Thursday, November 16, 2006
In Memory of Milton Friedman
Milton Friedman 1912 - 2006
Milton Friedman is the reason that you can go to sleep at night and not worry about another 30's style Depression. He was awarded the Nobel Prize in Economics in 1976 for his work on Monetary Theory. In English, he explained to the World how the Federal Reserve System should work, how monetary policy should work, and how to make sure that another Depression never happened. Before him, no one had the faintest idea how monetary policy actually worked. Alan Greenspan and Ben Bernanke have already made public pronouncements about his guiding insights that either enabled Greenspan, or guide Bernanke to running this Countries daily economic affairs.
You might or might not like his politics, but one thing was certain, his economics worked. The last project he was working on was removing government from its last bastion of total power, education. He was a strong proponent of vouchers in education.
One of the greatest thinkers of the 20th Century has passed on.