Today is the 96th birthday of Milton Friedman who passed away in 2006. I remember vividly his passing as I was begining to really get into economics when he did. I heard of him but had no clue what he contributed. Now I know what a great man he was. I highly recommend the book “Milton Friedman: A Biography” by Lanny Ebstein. This book truely gives a perspective of who is was and what he contributed. There is always of course his own work, which can be found in “Capitalism and Freedom” and “Money Mischief.” Both I have read and both excellent. The first one is more for the normal person. The second is more for the economist or someone who loves all things monetary.
This is what the Cato Institute had to say:
“Prominent free-market economist Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science, passed away on November 16, 2006 at the age of 94. Friedman was widely regarded as the leader of the Chicago School of monetary economics, which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation. In addition to his scientific work, Friedman also wrote extensively on public policy, always with primary emphasis on the preservation and extension of individual freedom. Friedman’s ideas on economic freedom hugely influenced both the Reagan administration and the Thatcher government in the early 1980s, revolutionized establishment economic thinking across the globe, and have been employed extensively by emerging economies for decades.”
I think as we all think about where the world and our country is going, we should not forget the science behind Dr. Friedman. We were lucky enough to have his knowledge given to us through books and papers.
So Happy Birthday Milton Friedman and let us not forget what you stood for…