The Wall Street Journal has an editorial today summarizing the remarkable career and contributions of Nobel Prize-winning economist Milton Friedman, who died Thursday at 94. Friedman’s theories on free markets and monetary policy have had a profound impact on this country and other nations. Not everyone agrees with his theories, of course, and his libertarian disdain for regulation and public schools. But the longtime University of Chicago professor kept working and seeking converts until the end; he has an op-ed piece in today’s Journal on why money matters.
Posted by Phillip Brownlee
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16 Comments
I wish his runaway feudal directed capitalism had died with him!
I recall being introduced to Dr. Friedman’s theories in Western Civilization II in the Spring semester, 1969. Many of them made sense to me at the time; many of them made no sense to me at the time. Now, some 37 years later, I say the same thing.
His influence over monetary policy is undoubted; whether good or bad is not for me to say. Ideas of his that gained traction include the all voluntary military and school vouchers.
His belief in the importance of money in the macroeconomic world just adds to my belief in the now cliche phrase: “Just follow the money”, when attempting to describe actions of Congress; strange results in television programming; election outcomes; and other such.
He was a great and brilliant man and he proved his economic theory was the best one to adopt for personal freedom and liberty and individual wealth.
A rare figure! We need a monument for him. People like him only come once a century. A great intellectual who predicted and proved that Kaysen Economic theory (Socialism and Government intervention of Market Controls) were bad policies.
This won him the prestigious Nobel Prize. We need a day of rememberance for a great man.
You will be missed!
I can’t pen my economic theories eloquently yet, too much “rage” and damnation at Billionaire individuals and corporations getting dividend tax cuts.
Those folks don’t make Billionaire lists without ripping someone off.Microsoft/Bill Gates did. Rewarded with $3.4 Billion dollars of tax free money when “soft” sold stock.
Stockholders, some enriched but not at the same rate.
Tax cuts while two wars are raging and overselling the fed debt to China isn’t good!
Bush media wonks try to help promote “permanent” dividend cuts forever. Now Bush won’t get that chance. This is where the Congress takeover will have the best affect.
Any stock company does some fraud, because the stock market is a risk.It’s not supposed to be a one sided risk on consumers.
Thankfully, Eliot Spitzer as Attorney General of New York attacked stock companies for corporate and stock fraud because the SEC wasn’t doing it. Bush appointed figureheads failed their duty.
Reagan’s policies crashed the stock market in 1987 and since fraud has to been allowed to happen without brakes until recently, the stock market can’t crash ever again.
Theoretically that’s a problem. There is no punishment for overpriced stock.
Government “pull back” from social economics to enrich themselves some money to play with, Congress raising pay for themselves and better lifetime benefit packages.
Citizens can’t get the same cost for prescription drugs like Congress. Can’t get the insurance plan for their family members like Congress.
Friedman wanted to enrich government sometimes at expense of citizens.
Friedman helped end the military draft, but it’s becoming evident a more common sense draft is necessary in the future. Where college kids are taken for training, in the state their going to school or live. No excemptions like Cheney.
There is no expectation some kids like Bush will get out from not fighting overseas, because of their parent. That’s always going to happen.
Military Draft is reasonable since the world is more dangerous and crimes against humanity are occuring
Drafts in the past took the unexpected, poor, small town kids and the elite stayed home.
The all volunteer forces needs some drafted folks too. Two and three tours isn’t good on any soldier. Overuse of the National Guard is wrong.
Friedman’s policies should die with him. But is the Republican economic mandate from now on to promote.
Tax cuts, in theory, smaller government, what a joke, charter money from public schools, why are public schools worse than private schools. All volunteer draft and we don’t have enough soldiers to hold countries peacefully after the major battles are won.
Especially when our President makes the world mad and they don’t support our military goals.
That’s not in Friedman’s books. Friends in the world does save America military monies!
My understanding of Keynesian theory is quite limited. What I do remember is his view that the effects of the macro economy was more important than the micro economic effects. This theory supported, as I recall, the idea of infusion of public money into the macro economy in times of depression, e.g., so it would be spend on goods and services in the private sector to encourage recovery; while in the upswing of the cycle, these funds would be recaptured by taxation, etc., to build a surplus for use in the inevitable downturn. I am also aware that the stagflation of the 1970s was considered the death knell of classical Keynesian theory, because thereunder, it was impossible to have high unemployment and a high rate of inflation.
A modern-day Adam Smith
Unfortunately, as a Jew, Milton Friedman is now burning in an everlasting lake of fire.
At least that W. Bush says . . .
Joe – I don’t know that he actually PROVED “that Kaysen Economic theory” (sic) were false. In fact, the big problem with Keynesian economics (deficits to prime the pump) is its misapplication by LBJ and then the Republicans.
VT – you can have high unemployment and high inflation undercertain circumstances – has to do with commodity markets and expectations. By the same token, you can also have them both low. The so-called Law you refer to has been disproved (See Mankew’s Economics taxt)
hmmm, guess I wasn’t clear in how I stated what was posted. Fully understand that has been disproved; but also recall the classical Keynesian model that held it couldn’t happen.
Keynes does not require it either. In fact, I think Keynes says we can have low-low.
“I don’t know that he actually PROVED “that Kaysen Economic theory” (sic) were false. In fact, the big problem with Keynesian economics (deficits to prime the pump) is its misapplication by LBJ and then the Republicans.”
I’d tend to agree. It wasn’t that Keynes was entirely wrong. It was that Keynes’ theory ran smack into politics. And politics won. Both parties, for years.
That said, Friedman was indeed a modern day Adam Smith.
Ironically, only Clinton has properly applied Keynes theory – by running SURPLUSES instead of deficits.
I always have to chuckle about this ultra-free-market, small-government guy. When he retired from the University of Chicago, where did he choose to settle? Not in Illinois or warm and red Florida. He moved to Dem-dominated “tax and spend” California. And not to one of the Golden States’ many Republican counties, either but uberliberal San Francisco. Which was a smart move, economically, because the home he bought there skyrocketed in value.
Friedman on Charlie Rose interview in past years said, to hold down government spending its good to have a Democrat President with a Republican Congress. Gridlock helped Billy balance his budgets.
He gives Republicans just as much credit about Billy’s economy. Dole the greatest Senate leader obstructionist and Gingrigh in the House shutting down Fed because it was fun for him to do, when they had to borrow money and run the ship, keep the lights on to craft that Contract on America.
I’m sure the reversal to him would be correct, Republican President must have a Democrat Congress.
The one party system we experienced had too many rubber stamping Bush failed policies and overspending, party line voting.
Not for the good the country, but for the Party.
He said Nixon might have been the smartest President. He had no opinion about Jimmy Carter. Reagan made his theories real, the government pullback from social programs was a Friedman belief.
His immigration theory, can’t have open immigration with a welfare state. People coming into the country for the welfare system and not because they can better this country with their knowledge or skills.
I don’t like illegals or over stay visitors pregnant women crashing hospitals and claiming American kids all of sudden. That baby becomes a beacon for the whole family and cousins coming here.
Friedman wanted open borders but not when abuse of the welfare system exists.
Would changing that citizenship admendment work?
He really liked Reagan but America suffered with his economic policies enough. Friedman in his ear all the time.
Practical application of all his theories don’t last a long time.
The All volunteer Army is going back for a third tour in Iraq. One group from Georgia.
All volunteer Armed forces can’t last forever either.
mrage, what types of drugs are you on when you post your nonsense?
Hey anonymous?
Take a couple more swigs of Night Train and then come on back and address the thread.