Milton Friedman dies at the age of 94
Milton Friedman, who died today at the age of 94, was a titan among American economists. His theories, premised on less government interference, low taxes, and the promotion of economic freedoms, won him the Nobel Prize for Economics in 1976. His permanent-income hypothesis is one of his most acclaimed applications. Last year, when FP and ...
Milton Friedman, who died today at the age of 94, was a titan among American economists. His theories, premised on less government interference, low taxes, and the promotion of economic freedoms, won him the Nobel Prize for Economics in 1976. His permanent-income hypothesis is one of his most acclaimed applications.
Last year, when FP and Britain's Prospect magazine named the world's top 100 public intellectuals, we asked readers to vote on their favorites. Milton Friedman was the top write-in. Here's what we wrote then:
Milton Friedman
(Top write-in vote)
The New Jersey-raised son of Hungarian immigrants is most famous for championing individual freedom and for arguing that taxes should be cut "whenever it’s possible." His theory of monetarism, which emphasizes the importance of control of the money supply, replaced Keynesianism for a time as the dominant strand in economic theory. Friedman's work at the University of Chicago propelled his ideas into the political mainstream, and in 1976, he was awarded the Nobel Prize in economics.
Although political conservatives have embraced Friedman's economic policies, Friedman has fewer political takers when it comes to his belief that marijuana should be legalized. Friedman once remarked, "I am a libertarian with a small l and a Republican with a capital R. And I am a Republican with a capital R on grounds of expediency, not on principle."
Last year, when FP and Britain’s Prospect magazine named the world’s top 100 public intellectuals, we asked readers to vote on their favorites. Milton Friedman was the top write-in. Here’s what we wrote then:
Milton Friedman
(Top write-in vote)
The New Jersey-raised son of Hungarian immigrants is most famous for championing individual freedom and for arguing that taxes should be cut “whenever it’s possible.” His theory of monetarism, which emphasizes the importance of control of the money supply, replaced Keynesianism for a time as the dominant strand in economic theory. Friedman’s work at the University of Chicago propelled his ideas into the political mainstream, and in 1976, he was awarded the Nobel Prize in economics.
Although political conservatives have embraced Friedman’s economic policies, Friedman has fewer political takers when it comes to his belief that marijuana should be legalized. Friedman once remarked, “I am a libertarian with a small l and a Republican with a capital R. And I am a Republican with a capital R on grounds of expediency, not on principle.”
More from Foreign Policy
Is Cold War Inevitable?
A new biography of George Kennan, the father of containment, raises questions about whether the old Cold War—and the emerging one with China—could have been avoided.
So You Want to Buy an Ambassadorship
The United States is the only Western government that routinely rewards mega-donors with top diplomatic posts.
Can China Pull Off Its Charm Offensive?
Why Beijing’s foreign-policy reset will—or won’t—work out.
Turkey’s Problem Isn’t Sweden. It’s the United States.
Erdogan has focused on Stockholm’s stance toward Kurdish exile groups, but Ankara’s real demand is the end of U.S. support for Kurds in Syria.
Sign up for Morning Brief
Foreign Policy’s flagship daily newsletter with what’s coming up around the world today. Delivered weekdays.
By submitting your email, you agree to the Privacy Policy and Terms of Use and to receive email correspondence from us. You may opt out at any time.
