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Milton Friedman is born in Brooklyn, New York to Jewish Hungarian immigrant parents; his father trades goods, while his mother sews garments in a New York sweatshop.
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Attend Rutgers University, meets economists Arthur Burns and Homer Jones.
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The Wall Street crash heralds a decade of economic turmoil, it is dubbed, the Great Depression.
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Attends the University of Chicago as a graduate student; influenced by economists Jacob Viner, Frank Wright and Henry Simons who were his professors. He also meets his future wife Rose Director; graduates with a master's degree in economics.
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Rosevelt's New Deal attempts to kick-start the economy.
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Friedman studies statistics on a fellowship at Columbia University under promenint economist and statistician Harlod Hotelling.
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Friedman works as a research assistant to Henry Shulz at Chicago; meets George Stigler, who would become a lifelong friend and fellow Nobel economist.
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Begins work on consumer spending at the National Resources Committee in Washington; this work informs his subsequent book, "The Theory of the Consumption Function".
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Keynes's General Theory of Employment, Interest, and Money is published, introducing concepts such as multiplier and promoting activist economic management.
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Starts wartime work on tax policy at the US Department of the Treasury; works on the withholding tax system; co-authors 'Taxing to Prevent Inflation'.
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The Friedmans' daugter is born; their son will be born two years later.
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Begins a 30 year teaching postition in the economics department at the University of Chicago, where he is further influenced by the free-market ideas of Irving Fisher.
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Friedman's article, "A monetary and Fiscal Framework" suggests that free-market capitalism is more effective than socialism.
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Teaches Gary Becker, one of 5 students he taught who won the Nobel prize in economics.
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American Economic Assn. awards Friedman the John Bates Clark Medal, the profession's most pretigous prize.
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Milton Friedman and his wife travel across 22 different countries to study their economic policies.
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Friedman publishes the bestselling Capitalism and Freedom, which argues for libertarian economic and social policies.
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Friedman becomes president of the American Economic Association, uses presidential speech to introduce theory of 'natural unemployement'.
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Introduces Price Thoery. A cornerstone of his economic policies.
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Recieves Nobel Prize for Economic Science for his work on consumer behavior, monetary history and economic stabilisation policy.
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Free to Choose, a book and TV series, brings Friedman;s ideas to millions of people everywhere.
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Friedman begins advising Ronald Reagan on economic policy.
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