Milton Friedman

Milton Friedman died today at 94.

I am no economist. I took an entry economic class in college and I have long forgot everything I learned from it.

Friedman's theories had influenced the whole post-70s world. In 1960s, no one listened to his theory of free market backed although it was backed by vigorous logic and mathematics, when the Keynesian economics of heavy government intervention was at its hype. When his prediction of the end of economic boom created by intense government intervention after the World War II, and the beginning of the lengthy depression and loss of jobs became true in the 70s, Friedman found himself under the spotlight. Ronald Reagan and Margaret Thatcher were deeply influenced by his theories and advices on limiting government power. His theories also pointed out the fallacy of communism, and inspired a few people in the East Bloc who led the upthrow the rule of the communists.

As Ben Bernanke, now chairman of the Federal Reserve, put it in a speech honoring Mr. Friedman in 2003, “His thinking has so permeated modern macroeconomics that the worst pitfall in reading him today is to fail to appreciate the originality and even revolutionary character of his ideas.”

Thank you, Mr. Friedman.


Chester Higgins Jr./The New York Times