman conducted pioneering work in both macro- and microeconomics and made lasting contributions to fiscal policy and, above all, monetary policy. A Nobel laureate in 1976, his theory regarding the importance of maintaining monetary stability to ensure economic stability has been taken up and applied by virtually every central bank in the world. He remained until his death a passionate advocate for free markets and reduced government regulation. Joan Barry McCormick and I were fortunate enough to get to know Milton and Rose Friedman over the past year, and although he preferred the days of the smaller Rutgers that he attended in the late 1920s and early 1930s, he couldn’t have been more accommodating, gracious, or kind. We salute him as one of the most important and influential graduates in Rutgers’ history.

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