Milton Friedman (1912-2006)

by Mike on November 16, 2006

in Politics

Milton Friedman, one of if not the best economist in history, passed away yesterday at the age of 94. Friedman, a Nobel Prize winner when the award actually meant something, explained that free markets with minimal government interference were essential in fostering economic prosperity. This view could not have been articulated at a better time.

Prior to Friedman, it was practically Gospel, at least according to the Gospel of Keynes, that government tinkering in the economy was not only appropriate but necessary. Friedman removed the stigma from the point of view that economic freedom and economic prosperity go hand in hand.

Great leaders, including Ronald Reagan and Margaret Thatcher largely followed Friedman’s philosophy, and doing so, empowered American and British citizens to transform stagflated economies into engines of prosperity. The effects of these policies can still be felt decades later.

We have lost a giant. May Milton Friedman rest in peace.

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