Friedman Fundamentals

Click here to see the Hoover project showcasing the works of Milton and Rose Friedman. Milton Friedman, recipient of the 1976 Nobel Memorial Prize for economic science, was a senior research fellow at the Hoover Institution from 1977 to 2006. He passed away on Nov. 16, 2006. (Link to obituary.) He was also the Paul Snowden Russell Distinguished Service Professor Emeritus of Economics at the University of Chicago, where he taught from 1946 to 1976, and a member of the research staff of the National Bureau of Economic Research from 1937 to 1981. Friedman was awarded the Presidential Medal of Freedom in 1988 and received the National Medal of Science the same year. He was widely regarded as the leader of the Chicago School of monetary economics, which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation. In addition to his scientific work, Friedman also wrote extensively on public policy, always with a primary emphasis on the preservation and extension of individual freedom. His most important books in this field are (with Rose D. Friedman) Capitalism and Freedom (University of Chicago Press, 1962); Bright Promises, Dismal Performance (Thomas Horton and Daughters, 1983), which consists mostly of reprints of columns he wrote for Newsweek from 1966 to 1983; (with Rose D. Friedman) Free to Choose (Harcourt Brace Jovanovich, 1980), which complements a ten-part television series of the same name shown over the Public Broadcasting Service (PBS) network in early 1980; and (with Rose D. Friedman) Tyranny of the Status Quo (Harcourt Brace Jovanovich, 1984), which complements a three-part television series of the same name, shown over PBS in early 1984. He was a member of the President's Commission on an All-Volunteer Armed Force and the President's Commission on White House Fellows. He was a member of President Ronald Reagan's Economic Policy Advisory Board (a group of experts from outside the government named in 1981 by President Reagan). Friedman was also active in public affairs, serving as an informal economic adviser to Senator Barry Goldwater in his unsuccessful campaign for the presidency in 1964, to Richard Nixon in his successful 1968 campaign, to President Nixon subsequently, and to Ronald Reagan in his 1980 campaign. He has published many books and articles, most notably A Theory of the Consumption Function, The Optimum Quantity of Money and Other Essays, and (with A. J. Schwartz) A Monetary History of the United States, Monetary Statistics of the United States, and Monetary Trends in the United States and the United Kingdom. He was a past president of the American Economic Association, the Western Economic Association, and the Mont Pelerin Society and was a member of the American Philosophical Society and the National Academy of Sciences. He was awarded honorary degrees by universities in the United States, Japan, Israel, and Guatemala, as well as the Grand Cordon of the First Class Order of the Sacred Treasure by the Japanese government in 1986. Friedman received a B.A. in 1932 from Rutgers University, an M.A. in 1933 from the University of Chicago, and a Ph.D. in 1946 from Columbia University. Two Lucky People, his and Rose D. Friedman's memoirs, was published in 1998 by the University of Chicago Press.

