macroeconomic theory that emphasized the importance of
forward-looking consumers. In 1963, he co-authored with Anna
Schwartz his most influential book, A Monetary History of the
United States, 1867–1960, where they presented evidence in
support of the Monetarist view that changes in the supply of
money can cause dramatic fluctuations in the level of
economic activity. Although this view was seriously challenged
by subsequent research, Friedman helped the profession to
understand the power of and the limitations of monetary policy.
Capitalism and Freedom (1962) and Free to Choose (1980), the
latter co-written with his wife, Rose Friedman, are part of
Friedman’s attempts to communicate his ideas about
economics and, in particular, the power of the free market, to a
mass audience of non-economists. Both books became
international bestsellers, and these books, in addition to his
writing for newspapers and magazines, made Milton Friedman
one of the most famous modern economists. He was awarded
the Nobel Prize in Economics in 1976.