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Milton Friedman, R.I.P.(Obituary)(Brief article)
National Review
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December 18, 2006 |
COPYRIGHT 2006 National Review, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright
WE live in a world transformed by Milton Friedman. Our pay stubs reflect one of the achievements about which he was properly ambivalent: He was one of the economists who, during World War II, introduced tax withholding to finance the military effort. That young people are free to choose a job at all is in part a tribute to his long opposition to conscription. He helped us to understand our own history. His Monetary History of the United States, written with Anna Schwartz, overthrew the dominant Keynesian explanation of the Great Depression as a result of "underconsumption" and placed the Federal Reserve's misconduct at the center of the story.
He helped us to understand the economic calamities of the 1970s. It is now generally accepted that inflation is a monetary phenomenon, and not the fault of unions or tax cuts; it was not generally accepted back then. (Friedman was by no means doctrinaire in his monetarism: He fully understood that changes in financial ...
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