Thomas Sowell is the Rose and Milton Friedman Senior Fellow on Public Policy, Emeritus, at the Hoover Institution. He writes on economics, history, social policy, ethnicity, and the history of ideas. His most recent book, Discrimination and Disparities (2018), gathers a wide array of empirical evidence to challenge the idea that different economic outcomes can be explained by any one factor, be it discrimination, exploitation or genetics. His books on economics include Housing Boom and Bust (2009), Intellectuals and Society (2009), Applied Economics (2009), Economic Facts and Fallacies (2008), Basic Economics (2007), and Affirmative Action Around the World (2004). Other books on economics he has written include Classical Economics Reconsidered (1974), Say’s Law (1972), and Economics: Analysis and Issues (1971). On social policy, he has written Knowledge and Decisions (1980), Preferential Policies (1989), Inside American Education (1993), The Vision of the Anointed (1995), Barbarians Inside the Gates (1999), and The Quest for Cosmic Justice (1999). On the history of ideas he has written Marxism (1985) and Conflict of Vision (1987). Sowell also wrote Late-Talking Children (1997). He has also written a monograph on law titled Judicial Activism Reconsidered, published by the Hoover Institution Press in 1989. His writings have also appeared in scholarly journals in economics, law, and other fields. Sowell’s current research focuses on cultural history in a world perspective, a subject on which he began to write a trilogy in 1982. The trilogy includes Race and Culture (1994), Migrations and Cultures (1996), and Conquests and Cultures (1998). Sowell's journalistic writings include a nationally syndicated column that appears in more than 150 newspapers from Boston to Honolulu. Some of these essays have been collected in book form, most recently in Ever Wonder Why? and Other Controversial Essays published by the Hoover Institution Press in 2006. Over the past three decades, Sowell has taught economics at various colleges and universities, including Cornell, Amherst, and the University of California at Los Angeles, as well as the history of ideas at Brandeis University. He has also been associated with three other research centers, in addition to the Hoover Institution. He was project director at the Urban Institute, 1972-1974, a fellow at the Center for Advanced Study in the Behavioral Sciences at Stanford University, 1976–77, and was an adjunct scholar of the American Enterprise Institute, 1975-76. Sowell was awarded the National Humanities Medal in 2002. In 2003, Sowell received the Bradley Prize for intellectual achievement. Sowell received his bachelor’s degree in economics (magna cum laude) from Harvard in 1958, his master’s degree in economics from Columbia University in 1959, and his PhD in economics from the University of Chicago in 1968.

Terry L. Anderson has been a senior fellow at the Hoover Institution since 1998 and is currently the John and Jean De Nault Senior Fellow (adjunct). He is the past president of the Property and Environment Research Center in Bozeman, MT, and a Professor Emeritus at Montana State University where he won many teaching awards during his 25 year career. Anderson is one of the founders of “free market environmentalism,” the idea of using markets and property rights to solve environmental problems, and in 2015 published the third edition of his co-authored book by that title. He is author or editor of 39 books, including most recently, Unlocking the Wealth of Indian Nations (2016), exploring the institutional underpinnings of American Indian reservation economies. In addition to publishing in professional journals, Terry Anderson speaks around the world and is often featured in the popular press, including frequent editorials in the Wall Street Journal. Dr. Anderson received his Ph.D. from the University of Washington in 1972 and has been a visiting scholar at Oxford University, Basel University, Clemson University, and Cornell, and a Fulbright Fellow at the University of Canterbury. Terry is an avid outdoorsman who enjoys fly fishing, hiking, skiing, horseback riding, and archery hunting.

