Milton Friedman RIP
Milton Friedman died today age 94. Milton Friedman was my introduction to free market economics (or more precisely, the economics that is correct). I originally came across Milton Friedman’s Free to Choose in what was called the Economics Reference Room in building C5A at Macquarie University. (This was a place where commerce students went to study.) I remember the very seat in the courtyard of building C5C where I first read chapter one of the book, The Power of the Market. I loved the book and couldn’t put it down. I read it in about a week.
I then went on to read Capitalism and Freedom, Tyranny of the status quo, Money mischief: episodes in monetary history, some of his Essays in positive economics, as well as Bright promises, dismal performance. From Capitalism and Freedom I went on to read Hayek’s Road to Serfdom (mentioned in the introduction). I also found a video in the Macquarie University Library of an address given by Milton Friedman in Australia in 1975. This video confirmed Milton Friedman’s piercing insight, tenacity, and great teaching ability.
Friedman cast the light of truth onto such issues as the minimum wage law, free trade, rent control, consumer protection legislation, occupational licensure, unions, drug prohibition, the cause of inflation, and many other issues. However, while I agree with Friedman on most issues, I found that while some of his policy recommendations appear free market, they were not free market at all. For example, Friedman supported school vouchers (tax payer funded), negative income tax (guaranteed income), and with respect to banking, supports fiat money, and central banking (federal reserve system). Friedman also played a role in the establishing the withholding tax in the USA (equivalent to PAYG in Australia).
Nevertheless, Milton Friedman has made an enormous contribution to the freedom and prosperity that many civilised countries enjoy today, and inspired many to carry on in his work. May he rest in peace.
See other articles from Walter Block, CATO, and The Australian.
© Danny Haynes
Tim Haynes, 27 November 2006, 11:24:
A good tribute Danny. You also gave a little insight into who he was and what he was all about for all us lay people.