11/24/2008 05:12 am ET Updated May 25, 2011

Milton Friedman Debate Continues To Roil University Of Chicago

The first faculty-wide senate meeting of its kind in 24 years could take place by the end of the year at the University of Chicago as a controversy continues over the name of a new research institute.

The Milton Friedman Institute is named after the famous U of C economist who predicted the "stagflation" of the 1970s and whose theory of free and open markets led to 25 years of economic growth worldwide.

But ask a growing number of faculty opposed to the institute's name, and they'll point to an economist who ushered in a second Gilded Age of greed and excess that is now unraveling amid turmoil in the global financial markets.

And that symbol is the wrong one to headline the $200 million institute, says Bruce Lincoln, a history of religions professor.

"On moral and political grounds I thought it was an outrage," he says.

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