Lanhee J. Chen, PhD, is the David and Diane Steffy Fellow in American Public Policy Studies at the Hoover Institution and cochair of its Healthcare Policy Working Group, At Stanford University, he is also director of Domestic Policy Studies, lecturer in the Public Policy Program, and an affiliated faculty member of the Center on Democracy, Development and the Rule of Law at the Freeman-Spogli Institute for International Studies. In addition to his academic appointments, Chen is a partner at the Brunswick Group, a global business advisory firm. He is also a presidentially nominated and Senate-confirmed member of the Amtrak Board of Directors and a member and former chair of the Board of Directors at El Camino Health, an integrated health system in Northern California. Chen’s writings have appeared in a variety of outlets, including The Wall Street Journal, The New York Times, and The Washington Post, and he is a contributing writer to the Opinion page at the Los Angeles Times. He is also an NBC News contributor and appears frequently on the network’s flagship public affairs program, Meet the Press. A veteran of several high-profile political campaigns, Chen has worked in politics and government as well as business and academia. As a candidate for California State Controller in 2022, he was the strongest-performing statewide Republican and won endorsements from every major newspaper in the state. He also advised numerous major campaigns, including four presidential efforts. In 2012, he was policy director of the Romney-Ryan campaign, serving as Governor Mitt Romney’s chief policy adviser, a senior strategist on the campaign, and the person responsible for developing the campaign’s domestic and foreign policy. During the 2014 and 2018 campaign cycles, Chen served as a senior adviser on policy to the National Republican Senatorial Committee. From 2014 to 2018, Chen served as a presidentially appointed and Senate-confirmed member of the Social Security Advisory Board, an independent, bipartisan panel that advises the president, Congress, and the commissioner of Social Security on matters related to the Social Security and Supplemental Security Income programs. He also served in the George W. Bush administration as a senior official at the US Department of Health and Human Services. Chen was honored in 2015 as one of the Politico 50, a list of the “thinkers, doers, and visionaries transforming American politics.” He earned a similar honor in 2012 when he was named one of Politico’s “50 Politicos to Watch.” In 2017, Chen was the William E. Simon Visiting Professor in the School of Public Policy at Pepperdine University. At Stanford, he was previously a lecturer in law at Stanford Law School. An eight-time winner of Harvard University’s Certificate of Distinction in Teaching, Chen has produced scholarship that has appeared or been cited in several of the nation’s top political science journals. Chen formerly practiced law at Gibson, Dunn & Crutcher LLP and was the Winnie Neubauer Visiting Fellow in Health Policy Studies at the Heritage Foundation. He was also an operating partner and strategic advisor at NewRoad Capital Partners, a private equity fund. Chen serves in a variety of leadership and advisory roles in nonprofit organizations. He is a director of the Foundation for Research on Equal Opportunity; cochair of the Policy Advisory Board for Free the Facts, a policy education organization; a member of the Board of Directors of the Winston Health Policy Fellowship; a member of the external advisory committee for the AAMC (Association of American Medical Colleges) Research and Action Institute; and a member of the Council of Scholars for the Better Medicare Alliance. He is also a member of the Committee of 100, an organization of prominent Chinese Americans. Chen earned his PhD and AM in political science from Harvard University, his JD cum laude from Harvard Law School, and his AB magna cum laude in government from Harvard College. He is a member of the State Bar of California.

Russ Roberts is a visiting fellow at the Hoover Institution. In 2006, he founded the award-winning weekly podcast EconTalk, which has featured guests including Milton Friedman, Martha Nussbaum, Christopher Hitchens, Agnes Callard, Bill James, Nassim Nicholas Taleb, Amor Towles, and Emily Oster. All 875+ episodes remain available free of charge at EconTalk.org and reach an audience of more than 125,000 listeners in 200 countries. His two rap videos on the ideas of John Maynard Keynes and Friedrich Hayek, created with filmmaker John Papola, have had more than 13 million YouTube views, have been subtitled in 11 languages, and are used in high school and college classrooms around the world. His poem and animated video “It’s a Wonderful Loaf” (https://wonderfulloaf.org) is an ode to emergent order. His series on the challenge of using data to establish truth, The Numbers Game, can be found at PolicyEd.org. His latest book is Wild Problems: A Guide to the Decisions That Define Us (Portfolio, 2022), a look at big life decisions that we make with little help from quantitative data. Other books include Gambling with Other People's Money: How Perverse Incentives Caused the Financial Crisis (Hoover Institution Press, 2019) and How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness (Portfolio, 2014). The latter takes lessons from Adam Smith’s little-known masterpiece The Theory of Moral Sentiments and applies them to modern life. In 2021, Roberts became the president of Shalem College in Jerusalem, Israel, a liberal arts college dedicated to great ideas and books with the goal of creating the next generation of Israeli leadership.

Lee E. Ohanian is a senior fellow (adjunct) at the Hoover Institution and a professor of economics and director of the Ettinger Family Program in Macroeconomic Research at the University of California, Los Angeles (UCLA). He is associate director of the Center for the Advanced Study in Economic Efficiency at Arizona State University and a research associate at the National Bureau of Economic Research, where he codirects the research initiative Macroeconomics across Time and Space. He is also a fellow in the Society for the Advancement of Economic Theory. His research focuses on economic crises, economic growth, and the impact of public policy on the economy. Ohanian is coeditor of Government Policies and Delayed Economic Recovery (Hoover Institution Press, 2012). He is an adviser to the Federal Reserve Banks of Minneapolis and St. Louis, has previously advised other Federal Reserve banks, foreign central banks, and the National Science Foundation, and has testified to national and state legislative committees on economic policy. He is on the editorial boards of Econometrica and Macroeconomic Dynamics. He is a frequent media commentator and writes for the Wall Street Journal, Forbes, and Investor’s Business Daily. He has won numerous teaching awards at UCLA and the University of Rochester. He previously served on the faculties of the Universities of Minnesota and Pennsylvania and as vice president at Security Pacific Bank. He received his undergraduate degree in economics from the University of California, Santa Barbara, and his PhD in economics from the University of Rochester.

