Since 2002, the Milton Friedman Prize for Advancing Liberty is a $250,000 prize that is given by Cato Institute every two years to individuals who have contributed to the human freedom.
The prize is named after Milton Friedman, Nobel Prize Laureate, who is one of the most famous figures in the history of human fight for liberty and freedom. According to the website of the Cato Institute, Milton Friedman agreed to lend his name to the prize in 2001.
Moreover, as the Cato Institute website further explains, Friedman has said in a statement: “Those of us who were fortunate enough to live and be raised in a reasonably free society tend to underestimate the importance of freedom. We tend to take it for granted. It has made us in the West more complacent, so having a prize emphasizing liberty is extremely important.”