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On 16 November 2006 one of my intellectual heroes died—economist Milton Friedman. He was perhaps the most influential economist of the 20th century. Why? (1) He made a powerful and compelling argument that capitalism and freedom are inextricably linked. Economic freedom and political freedom are connected! The US, more than any other nation, has internalized this conviction. (2) Friedman made a convincing case that monetary policy and inflation are connected. The growth or the contraction of the money supply is the key to economic stability, managing inflation and thereby unemployment. (3) Friedman laid the foundation for modern theories of consumption.
In his passion to promote freedom, Friedman advocated school vouchers, eliminating military conscription in peace time, rent control in urban areas and much of government regulation. Friedman championed the responsible freedom of the citizen, which he believed was so precious in America. As Americans exercise responsible freedom, economic freedom will result. He did not win all his battles, but much of his worldview has proven to be correct. His genius was matched by his kind, yet sharp wit. I will miss him terribly.
See The Economist (25 November 2006), pp. 79-80. |
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