Friday, November 24, 2006

 

Milton Friedman - Noble Prize Winning Economist - Remembered

Milton Friedman – Noble Prize-winning economist - passed away on Thursday November 16, 2006. Yes, that was just last week and he was 94.I thought the Greg Ip and Mark Whitehorse article in the Wall Street Journal (“How Milton Friedman Changed Economics, Policy and Markets”) the following day was great. Below are a few lines that I think are important. Few people who are most impacted by the thoughts and writings of people like Friedman ever study or learn about them as people. Of course this is too bad but this is not a time to write about the lack of education in America on such topics…

“Mr. Friedman provided the intellectual foundations for the anti-inflation, tax-cutting and antigovernment policies of President Ronald Reagan and British Prime Minister Margaret Thatcher and an era of more-disciplined central banking.”


“His influence spread far a field, from Hong Kong to Chile to Russia and Eastern Europe, and his ideas took root with reformers pushing for privatization and open markets.”

Ben Bernanke (Federal Reserve Chairman) said, “The direct and indirect influences of his thinking on contemporary monetary economics would be difficult to overstate. Just as important, in his humane and engaging way, Milton conveyed to millions an understanding of the economic benefits of free, competitive markets, as well as the close connection that economic freedoms bear to other types of liberty.”

“Mr. Friedman, who had started his studies at Chicago during the Depression, challenged the Keynesian approach, espousing the idea that the government should stay out of individuals’ affairs whenever possible, and that markets can solve economic problems much more efficiently than government officials can. His ideas formed the basis for what became known as the “Chicago School” of economics, a concept of free-market capitalism.”

So I encourage you to learn more about Milton Friedman. His thoughts and ideas will influence America and the world for years to come.

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