“Underlying most arguments against the free market is a lack of belief in freedom itself.”-Milton Friedman

Today marks the one hundredth anniversary of economist Milton Friedman’s birth.

In an op-ed piece in the  Jane Shaw, president of the John W. Pope Center for Higher Education Policy in Raleigh, North Carolina, wrote , “For the past five years, Friedman’s birthday has been celebrated worldwide by numerous organizations… This year’s observances will include 136 events in 44 countries.”

Milton Friedman is best known for his theories on capitalism and free markets. Cynthia Crain and Dwight Lee, authors of Profiles in Economics: Milton Friedman, wrote, “While he recognized that government has an important role to play in protecting people’s rights, he also believed that government does the most to promote prosperity and protect freedom when its role is limited.”

Friedman’s theories on free market economies were not popular in his day. According to Shaw, “Friedman publicly championed capitalism at a time when socialism was in ascendance around the world and government intervention was viewed as inevitable and necessary in the United States.”

“Friedman was almost alone in many of his views during the first half of his career. But the power of his arguments and empirical findings began convincing more and more of his fellow economists that his free-market views were correct,” wrote Crain and Lee. And in 1976, Friedman won the Nobel Prize in Economics for his contributions to monetary theory and history.

Adrianne Loggins
Associate Editor

For more information about Milton Friedman, check out Profiles in Economics: Milton Friedman by Cynthia Crain and Dwight Lee. (ISBN 9781599351807)

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Published in: on July 30, 2012 at 12:40 pm  Leave a Comment  
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