By alim Karim
Monday, November 20, 2006
Just recently, Milton Friedman, one of the chief economists in the Reagan-Mulroney era, passed away. Not only was he the chief architect of libertarian economic theories, but his theories have led to development in third and first world countries alike.
Friedman believed that government should interfere as little as possible in the economy except for taking a hand in controlling the supply of money. His ideas were revolutionary at the time, since Keynes held sway, but they harked back to earlier thinkers such as adam Smith.
Friedman was not only brilliant, but possessed a creative mind able to synthesize, some experience with the school of hard knocks as well as academia. Friedman had the ability to earn the grudging respect even of his opponents, and sometimes even their reluctant acquiescence in the end. That's the mark of a formidable thinker, one whose theories had predictive value. It's also the mark of an honest and open-minded opponent.
Friedman's major achievement, the one for which he received the Nobel prize, was linking rising unemployment to rising inflation. He also suggested a remedy, one that's generally been followed: to have the Federal Reserve keep the money supply growing steadily.
Friedman's passing is a sad day in Canadian and american history as much of our economic development is due to his pragmatic theories. Rest in peace Milton Friedman, you will be missed.
alim Karim, is an economics student at McGill University.
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