University of Chicago establishes Friedman Institute (updated)

The University of Chicago is establishing a center for research in economics to build upon the strengths of economists throughout the University and to honour the contributions of Milton Friedman. Friedman was one of the greatest economists and intellectuals of the 20th century and it is fitting that the University of Chicago should honour his intellectual legacy in this way. The University's investment in facilities will be about $200 million, with half of that amount establishing an operating endowment and the remainder allocated for facilities and other start-up costs. International scholars will join Chicago faculty in the Department of Economics in conducting research on topics related to economics, business and law. Faculty from the Graduate School of Business and the Law School also will play an active role in the Friedman Institute. The Institute will begin ramping up in Fall 2008, with University resources supporting an initial visitors' program.

The goal of the Institute is to build on the University’s existing leadership position and make the Milton Friedman Institute a primary intellectual destination for economics by creating a robust forum for engagement of our faculty and students with scholars and policymakers from around the world,” said President Robert J. Zimmer. “The Milton Friedman Institute will continue Chicago’s extraordinary tradition of creating new ideas that stimulate the academic world and innovative approaches that influence policy.”

The website for the The Milton Friedman Institute is here. The website has a photo gallery including the famous picture of Friedman with George Stigler.

Update: Frederic Sautet comments at the Austrian Economists blog.