Dear Colleagues:

At the University Senate meeting on October 15, we had a broad-ranging discussion about the Milton Friedman Institute, which was formally launched on July 1, 2008.  A number of comments we heard at the meeting focused on the intent of the Institute. Very simply stated, the Institute is a center for research on economics.  It is designed to foster collaborations among faculty in the Economics Department, the Graduate School of Business, and the Law School and to bring scholars from around the world to Hyde Park to further economics research. An important goal of the Institute is to house visiting scholars who bring expertise in sub-fields of economics not currently well represented at Chicago so as to broaden the intellectual dimensions of our program of scholarship and teaching.

As faculty involved in proposing the Institute made clear at the meeting, the Institute is not a think tank and it is not designed to subscribe to or foster any particular political viewpoints.  It is to further the work of faculty in developing economic models tested by empirical evidence, in keeping with the highest ideals of the University.  The governing body of the Institute is embedded fully within the University. It is chaired by the provost and comprised of the dean of the Social Sciences Division, the dean and deputy dean for faculty of the Graduate School of Business, and the chair of the Department of Economics, and it will have oversight responsibility to ensure that this research mission of the Institute is carried out faithfully and without interference from external influences.

Several faculty members who spoke indicated that it was difficult for them or for others to separate the accomplishments of Milton Friedman as a scholar from the role he played as a public intellectual and commentator on and influencer of public policy. Many were quick to acknowledge the extraordinary accomplishments of Milton Friedman as one of the leading scholars of his generation, but they also felt that it would be preferable to clarify which aspect of his work the University is honoring given the breadth of his influence.  During the meeting and in subsequent discussions, faculty have suggested augmenting the Institute’s name to make clear that it is solely an economics research institute.  The faculty and deans who were instrumental in establishing the Institute agreed that this would be a useful direction to pursue.  With that in mind, they have proposed “The Milton Friedman Institute for Research in Economics” as the name for the Institute. We have accepted this proposal and we will be using this official title henceforth. In addition, we are working over the next few days to ensure that the objectives of the Institute and its programmatic initiatives are clearly stated in the information about it available online.

I am grateful to those of you who have participated in this discussion and who have raised a number of important issues through this process.

Sincerely,

Thomas F. Rosenbaum

John T. Wilson Distinguished Service Professor of Physics

Provost, The University of Chicago