In what may be a fitting death, considering the current big government state of the Republican party, Nobel prize winning economist Milton Friedman has died.
Friedman challenged the economic orthodoxy of his day and advocated an increase in individual freedom and a decrease in the role government played in the economy.
On of the most aptly put tributes was given by current Fed Chairman Ben Bernanke in 2003, when he said that Friedman’s “thinking has so permeated modern macroeconomics that the worst pitfall in reading him today is to fail to appreciate the originality and even revolutionary character of his ideas, in relation to the dominant views at the time that he formulated them.”
He counted Ronald Reagan and Margaret Thatcher as followers of his theories. It is a shame that too many in the Republican party today have lost much of what Friedman demonstrated as correct.