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An economic icon passes
Old 11-17-2006, 08:31 AM   #1
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An economic icon passes

One of the best, Milton Friedman, a Nobel Laureate has died at age 94.

Want to know his economic theory in one line? There is no free lunch. He was against government growth and he was brilliant.

A snippet. quote.... A Staunch Libertarian

As a libertarian, Mr. Friedman advocated legalizing drugs and generally opposed public education and the state’s power to license doctors, car drivers and others. He was criticized for those views, but he stood by them, arguing that prohibiting, regulating or licensing human behavior either does not work or creates inefficient bureaucracies.

Mr. Friedman insisted that unimpeded private competition produced better results than government systems. “Try talking French with someone who studied it in public school,” he argued, “then with a Berlitz graduate.”

Once, when accused of going overboard in his antistatism, he said, “In every generation, there’s got to be somebody who goes the whole way, and that’s why I believe as I do.”

A Friedman quote: “The free market is the only mechanism that has ever been discovered for achieving participatory democracy,” he said.

Another quote, referring to his stance against a military draft:
"General, would you rather command an army of slaves?" Retort by Milton Friedman to Gen. William Westmoreland's claim that he did not want to command "an army of mercenaries" during a heated discussion on the costs and benefits of endorsing conscription and the draft in the 1960s.
- - - - - unquote....

His book and the ensuing PBS series, "Free to Choose" was a masterpiece of free market economic theory.
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Re: An economic icon passes
Old 11-17-2006, 08:35 AM   #2
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Re: An economic icon passes

Milton Friedman: his ideas help support the notion that there is such a thing as too much of a good thing.
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Re: An economic icon passes
Old 11-17-2006, 08:38 AM   #3
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Re: An economic icon passes

I was sad to hear of his passing. Although he was "out there" he was a thinker and able to articulate his thoughts clearly and persuasively. I was always interested to hear what he would come up with next.
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Old 11-17-2006, 08:52 AM   #4
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Re: An economic icon passes

Very sad to hear this news ... the passing of a great man.
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Old 11-17-2006, 09:13 AM   #5
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Re: An economic icon passes

Quote:
Originally Posted by Sheryl
Although he was "out there" he was a thinker and able to articulate his thoughts clearly and persuasively.
Whether he was "out there" or hitting the nail on the head is a matter of perspective. Depends on which side of the aisle you're sitting.
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Re: An economic icon passes
Old 11-17-2006, 09:24 AM   #6
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Re: An economic icon passes

Quote:
Originally Posted by justin
Whether he was "out there" or hitting the nail on the head is a matter of perspective. Depends on which side of the aisle you're sitting.
This is another one of those cases where being on one side of the aisle or the other is probably no more appropriate than the now infamous "you're either for the United States or against us" comment of President Bush II. I always saw pros and cons to Friedman's libertarian positions and that government intervention was, sadly, a necessary evil in many cases due to the nature of man and forces which thwart true competition.

Many years ago, PBS ran a series featuring Friedman traveling the world and talking about/explaining the workings of various political-economic systems and the economic theories behind them. I hope PBS digs them out for a replay. I'd love to have the series on tape.
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