Milton Friedman, RIP
Milton Friedman, a titan in the battle for economic liberty, died last night. The tributes are already rolling in. Here's part of the Competitive Enterprise Institute's (CEI) statement:
Washington, D.C., November 16, 2006—The war to advance economic liberty will last forever. The effort is frustrating and often discouraging. Many freedom fighters burn out, retire from the field, become disillusioned, even cynical. Most people grow tired when their efforts are demonized, attacked and ignored. We're all human and we can do only so much.
But one individual never retreated, never retired from the war of ideas – the war to advance individual and economic liberty. A great advocate of liberty, Milton Friedman, died today at 94. To the end, his attention remained focused on seeking ways to clarify the value and virtues of liberty.
John Miller has a roundup of links to news stories on Friedman's death.
And here's CNBC economist Larry Kudlow's tribute:
Ideas matter.
So it is with great sadness to report and mourn the passing of Milton Friedman, whose lifelong writings on the paramount significance of freedom, free-market capitalism, and liberty helped overturn the evil tide of communism and socialism in the 20th century.
His great books Capitalism and Freedom in 1962, which was morphed into Free to Choose in 1980, and subsequently serialized on public television, reached literally tens of millions of people and influenced events in the U.S. and across the world.
He explained to us the failures and flaws in government interference in the economy through overspending, over-regulation and over-taxation.,/p>
He extolled the virtues of free trade.
He explained that the root cause of inflation is excess money creation.
Rather than Keynesian state planning, Milton’s mantra of free markets, free prices, consumer choice and economic liberty is responsible for the global prosperity we enjoy today.
In fact, we take it for granted nowadays, but Friedman’s was a long, uphill battle, fought over decades to persuade politicians and business people that government is the problem, not the solution.
He was a senior advisor to President Ronald Reagan who put these ideas into play during his transformative presidency.
When you look around the world, at newly capitalist economies sprouting up in Russia, Eastern Europe, China and India, you can’t help but see the hand of Friedman.
When you review twenty-five years of virtually uninterrupted prosperity and near zero inflation in the U.S, you can't help but see the hand of Friedman.
Milton Friedman is one of those few people about whom it can be said that he truly left the world a better place.
May he rest in peace.
I'll just add: Requiem aeternam dona ei, Domine, et lux perpetua luceat ei. Requiescat in pace. Amen. (Eternal rest grant unto him, O Lord, and let perpetual light shine upon him. Rest in peace. Amen.)