Milton Friedman was born in 1912 in New York City and was graduated from Rutgers University before taking an M.A. at the University of Chicago and a Ph.D. at Columbia University. Professor Friedman taught for many years at the University of Chicago, where he was the Paul Snowden Russell Distinguished Service Professor of Economics. He has taught at the universities of Minnesota, Wisconsin, and Columbia and lectured at universities throughout the world, from Cambridge to Tokyo. In 1976 he became a senior research fellow at the Hoover Institution at Stanford University. That year, Professor Friedman was awarded the Nobel Memorial Prize in Economic Science. Among his best-known books are "Capitalism and Freedom", "Monetarist Economics", and (with Rose Friedman) "Free to Choose" and "Tyranny of the Status Quo".