AWARDS: Medal for a Monetarist

When he learned last week that the Swedish Royal Academy of Science had chosen him as this year's winner of the Nobel Prize in Economics, the University of Chicago's feisty Milton Friedman pronounced himself "happy and pleased." But, he added with characteristic bluntness, "it is not the pinnacle of my career. The true judges of my work are today's economists. " Brooklyn-born Friedman, 64, leader of the so-called Chicago School of monetarist economics, thus became the sixth American to win or share the tax-free $ 160,000 award since the prize in economics was established eight...