November 16, 2006
Passing of a Economics Giant: Milton Friedman
From today's Chicago Tribune:
Milton Friedman, the Nobel laureate economist who shaped the philosophies of Ronald Reagan, Margaret Thatcher and successive Federal Reserve chairmen, has died, his daughter Janet said. He was 94.
Friedman's theory that inflation results from too much money chasing too few goods inspired a generation of central bankers, beginning with Paul Volcker, who was Fed chairman from 1979 until 1987. Alan Greenspan and Ben S. Bernanke also credit Friedman's work as a blueprint for policy making.
``Friedman's monetary framework has been so influential that, in its broad outlines at least, it has nearly become identical with modern monetary theory and practice,'' Bernanke said at a conference in October 2003 when he was a Fed governor. He became chairman in February 2006.
LINK to article
UIUC Finance Professor Virginia France and U of Chicago graduate, fondly remembers two quotes by Friedman (both from Quoteland.com)
Hell hath no fury like a bureaucrat
The government's solution to a problem is usually as bad as the problem.
Professor Friedman will be sorely missed, whether you are a Monetarist or not.