Mr. Friedman was probably the foremost economic figure of the post-WWII 20th century, as a theorist and as a practitioner. The full story is here:
A life well lived. He was the leading Libertarian of his age. He wanted everyone to have his place in the sun. The politicians found him inconvenient, that is a fine tribute.
Nah, at best he was third after Galbraith and Keynes. But I’m inspired to post this memorable exchange from Yes Prime Minister:
Sir Humphrey: Read the Financial Times today?
Head of the Bank of England: Never do!
SH: You’re a banker, surely you read the Financial Times?
HothBoE: Can’t understand it. Full of economic theory.
SH: Why do you buy it?
HothBoE: It’s part of the uniform. Took me 30 years to understand Keynes’ economics. I’d just cottoned on when everyone got hooked on monetarist ideas, you know, “I Want To Be Free”, by Milton Shulman.
SH: Milton Friedman?
HothBoE: Why are they all called Milton? I’ve only got as far as Milton Keynes.
SH: Maynard Keynes?
HothBoE: I’m sure there’s a Milton Keynes.
SH: Yes, there is, it’s… Sit down.
That’s brilliant. I might have to start watching that show.
I only know Mr. Friedman by reputation, though I have one of his books (“Free to Choose”) sitting patiently in a pile by my bed, waiting in line to be read. I may have to bump it to the top of the list. RIP.
I may be incorrect, but hasn’t his work withstood the test of time better than Keynes?
Maybe that’s just my Money & Banking professor talking. I dunno.
Off the top of my head, I cannot think of a more important thinker in the government sphere since … Lincoln I guess. I am willing to be proved wrong.
Nonetheless we are all better off thanks to Milton Friedman.
He always said that, under his name, his tombstone would read, “There is no free lunch.”
I’ll be interested in seeing if that’s true!
“There’s no such thing as a free lunch.”
Yep, that’s him.
I was always a big fan of Friedman & Von Mises. (Not that I’m much of an economist.)
Best you take up that discussion in this GD thread.