Richard A. Epstein, the Peter and Kirsten Bedford Senior Fellow (adjunct) at the Hoover Institution, is the Laurence A. Tisch Professor of Law, New York University Law School, and a senior lecturer at the University of Chicago. In 2011, Epstein was a recipient of the Bradley Prize for outstanding achievement. In 2005, the College of William & Mary School of Law awarded him the Brigham-Kanner Property Rights Prize. Epstein researches and writes in a broad range of constitutional, economic, historical, and philosophical subjects. He has taught administrative law, antitrust law, communications law, constitutional law, corporation criminal law, employment discrimination law, environmental law, food and drug law, health law, labor law, Roman law, real estate development and finance, and individual and corporate taxation. He edited the Journal of Legal Studies (1981–91) and the Journal of Law and Economics (1991–2001). Epstein’s most recent publication is The Classical Liberal Constitution: The Uncertain Quest for Limited Government (2014). Other books include Design for Liberty: Private Property, Public Administration, and the Rule of Law (2011); The Case against the Employee Free Choice Act (Hoover Institution Press, 2009); Supreme Neglect: How to Revive the Constitutional Protection for Private Property (2008); How the Progressives Rewrote the Constitution (2006); Overdose (2006); and Free Markets under Siege: Cartels, Politics, and Social Welfare (Hoover Institution Press, 2005). He received a BA degree in philosophy summa cum laude from Columbia in 1964; a BA degree in law with first-class honors from Oxford University in 1966; and an LLB degree cum laude, from the Yale Law School in 1968. Upon graduation he joined the faculty at the University of Southern California, where he taught until 1972. In 1972, he visited the University of Chicago and became a regular member of the faculty the following year. He has been a senior fellow at the MacLean Center for Clinical Medical Ethics since 1984 and was elected a fellow of the American Academy of Arts and Sciences in 1985. He has been a Hoover fellow since 2000.

John B. Taylor is the George P. Shultz Senior Fellow in Economics, Emeritus, at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy, co-chairs the Hoover Technology, Economics and Governance Working Group, and is director of Stanford’s Introductory Economics Center. Taylor's fields of expertise are monetary policy, fiscal policy, and international economics. His book Getting Off Track was one of the first on the financial crisis; his latest book, First Principles, for which he received the 2012 Hayek Prize, develops an economic plan to restore America’s prosperity. His most recent book is Choose Economic Freedom: Enduring Policy Lessons from the 1970s and 1980s with George P. Shultz. Taylor served as senior economist on President Ford's and President Carter’s Council of Economic Advisers, as a member of President George H. W. Bush's Council of Economic Advisers, and as a senior economic adviser to Bob Dole’s presidential campaign, to George W. Bush’s presidential campaign in 2000, and to John McCain’s presidential campaign. He was a member of the Congressional Budget Office's Panel of Economic Advisers from 1995 to 2001. From 2001 to 2005, Taylor served as undersecretary of the Treasury for international affairs where he was responsible for currency markets, international development, for oversight of the International Monetary Fund and the World Bank, and for coordinating policy with the G-7 and G-20. Taylor received the Bradley Prize from the Bradley Foundation and the Adam Smith Award as well as the Adolph G. Abramson Award from the National Association for Business Economics. He was awarded the Alexander Hamilton Award for his overall leadership at the US Treasury, the Treasury Distinguished Service Award for designing and implementing the currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. At Stanford he was awarded the George P. Shultz Distinguished Public Service Award, as well as the Hoagland Prize and the Rhodes Prize for excellence in undergraduate teaching. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society; he formerly served as vice president of the American Economic Association. Taylor received the 2016 Adam Smith Award from the Association of Private Enterprise Education and the 2015 Truman Medal for Economic Policy for extraordinary contribution to the formation and conduct of economic policy. Taylor formerly held positions as professor of economics at Princeton University and Columbia University. Taylor received a BA in economics summa cum laude from Princeton University in 1968 and a PhD in economics from Stanford University in 1973.

