Also during Friedman’s time it had just become Princeton University about 20-30 years prior, as it was previously “The College of New Jersey” (for which there now is a university named). Two of his professors also taught about how economics could end the Great Depression, and they were prominent economists as well. I think it was more so what he made of it later on.
Both universities make and attract top professors, but I’d argue Princeton would be ahead of Rutgers in that aspect. I’ve noticed that engineering professors like to be closer to Silicon Valley because of them teaching exceptional students as well as being able to take part in industry themselves.
If you’re really looking for a real hardcore Econ program, go for UChicago. Chicago School economics (pioneered there) is the real stuff as far as that is concerned. If you could get in, you’re blessed. It’s a reach, though.