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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 on Nov 16, 2006 - View this thread