Scott W. Atlas, MD is the Robert Wesson Senior Fellow in Scientific Philosophy & Public Policy at the Hoover Institution of Stanford University. Dr. Atlas investigates the role of government and the private sector in health care quality and access, global trends in health care innovation, and the key economic and civil liberty issues related to health policy. He is a frequent policy advisor to policymakers and government officials in the United States and in other countries. He has served as senior advisor for health policy to several candidates for President, as well as having counselled members of the US Congress on health care, testified before Congress, and briefed directors of key federal agencies. From July to December, 2020, he served as a Special Advisor to the President and a member of the White House Coronavirus Task Force. Before his appointment at Hoover Institution, he was Professor and Chief of Neuroradiology at Stanford University Medical Center for 14 years. His publications and interviews have appeared worldwide. Dr. Atlas is the author of numerous books, including A Plague Upon Our House: My Fight at the Trump White House to Stop COVID from Destroying America (Post Hill Press), In Excellent Health: Setting the Record Straight on America’s Health Care System (Hoover Press), and Restoring Quality Health Care: A Six‐Point Plan for Comprehensive Reform at Lower Cost (Hoover Press). He is also the editor of "Magnetic Resonance Imaging of the Brain and Spine" – the leading textbook in the field, translated into several languages, and now in its 5th edition. Dr. Atlas has received many awards and accolades from leading institutions and societies all over the world in recognition of his leadership in policy and medicine. He was awarded the 2022 Encounter Prize for Advancing American Ideals, explained as follows: “Standing up to injustice and facing down the madding crowd of conformity requires enormous patience, equilibrium, insight, and courage—the most important virtue, Aristotle observed, because without it none of the other virtues can flourish. The Encounter Prize for Advancing American Ideals pays tribute to individuals who effectively embody this rare combination of virtues in their lives and work.” He also received the 2021 Freedom Leadership Award, Hillsdale College’s highest honor, “in recognition of his dedication to individual freedom and the free society,” the 2021 Conservative Partnership Institute Freedom Fighter of the Year Award, CPI’s highest honor, "bestowed upon an individual for their courage and dedication to truth and liberty" and the 2011 Alumni Achievement Award, the highest career achievement honor for a distinguished alumnus from the University of Illinois in Urbana‐Champaign. In the private sector, Atlas is a frequent advisor to start-up entrepreneurs and companies in life sciences and medical technology. He received his MD degree from the University of Chicago School of Medicine.

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow of the Hoover Institution at Stanford University. His monetary economics publications include the books The Fiscal Theory of the Price Level, Crisis Cycle: Challenges Evolution and Future of the Euro (with Luis Garicano and Klaus Masuch) and articles on monetary policy and inflation. His finance publications include the book Asset Pricing and articles on dynamics in stock, bond, and foreign exchange markets and their links to economic fluctuations. He has also written articles on macroeconomics, health insurance, time-series econometrics, financial regulation, and other topics. He was a coauthor of The Squam Lake Report. He writes occasional Op-eds, mostly in the Wall Street Journal, and authors the “Grumpy Economist” Substack. He recently created the Coursera online course “Asset Pricing.” Cochrane is also a Senior Fellow of the Stanford Institute for Economic Policy Research (SIEPR), Professor of Finance and Economics (by Courtesy) at Stanford GSB, a Research Associate of the National Bureau of Economic Research, and an Adjunct Scholar of the CATO Institute. He is a past President and Fellow of the American Finance Association, and a Fellow of the Econometric Society. He has been an Editor of the Journal of Political Economy, and associate editor of several journals including the Journal of Monetary Economics, Journal of Business, and Journal of Economic Dynamics and Control. He was a director of the NBER asset pricing program. Awards include the Bradley Prize, the APEE Adam Smith award, the TIAA-CREF Institute Paul A. Samuelson Award for Asset Pricing, the Chookaszian Endowed Risk Management Prize, the Faculty Excellence Award for MBA teaching and the McKinsey Award for Outstanding Teaching. Before coming to Hoover, Cochrane was the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he taught the MBA class “Advanced Investments” and a variety of PhD classes in Asset Pricing and Monetary Economics. Cochrane earned a Bachelor’s degree in Physics at MIT, and earned his Ph.D. in Economics at the University of California at Berkeley. He was at the Economics Department of the University of Chicago before joining the Booth School in 1994, and visited UCLA Anderson School of Management in 2000-2001. Outside of academic pursuits Cochrane is a competition sailplane pilot, and enjoys cycling, windsurfing, skiing, and other outdoor activities.

