Word: economisters
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DIED. Milton Friedman, 94, pioneering free-market economist who won a Nobel Prize in 1976; in San Francisco (see page...
...rewrote our economic memory. The Great Depression had been blamed largely on free markets, underlining the need for draconian government supervision of the economy. Yet Friedman argued that free markets had not caused the Great Depression. Rather, in A Monetary History of the United States, written with the great economist Anna Jacobson Schwartz, Friedman said it was horrifying incompetence by the government, specifically the Federal Reserve, that had caused and prolonged the Depression. He showed in minute detail how failures of monetary policy--occasionally motivated by the anti-Semitism of some Fed governors--had created catastrophe from what could have...
...friend and mentor and inspiration all my life. He and his wife Rose, his constant colleague and support, were lifelong friends of my parents Herbert and Mildred Stein after they met at the University of Chicago in the mid '30s. My father, a distinguished economist himself and chairman of the President's Council of Economic Advisers under Nixon and briefly under Ford, forever stood in awe of the man. As my pop said many times, "Friedman was like every other economics student at Chicago in those days except twice as smart...
...Georgetown educated professor, Ziad Abu Amr, 56, who has ties with Hamas even though he criticized their suicide bombing spree (halted since 2004) and thinks that the Islamic militants should soften some of their attitudes towards Israel. The finance portfolio is expected to go to economist Salam Fayyad, 54, educated in Texas, who earned the respect of international financial institutions during his previous tenure as finance minister between 2002 and 2006. Palestinians joke that with three "Americans" in the cabinet, the White House at last ought to be happy...
...Since the scientific approach to humanity is practiced by many disciplines, it is particularly appropriate for general education. Many sociologists, psychologists, political scientists, and anthropologists believe as firmly as any economist in an approach that combines rigorous hypotheses and empirical tests. Increasingly, social scientists are learning from physical scientists who also use formal theory and empirical testing. Economics does not need a special place in the curriculum, but the scientific approach to human society, as practiced by many disciplines, should be central to general education...