Today marks the anniversary of the birth of Milton Friedman, born on July 31, 1912.
Dr. Friedman was one of the clearest voices for freedom in the twentieth century, and in fact of all time.
Among his many accomplishments was his articulation, along with Anna Schwartz, of the principles of monetarism, in the revolutionary Monetary History of the United States, 1867 - 1960. That paradigm-shifting text argued that the Great Depression was largely caused by the Federal Reserve's misguided monetary policies. The book correctly outlined the connection between the quantity of money and price stability, and had a profound impact on the way monetary policy would be understood from that point forward.
Along with his wife Rose Friedman, Dr. Friedman put forth brilliant and straightforward arguments for the connection between economics and freedom, in works such as their book Free to Choose, which was also made into an outstanding television series. There, as well as in other works promoting freedom, they argued that economic freedom was an indispensable means of achieving political freedom, and that the great advances of civilization have never come from centralized government.
The power of his arguments on this subject of human freedom can still be heard, in his own voice, in the television version of Free to Choose, which is available in its entirety both in the 1980 series and in the 1990 series, at Idea Channel TV. We strongly encourage all of our readers to make it a goal to watch those series, which cover a subject that never becomes outdated.
Dr. Friedman's work was also notable for the gentleness and the humor with which he framed his arguments -- a quality that is sadly lacking in many of the voices arguing over such matters today.
We urge all people everywhere to become familiar with Milton Friedman's work, and his arguments on behalf of economic and human freedom. Please pass this message along to your friends and family.
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