David R. Henderson is a research fellow with the Hoover Institution. He is also a professor of economics at the Naval Postgraduate School in Monterey, California. Henderson's writing focuses on public policy. His specialty is in making economic issues and analyses clear and interesting to general audiences. Two themes emerge from his writing: (1) that the unintended consequences of government regulation and spending are usually worse than the problems they are supposed to solve and (2) that freedom and free markets work to solve people's problems. David Henderson is the editor of The Concise Encyclopedia of Economics (Warner Books, 2007), a book that communicates to a general audience what and how economists think. The Wall Street Journal commented, "His brainchild is a tribute to the power of the short, declarative sentence." The encyclopedia went through three printings and was translated into Spanish and Portuguese. It is now online at the Library of Economics and Liberty. He coauthored Making Great Decisions in Business and Life (2006). Henderson's book, The Joy of Freedom: An Economist's Odyssey (Financial Times Prentice Hall, 2001), has been translated into Russian. Henderson also writes frequently for the Wall Street Journal and Fortune and, from 1997 to 2000, was a monthly columnist with Red Herring, an information technology magazine. He currently serves as an adviser to LifeSharers, a nonprofit network of organ and tissue donors. Henderson has been on the faculty of the Naval Postgraduate School since 1984 and a research fellow with Hoover since 1990. He was the John M. Olin Visiting Professor with the Center for the Study of American Business at Washington University in St. Louis in 1994; a senior economist for energy and health policy with the President's Council of Economic Advisers from 1982 to 1984; a visiting professor at the University of Santa Clara from 1980 to 1981; a senior policy analyst with the Cato Institute from 1979 to 1980; and an assistant professor at the University of Rochester's Graduate School of Management from 1975 to 1979. In 1997, he received the Rear Admiral John Jay Schieffelin Award for excellence in teaching from the Naval Postgraduate School. In 1984, he won the Mencken Award for best investigative journalism article for his Fortune article "The Myth of MITI." Henderson has written for the New York Times, Barron's, Fortune, the Los Angeles Times, the Chicago Tribune, Public Interest, the Christian Science Monitor, National Review, the New York Daily News, the Dallas Morning News, and Reason. He has also written scholarly articles for the Journal of Policy Analysis and Management, the Journal of Monetary Economics, Cato Journal, Regulation, Contemporary Policy Issues, and Energy Journal. Henderson has spoken before a wide variety of audiences, including the American Farm Bureau Federation, the Chicago Council on Foreign Relations, the St. Louis Discussion Club, the Commonwealth Club of California (National Defense and Business Economics Section), the Cato Institute, and the Heritage Foundation. He has also spoken to economists and general audiences at many universities around the country, including Carnegie-Mellon, Brown, the University of California, Berkeley, the University of California, Davis, the University of Rochester, the University of Chicago, Harvard University's John F. Kennedy School, and the Hoover Institution. He has given papers at annual conferences held by the American Economics Association, the Western Economics Association, and the Association of Public Policy and Management. He has testified before the House Ways and Means Committee, the Senate Armed Services Committee, and the Senate Committee on Labor and Human Resources. He has also appeared on the O'Reilly Factor (Fox News), C-SPAN, CNN, the Newshour with Jim Lehrer, CNBC Squawk Box, MSNBC, BBC, CBC, the Fox News Channel, RT, and regional talk shows. Born and raised in Canada, Henderson earned his bachelor of science degree in mathematics from the University of Winnipeg in 1970 and his Ph.D. in economics from the University of California, Los Angeles, in 1976.

