Passing Of A Giant
Much has been written in the past week of the passing of a true economic genius, Milton Friedman. The man who had tirelessly and at some times almost single-handedly led the charge against the New Deal/Keynesian style of government interference in the economy helped define much of what is considered modern conservative and libertarian philosophy. He was as much the economic father of our philosophy as Barry Goldwater was the political father, if not more so.
The Federalist Patriot has a very thoughtful and well-written reflection of his life and I would encourage anyone to read it to get a better understanding of the man and his legacy. His most notable legacy, what won him the Nobel Prize, was his prediction of a failing of the Keynesian style of economics that would eventually produce the phenomena that would be coined stagflation.
Amazing that, despite the historical evidence, and the realization that Keynes' model worked only successfully only when all competitor's markets were devastated by the Second World War. After those economies has spent the better part of 20 years pulling themselves back up and the U.S. began facing real competition for its markets and goods, only then did the folly of a government bureaucracy trying to manage something as dynamic and fast-paced as the economy come to light. And still, liberals refuse to learn this lesson. Still, they assume that just enough control, not too much, but just a pinch here and a smidge there, will make for a utopia.
Their utopia also exists in the vacuum of magic money that falls from the sky and a benevolent government that can do no wrong. The reality of the onerous nature of taxation and human fallibility seemingly escapes most people who have stood against Friedman's principles and beliefs. Sadly, with him gone, it makes it all the harder to combat their like, but he does leave a rich legacy of writings and thoughts that we can delve back to. We can never replace him. We can only hope to succeed him and learn from what he has left us.
Much has been written in the past week of the passing of a true economic genius, Milton Friedman. The man who had tirelessly and at some times almost single-handedly led the charge against the New Deal/Keynesian style of government interference in the economy helped define much of what is considered modern conservative and libertarian philosophy. He was as much the economic father of our philosophy as Barry Goldwater was the political father, if not more so.
The Federalist Patriot has a very thoughtful and well-written reflection of his life and I would encourage anyone to read it to get a better understanding of the man and his legacy. His most notable legacy, what won him the Nobel Prize, was his prediction of a failing of the Keynesian style of economics that would eventually produce the phenomena that would be coined stagflation.
Amazing that, despite the historical evidence, and the realization that Keynes' model worked only successfully only when all competitor's markets were devastated by the Second World War. After those economies has spent the better part of 20 years pulling themselves back up and the U.S. began facing real competition for its markets and goods, only then did the folly of a government bureaucracy trying to manage something as dynamic and fast-paced as the economy come to light. And still, liberals refuse to learn this lesson. Still, they assume that just enough control, not too much, but just a pinch here and a smidge there, will make for a utopia.
Their utopia also exists in the vacuum of magic money that falls from the sky and a benevolent government that can do no wrong. The reality of the onerous nature of taxation and human fallibility seemingly escapes most people who have stood against Friedman's principles and beliefs. Sadly, with him gone, it makes it all the harder to combat their like, but he does leave a rich legacy of writings and thoughts that we can delve back to. We can never replace him. We can only hope to succeed him and learn from what he has left us.
posted by Rob Beck | 10:57 PM
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