Word: friedmanism
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DIED. Milton Friedman, 94, pioneering free-market economist who won a Nobel Prize in 1976; in San Francisco (see page...
...simply not possible to adequately describe the importance of Milton Friedman. In the the 1950s and 1960s, most men and women of stature simply assumed that state control of the individual and of the economy was inevitable and desirable. Friedman, then a professor of economics at the University of Chicago, said that it was neither inevitable nor desirable. In books, lectures, articles--wherever he could find a pulpit--Friedman said freedom, specifically individual liberty, was the optimal condition of mankind, both for human satisfaction and for prosperity...
...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...
...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...
When I was a Columbia undergrad in the early '60s, Friedman taught there for a year and was a good friend to me. He even used applied statistics to save me from romantic desperation when I was worried about replacing a girlfriend. If there were only one right woman for every right man, he advised, they would never find each other. Another time, he stopped me from crossing against the light on Broadway and 116th Street, telling me, "Why risk your whole life to save 10 seconds...