Happy birthday Milton Friedman

In honor of what would have been Milton  Friedman’s 100th birthday the Webb has a number of suggestions that we need him to solve current economic problems.

If he were born in 1912 then he would have been in his 20s as the world was coming out of the depression and his thinking was strongly influenced by the world’s going into a period of unprecedented economic growth.

For his advice to be relevant now he would have to had adapted to current circumstances in which it is doubtful economic growth can continue.

Even so I like a lot of what he said.  Here’s a link to ten of his best quotes.

 

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2 Responses

  1. I was a great persoanl admirer and student of Milton Friedman. (Chicago was relatively un-fsshionable in the ’60s and was cheap). Also until the mathematicians moved in, very friendly and supportive). A very friendly and helpful teacher. What is not realised is that while he was called a ‘Monetarist’, he called himself a Keynesian, and was a great admirer of Keynes.

  2. I always like friedman his is a good presenter of his ideas my favorite tv video is free to choose ( I am not saying I agree nesseraily). I did always think some inconsitancy qith friend being a litertariam montarist. That market rate this and that liberalterian views on markets then, when it comes to interest rates milton friendman his self would have to conceed some what “soviet” lol. If only he was here today to englighten us on why a bailed out bank or good but a bailed out auto industry is not. Although arguements of course kinda ovious not saying i agree or disagree just i would like it put in and elegant voice with a pointy fingar. In the long run a bailed out auto indurty may be benefical where a bailed out bank may not as creates reward of failure the public subising holders of weath who why its like a postive weath tax lol. Just being silly on a tired sunday morning. But if miltion was alive i would problery just come of looking like a foolish michael moore who had trouble with understanding concept of princple rather price ford pinto and electrics bill incident. However being a take your medicne man, miltions suport for the bail out would have been inconisant with the gm type espidoe. Where the justification is just bigger does of current pain over a longer time frame. So may be could out miltion friendman friedman like he did to the rather foolish young micheal moore. Although to be fair if miltion was alive would possibly have a gone a little “regan” by now. An auto bail out may have reduced pain for shorter time scale than a bank bailout. In an infinete time scale though the princple may remain consistant. Not that of course this does not mean it does not make sense as in the long run were all dead blad de bla, not saying it does or not but then we just get in to a detail of the shorter term cost of the medicine the price of the medicene and what to set it , like ford pinto fuel tank rather than a princple of medicne. of course it could be claimed that the bank bail out would be benefitical on and infident time scale and some one could make up some figures to show this, but someone could also do with the auto industry. But as any sensible person would consider these long term figures with some fancy math to hide the lack of an underlying soundess of such long prediction to “joe six pack” or would that be the plumber” would be little more than a guess of which variable to chose and how they are going to interact and change . May well just do a micheal moor will bells on aka chuck on some math on some sound as moore asumption

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