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Saturday, November 25, 2006

Milton Friedman, Economist, Nobel Prize Winner 1912-2006

"...a set of social institutions that stresses individual responsibility, that treats the individual ... as responsible for and to himself, will lead to a higher and more desirable moral climate."
Milton Friedman from an essay " Is Capitalism Humane? "

American born to immigrant parents a Nobel Prize winner in 1976 for Economics, Milton Friedman died on Thursday, November 16, 2006. He was 94 years old.

Friedman wrote more than a dozen books. He believed in the principles of Adam Smith, 18th century economist; Friedman always contended that individual freedom is more important than economic policy. Friedman was seen as candid and controvertible, and his economic theories were often attacked by John Kenneth Galbraith of Harvard University and many other conventional economists.

Milton Friedman, also a recipient of the Presidential Medal of Freedom in 1988, has been described as a "public intellectual". His contributions to the field and study of economics-- macroeconomics, microeconomics, economic history and statistics was a proponent of the free market system, without government intervention, have influenced economic policy here in the United States as well as in other nations.

Friedman wrote a column for a national weekely news magazine, Newsweek magazine. During his career in the 1980s he even had a TV program on public television wherein he explained how the free market works. In the program he emphasized that capitalisms principles have proven to solve social and political problems where other systems have failed to competently address the same issues. The University of Chicago professor was the innovator of a school of economic and political thought that eventually became known as the Chicago school of economics. Friedman was a champion for individual freedom in economics and politics.

Most recently, Friedman, who is a graduate of Rutgers University, advocated, along with 500 other economists, the legalization of marijuana.

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Anonymous Anonymous said...

Thanks for reminding us Friedman is dead. May his soul rest in peace.

Is capitalism humane? The answer is HELL no!

I am thankful the current administration's term is nearly over. A little while longer and this group would have us living a Americans did during Roosevelt's time, Theodore Roosevelt that is!

7:55 AM


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