Nobel prize winning economist Milton Friedman died yesterday:
SAN FRANCISCO — Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three U.S. presidents, died Thursday at age 94.
Friedman died in San Francisco, said Robert Fanger, a spokesman for the Milton and Rose D. Friedman Foundation in Indianapolis. He did not know the cause of death.
“Milton’s passion for freedom and liberty has influenced more lives than he ever could possibly know,” said Gordon St. Angelo, the foundation’s president and CEO, said in a statement. “His writings and ideas have transformed the minds of U.S. presidents, world leaders, entrepreneurs and freshmen economic majors alike.”
In more than a dozen books, a column in Newsweek magazine and a TV show on PBS, Friedman championed individual freedom in economics and politics. The longtime University of Chicago professor pioneered a school of thought that became known as the Chicago school of economics.
His theory of monetarism, adopted in part by the Nixon, Ford and Reagan administrations, opposed the traditional Keynesian economics that had dominated U.S. policy since the New Deal. He was a member of Reagan’s Economic Policy Advisory Board.
His work in consumption analysis, monetary history and stabilization policy earned him the Nobel Prize in economics in 1976.
“He has used a brilliant mind to advance a moral vision _ the vision of a society where men and women are free, free to choose, but where government is not as free to override their decisions,” President Bush said in 2002. “That vision has changed America, and it is changing the world.”
Capitalism And Freedom was one of the first libertarian-oriented books I read and remains a favorite, as is the book he co-wrote with his wife Free To Choose. The main reason I picked his books up was because he was constantly being criticized by the leftist professors I had in college, which is ironic considering that Friedman remains one of the most famous graduates of Rutgers University. He’ll be missed.
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