Libertarian ping! To be added or removed from my ping list freepmail me or post a message here.
Posted on 11/21/2006 9:48:59 AM PST by jmc813
The death of economist Milton Friedman last week at the age of 94 marks a great loss for advocates of freedom everywhere. He was perhaps the most successful free-market economist of the 20th century, in terms of his real-world impact on politics and policy. Many modern politicians, including Ronald Reagan, considered him a major influence in their careers.
Milton Friedman was a strong advocate of economic liberty who opposed government intervention in both the purely economic and broader social spheres of our society. He believed not only in laissez-faire capitalism, but also the larger cause of individual liberty in the political sense.
I was proud to know Dr. Friedman for many decades, and considered him a friend. I can assure you that he was no ivory tower academic, but rather an engaging and active man who worked very hard to demonstrate the applicability of economics to everyday life.
His death only underscores the sad lack of economics knowledge in Washington, however. Many of our elected officials at every level have no understanding of economics whatsoever, yet they wield tremendous power over our economy through taxes, regulations, and countless other costs associated with government. They spend your money with little or no thought given to the economic consequences of their actions. It is indeed a tribute to the American entrepreneurial spirit that we have enjoyed such prosperity over the decades; clearly it is in spite of government policies rather than because of them.
The truth is that many politicians and voters essentially believe in a free lunch. They believe in a free lunch because they don't understand basic economics, and therefore assume government can spend us into prosperity. This is the fallacy that pervades American politics today.
Our schools teach children virtually nothing about economics and personal finance, which leaves them woefully unprepared for the working world. It also creates whole generations of young Americans who are incredibly vulnerable to the worst pandering politicians.
We cannot suspend the laws of economics or the principles of human action any more than we can suspend the laws of physics. Yet this is precisely what Congress attempts to do time and time again, no matter how many times history proves them wrong or economists easily demonstrate the harms caused by a certain policy. The nation would be well-served if Congress spent more time reading the works of Milton Friedman, and less time worrying about petty party spoils.
ping
OTOH, his RINO colleagues would p*ss on Friedman's grave, alongside their Democrat buddies.
Libertarian ping! To be added or removed from my ping list freepmail me or post a message here.
Draft Ron Paul for President.
It's been tried. Didn't work the first time.
His death only underscores the sad lack of economics knowledge in Washington, however...
***
And judging from this last election, that lack of knowledge is all over, not just in Washington.
They should try it a different way. He beats the other candidates by a mile in pretty much every category.
"Our schools teach children virtually nothing about economics and personal finance, which leaves them woefully unprepared for the working world. It also creates whole generations of young Americans who are incredibly vulnerable to the worst pandering politicians."
Of course it does. Why would a public school teach ANY marketable skills? You can't keep successful, educated people on the dole and in your voting base now, can ya? ;)
Friedman actually advocated school-vouchers back in 1955 - light years ahead of his time. We may see politicians discuss Friedman and how he was such an accomplished economist but many in Congress truely don't care much to endorse Friedman's economic policies and opinions.
I wonder what the illiteracy rate is coming out of public schools versus illiteracy rate coming out of private schools.
It's a shame. He's the closest thing to a Barry Goldwater that DC has these days.
I would assume wealthier states would have more private schools, resulting in a better educated population? But, I suppose you can twist statistics any which way.
http://www.statemaster.com/graph/edu_bes_edu_ind-education-best-educated-index
Well put.
Nah. He has principles and actually believes what the Constitution says. This leaves him with no chance of winning.
Good idea, but "Dr. No" is too old. But he is the only candidate I supported with money in the last cycle.
One of my favorite Milton Friedman libertarian moments was when he was one of 500 intellectuals to sign a petition calling for the end to the "War on Drugs". The Wall Street Journal attacked him to which he replied something to the effect of "If the government can tell you what you can put in your body, they can tell you what to put in your paper."
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.