Nobel Prize winner Milton Friedman was one of the most influential economists to ever live. Friedman was brilliant, a champion of freedom, free trade, and free markets, and was still sharp into his nineties, which I can tell you definitively because I interviewed him back in
All you need to know in 25 short direct statements. Print it up and have it on a handout ready to give to confused liberals (is confused liberals redundant?) to help with their detox from libthinkism.
Of course, another great mind that is gone; and in its place we get nitwits like Janet Yellen's. Number 14 is so true, and precisely why we always see the Left pushing socialism- progressives do not trust people to make the right decisions (unless the government involved is leftist). What has always baffled me is why leftists always believe that bureaucrats and democrats in the gov't are selfless, ethical do -gooders, while no one in the private sector can be trusted because they are thieving scoundrels... Thanks for posting this essay, John- while it makes me sad to see what we've lost, it's important to remember what clear thinking Americans were/(are still?) capable of.
But, and I think this is where his conservative detractors miss the point, he was correct about far more than he was incorrect. I'm not sure if I could say that about Rand, but I feel that's definitely the case with Friedman. Is your opinion of Stanford professor Thomas Sowell equally low? You could say many of the same things about him, except for the part about being a child of immigrants.
Really? "Following policies he pushed?" Let me turn that question back on you: Which policies did he push that led to our current economic ruin? Greenspan *claimed* to be an admirer of Friedman, but the Fed's monetary policy under his leadership told a different story. Friedman's chief argument boiled down to, government should stay out of economic planning as much as possible. And Friedman wasn't the first to make that argument; Hayek did before him, and Adam Smith before that. On the few points I differ from Friedman's policy views, I differ in the "...as much as possible" part.
For example, Friedman argued (incorrectly, in my opinion) that the Fed's goal in setting monetary policy should be to maintain %2 annual inflation. By that standard alone, Greenspan failed miserably. I am of the considered belief that there should be no Federal Reserve bank at all.
Milton Friedman was an economist, not a political scientist. It's one thing to say we *need to* make it profitable for the wrong person to do the right thing, but how the **** is that even possible? I don't see anyone on either side of the aisle retiring debt or rolling back the administrative state, and to the degree that's the Freedom Caucus' platform, they have FAILED MISERABLY. Every. Single. Time.
Friedman's not wrong. But we need to move beyond letting economists tell us how to live and start looking at our founding fathers and their model of real sacrifice.
Friedman didn't screw anything up. The people who screwed up were the people who got government *more* involved rather than *less*, contra Friedman's advice. I don't agree with everything Friedman opined on, particularly when it comes to government intervention in monetary policy, but if you're arguing for MORE government intervention rather than less, you're barking up the wrong tree with me.
Also worth mentioning, Friedman's only official government work was done under the Regan administration cleaning up Nixon's and Carter's mess. That didn't turn out so badly -- until Bush came in and essentially undid what Reagan (along with Friedman acting as an advisor) did.
Lots of good dings on the government's complete inability to manage our hard earned and practically stolen tax money.
All you need to know in 25 short direct statements. Print it up and have it on a handout ready to give to confused liberals (is confused liberals redundant?) to help with their detox from libthinkism.
Of course, another great mind that is gone; and in its place we get nitwits like Janet Yellen's. Number 14 is so true, and precisely why we always see the Left pushing socialism- progressives do not trust people to make the right decisions (unless the government involved is leftist). What has always baffled me is why leftists always believe that bureaucrats and democrats in the gov't are selfless, ethical do -gooders, while no one in the private sector can be trusted because they are thieving scoundrels... Thanks for posting this essay, John- while it makes me sad to see what we've lost, it's important to remember what clear thinking Americans were/(are still?) capable of.
Thanks for reminding me why mention of Milton Friedman’s name never fails to make me growl.
Let's have a small reality check.
Milton Friedman spent the first part of his life working for the Federal government and was a child of immigrants.
He spent the next part of his career as a tenured professor protected from the free market.
Everything he disdained, he himself took fool advantage of. At no point did he actually participate in the free market.
Exactly like Ayn Rand.
But, and I think this is where his conservative detractors miss the point, he was correct about far more than he was incorrect. I'm not sure if I could say that about Rand, but I feel that's definitely the case with Friedman. Is your opinion of Stanford professor Thomas Sowell equally low? You could say many of the same things about him, except for the part about being a child of immigrants.
What was he correct about?
Following policies he pushed, we have a more unstable economy and a larger debt.
Our manufacturing capacity was gutted and our infrastructure was a disaster.
Alan Greenspan was a faithful follower of Friedman and 2008 resulted.
So please, explain what Friedman was right about?
Really? "Following policies he pushed?" Let me turn that question back on you: Which policies did he push that led to our current economic ruin? Greenspan *claimed* to be an admirer of Friedman, but the Fed's monetary policy under his leadership told a different story. Friedman's chief argument boiled down to, government should stay out of economic planning as much as possible. And Friedman wasn't the first to make that argument; Hayek did before him, and Adam Smith before that. On the few points I differ from Friedman's policy views, I differ in the "...as much as possible" part.
For example, Friedman argued (incorrectly, in my opinion) that the Fed's goal in setting monetary policy should be to maintain %2 annual inflation. By that standard alone, Greenspan failed miserably. I am of the considered belief that there should be no Federal Reserve bank at all.
Clinton, Obama and Biden have all reduced the deficit.
Reagan, Bush 43 and Trump did not.
Milton Friedman was an economist, not a political scientist. It's one thing to say we *need to* make it profitable for the wrong person to do the right thing, but how the **** is that even possible? I don't see anyone on either side of the aisle retiring debt or rolling back the administrative state, and to the degree that's the Freedom Caucus' platform, they have FAILED MISERABLY. Every. Single. Time.
Friedman's not wrong. But we need to move beyond letting economists tell us how to live and start looking at our founding fathers and their model of real sacrifice.
Again, Friedman had one job - provide a model that would allow us to manage a modern economy.
Did any of his acolytes predict 2001 or 2008? How about the financial well-being of the average American?
Name the state which is financially stronger because they follow Friedman.
Don't forget Kansas.
Graduate students in economics are going to be writing theses about everything Friedman screwed up for the next century.
Friedman didn't screw anything up. The people who screwed up were the people who got government *more* involved rather than *less*, contra Friedman's advice. I don't agree with everything Friedman opined on, particularly when it comes to government intervention in monetary policy, but if you're arguing for MORE government intervention rather than less, you're barking up the wrong tree with me.
Also worth mentioning, Friedman's only official government work was done under the Regan administration cleaning up Nixon's and Carter's mess. That didn't turn out so badly -- until Bush came in and essentially undid what Reagan (along with Friedman acting as an advisor) did.