R.I.P. Milton Friedman

Posted in Politics, Philosophy, Economics at 9:47 pm by Administrator

Milton Friedman

We lost another good one. Legendary laissez-faire economist Milton Friedman died today at the ripe old age of 94.

Friedman had a tremendous impact on economic policy in this country. He was also responsible for bringing ideas that many of us take for granted now, such as the connection between economic freedom and political freedom, into the mainstream consciousness.

I could stay up all night listing the rest of his accomplishments; but it’s easier to just tell you to read his Wikipedia article and its references yourself. (I’m tired, you see.)

Note that unlike many libertarians, Friedman understood the importance of compromise in pursuing political objectives. One of my favorite quotes from him summarizes it perfectly:

“I am a libertarian with a small l and a Republican with a capital R. And I am a Republican with a capital R on grounds of expediency, not on principle.”

This is probably why he was able to get so much done, unlike many of his capital L contemporaries.

P.S. I’ve added the blog of Milton Friedman’s anarcho-capitalist son, David Friedman, to my blogroll. I don’t agree with anyone David Friedman 100% of the time, but he does have some genuinely interesting insights.