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Nobel Prize-winning economist Milton Friedman died on November 16. A giant in his field who wielded enormous influence, his name will likely be mentioned alongside Adam Smith, Ludwig von Mises, Murray Rothbard, and F.A. Hayek. Like them, Friedman has been viewed as a free-market economist, but his policy recommendations were sometimes a mixed bag.
In the popular press, Friedman was best known for his advocacy of limited government. In an interview in 1995 with Reason magazine, Friedman admitted: "I would like to be a zero-government libertarian." In reality, he argued, such a scheme is largely unworkable, and so the best that can be hoped for is limited government. For Friedman, the best example of limited government was that created by the vision of the Founding Fathers. "The United States from 1780 to 1929 is not a bad example ...
Source: HighBeam Research, Milton Friedman, RIP.(Obituary)(Brief article)