Edward P. Lazear passed away on November 23, 2020. Lazear was the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution and the Davies Family Professor of Economics at Stanford University's Graduate School of Business. Lazear served at the White House from 2006 to 2009, where he was chairman of the President's Council of Economic Advisers. Before coming to Stanford, he taught at the University of Chicago. Lazear received numerous honors and prizes: among them, the 1998 Leo Melamed Biennial Prize for the best research by a business school professor, the 2004 Prize for Outstanding Contributions to Labor Economics from the Institute for the Study of Labor, and the 2006 Jacob Mincer Prize for lifetime achievement in the field of labor economics. He held four honorary degrees, the most recent from the Copenhagen Business School (2013). Founding editor of the Journal of Labor Economics and founder of the Society of Labor Economists, he was also an elected fellow of the American Academy of Arts and Sciences, the American Association for the Advancement of Science, the Econometric Society, and the Society of Labor Economists. He was a research associate of the National Bureau of Economic Research and was a member of the National Academy of Sciences Board on Testing and Assessment. Lazear was the first vice-president and then president of the Society of Labor Economists. Lazear wrote or edited a dozen books including Personnel Economics (MIT Press, 1995), which expanded on his 1993 Wicksell Lectures. He published more than one hundred papers in leading professional journals. He received the Distinguished Teaching Award from Stanford University's Graduate School of Business in 1994 and the Distinguished Service Award from Stanford University in 2002. Lazear held AB and AM degrees from the University of California, Los Angeles, and a PhD from Harvard University.

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow of the Hoover Institution at Stanford University. His monetary economics publications include the books The Fiscal Theory of the Price Level, Crisis Cycle: Challenges Evolution and Future of the Euro (with Luis Garicano and Klaus Masuch) and articles on monetary policy and inflation. His finance publications include the book Asset Pricing and articles on dynamics in stock, bond, and foreign exchange markets and their links to economic fluctuations. He has also written articles on macroeconomics, health insurance, time-series econometrics, financial regulation, and other topics. He was a coauthor of The Squam Lake Report. He writes occasional Op-eds, mostly in the Wall Street Journal, and authors the “Grumpy Economist” Substack. He recently created the Coursera online course “Asset Pricing.” Cochrane is also a Senior Fellow of the Stanford Institute for Economic Policy Research (SIEPR), Professor of Finance and Economics (by Courtesy) at Stanford GSB, a Research Associate of the National Bureau of Economic Research, and an Adjunct Scholar of the CATO Institute. He is a past President and Fellow of the American Finance Association, and a Fellow of the Econometric Society. He has been an Editor of the Journal of Political Economy, and associate editor of several journals including the Journal of Monetary Economics, Journal of Business, and Journal of Economic Dynamics and Control. He was a director of the NBER asset pricing program. Awards include the Bradley Prize, the APEE Adam Smith award, the TIAA-CREF Institute Paul A. Samuelson Award for Asset Pricing, the Chookaszian Endowed Risk Management Prize, the Faculty Excellence Award for MBA teaching and the McKinsey Award for Outstanding Teaching. Before coming to Hoover, Cochrane was the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he taught the MBA class “Advanced Investments” and a variety of PhD classes in Asset Pricing and Monetary Economics. Cochrane earned a Bachelor’s degree in Physics at MIT, and earned his Ph.D. in Economics at the University of California at Berkeley. He was at the Economics Department of the University of Chicago before joining the Booth School in 1994, and visited UCLA Anderson School of Management in 2000-2001. Outside of academic pursuits Cochrane is a competition sailplane pilot, and enjoys cycling, windsurfing, skiing, and other outdoor activities.