R.I.P Milton Friedman

R.I.P Milton Friedman (1912 – 2006). The Commies cannot get you in Heaven. From the NY Times.

Flying the flag of economic conservatism, Mr. Friedman led the postwar challenge to the hallowed theories of Lord Keynes, the British economist who maintained that governments had a duty to help capitalistic economies through periods of recession and to prevent boom times from exploding into high inflation.

In Professor Friedman’s view, government had the opposite obligation: to keep its hands off the economy, to let the free market do its work. He was a spiritual heir to Adam Smith, the 18th-century founder of the science of economics and proponent of laissez-faire: that government governs best which governs least.

The only economic lever that Mr. Friedman would allow government to use was the one that controlled the supply of money — a monetarist view that had gone out of favor when he embraced it in the 1950s. He went on to record a signal achievement, predicting the unprecedented combination of rising unemployment and rising inflation that came to be called stagflation. His work earned him the Nobel Memorial Prize in Economic Science in 1976.

In case you’re interested, some videos with Milton Freidman, discussing among other things – money, control and the state at YouTube.

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0 Responses to R.I.P Milton Friedman

  1. Motley Fool says:

    It takes lots of courage to oppose Mrs. Thatchers’ policies while being her ‘guru’ and takes even more courage to accept failures in one’s theories. Milton Friedman was a brave man and genuine economist – a rare combination.

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  2. Vi says:

    Sadly enough, I’ve never heard of him until his death, but I’ve grown interested. Thanks for the link.

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