Milton Friedman has died. One of the most famous economists to come out of the
Chicago school, his 1962 book
Capitalism and Freedom was a straightforward challenge to the predominant
Keynesian model that government intervention was frequently necessary to prevent market failures, arguing instead that the way to true political freedom was through economic freedom. He was a devout
monetarist and although conventional wisdom conflates conservatism with laissez-faire economics, he described his own philosophy as
liberal in the Enlightenment sense of the word. His 1980 book
Free to Choose, written with his wife Rose in conjunction with the
PBS series of the same name, explained in layman's term his philosophy of how a truly free market works for the benefit of society.
posted by Doofus Magoo
on Nov 16, 2006 -
123 comments