Thursday, November 16, 2006

Godspeed Milton

Milton Friedman, perhaps the most important economist of the 20th century after Hayek, and Von Mises; has passed on today from heart failure at the age of 94.

Though I don't fully subscribe to his monetarist and NAIRU theories; he was one of the most significant and influential proponents of free market economics ever; and certainly of this century. His thoughts on the nature of income and consumer choice are I think among the most important economic insights into behavior patterns and markets.
"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; but I think the term classical liberal is also equally applicable. I don't really care very much what I'm called. I'm much more interested in having people thinking about the ideas, rather than the person."