Nobel-winner Milton Friedman dead at 94

cat's meow · #1 (**permalink**) 11-16-2006, 05:47 PM

thought some of you might be interested to hear this since you have cited him so much...very influential man in economics

Quote:

Nobel-winner Milton Friedman dead at 94
Economist had ear of Presidents Nixon, Ford and Reagan

In more than a dozen books, a column in Newsweek magazine and a TV show on PBS, Milton Friedman championed individual freedom in economics and politics.

Updated: 12:27 p.m. PT Nov 16, 2006

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. His daughter, Janet Martell, told the Wall Street Journal the cause of death was heart failure.

“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, in a statement. “His writings and ideas have transformed the minds of U.S. presidents, world leaders, entrepreneurs and freshmen economic majors alike.”
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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.”

Friedman favored a policy of steady, moderate growth in the money supply, opposed wage and price controls and criticized the Federal Reserve when it tried to fine-tune the economy.

A believer in the principles of 18th century economist Adam Smith, he consistently argued that individual freedom should rule economic policy. Outspoken and controversial, Friedman saw his theories attacked by many traditional economists such as Harvard’s John Kenneth Galbraith.

In an essay titled “Is Capitalism Humane?” he said that “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.”