Liberally Conservative

"Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free....... ~Ronald Reagan~

Friday, November 17, 2006

Milton Friedman - The Economic Model

Milton Friedman died yesterday but he will leave a legacy in the field of economics that will last forever in the free world. Anyone claiming to be fiscally responsible should follow his lead and adopt his principles for balanced budgets, less government and free markets.
Dr. Friedman shaped the notions of capitalism and less government intervention. He believed free markets would effectively shape economies. As the Wall Street Journal writes:
A diminutive man known for his strong-willed and combative style, Mr. Friedman provided the intellectual foundations for the anti-inflation, tax-cutting and antigovernment policies of President Ronald Reagan and British Prime Minister Margaret Thatcher and an era of more-disciplined central banking. His ideas helped to end the military draft in the 1970s, gave birth to staple conservative causes such as school vouchers and created the groundwork for new economic views about the Great Depression, unemployment, inflation and exchange rates.
"Among economic scholars, Milton Friedman had no peer," Federal Reserve Chairman Ben Bernanke said yesterday. "The direct and indirect influences of his thinking on contemporary monetary economics would be difficult to overstate. Just as important, in his humane and engaging way, Milton conveyed to millions an understanding of the economic benefits of free, competitive markets, as well as the close connection that economic freedoms bear to other types of liberty."
I never had the opportunity to meet or study under Mr. Friedman, however I had two economics professors who were his students and taught monetarist theory in their classrooms. These lessons cemented my conservative fiscal values and continued belief in free markets and less government as remedies for poor economies.
"No one in the 20th century has had the ideological influence that Milton Friedman has had in moving the economic profession from Great Depression-era do-goodism towards a friendliness toward, and appreciation of, the free market," said Paul Samuelson, a fellow Nobel laureate and frequent ideological opponent of Mr. Friedman. "We've lost a giant in economics."
It would be nice if our politicitians were smart enough to understand Monetarist Theory and apply it into fiscal policy. At least Federal Reserve Chairman Bernanke is at the helm and will be a guiding light for fiscal Conservatism, free markets and capitalism. We can thank Milton Friedman for his contributions. "There is no such thing as a free lunch."

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