The University of Chicago, in a move officials said will build on the school's longtime
strength in economics, said it plans to spend $200 million to create the Milton Friedman Institute.U. of C.
President Robert Zimmer said 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 forum where faculty and students can engage with scholars and policymakers from around the world.
Most of the funds will be raised in donations from alumni and the business community, the university said. Friedman, who died in 2006, was a longtime faculty member at the University of Chicago and was awarded a Nobel Prize in economics for his work.
He is considered a key member of what has become known as the Chicago school of economic theory.