The Biz Bucks Blog provides former Biz Bucks students and other busy professionals with a summary and commentary of seminal articles from the opinion pages of the Wall Street Journal. You can be notified of a new posting by subscribing to the blog (enter email in box on right) or by following on Twitter: @BizBucksGuy.
The Man Who Saved Capitalism July 31, 2012 10:00 AM | Tagged as Friedman, Hayek, macroeconomics, Schlaff
Ref: Wall Street Journal 7/31/12 - Page A13, Stephen Moore’s Article, "The Man Who Saved Capitalism”
Today, Tuesday, July 31, 2012 is Milton Friedman’s 100th birthday. Dr. Friedman, who died in 2006 at age 94, was the first and arguably the premier macroeconomist in favor of free enterprise. He was (and still is) one of the most influential figures in American thought. He swam against the tide. His academic peers worshiped the role of government in influencing our economic well being. Friedman rejected that. And he was right! His 1976 award was the first Nobel in economics given to a free-market thinker.
To quote Willi Schlaff, the German political scientist in the 1930’s,
“The thing that’s wrong with socialism is socialism.
Simply put, capitalism has done more for the common person than any other system of economics known to mankind. We just need more honest capitalists. Socialism itself is bereft of virtue.
Bucking his socialist foes, Friedman bravely smiled his way through debates, confounding his adversaries, and never letting a beam of “light”, no matter how small, shine on socialism’s sophistry. For an interesting example, go to UTube and search on Friedman. Some of the clips with left-of-center commentator, Phil Donahue, are as entertaining as enlightening.
Friedman’s last years were devoted to freedom of choice in education. He said, “We allow the market, consumer choice, and competition to work in nearly every industry except the one that may matter most: education.”
Milton Friedman’s principles of free market economics have helped raise over 200 million from poverty since he began his life’s work. Now there’s a deserving Nobel laureate.
To receive email updates when a new post is made, please enter your email address in the box below and click Subscribe.
Use these key words to search past blogs:
1994 97% Alesina Recession Alinsky Allesina austerity Baloney BAT Binz bird kills Bogle Border Adjustment Tax Brulle Bryce capitalism carbon Carbon Dioxide CBO CFTC chains China Churchill Climate Climate Change Clinton Comparative Advantage Crichton Cronyism Cummins Curry Darwin Death panel demographics population economics Denier derivatives Dodd-Frank Drug dynamic Dynamic Scoring education electric car Energy Energy Policy Enron Debt Entitlements Eugenics Fat Fry Flat Earthers fracking free markets free trade Free Trade E-Verify Free Trade Zoellick Freedom Heritage Foundation Friedman gas lines Gas Prices glaciers Global Warming Global Warming Sustainability global warming subsidies IMF Globalization Trade God Google Gore Green Blob Grifo Groupthink Growth Hannity Hayek Hostess Hybrid Immigration Imports index funds Indexing Intellectual Denial investing investment IPCC JFK Joint Tax Kennedy Kerry Keynes Keynesian Keynesian Tax Cuts King Barak Bird Kills Koch Koonin Laffer Lamar Smith Lomborg macroeconomics macroeconomics;static; dynamic MACT Makiel markets Marxist medical care minimum wage Mitchell Model T Moore Morgenthau Navarro Neumark NOAA NY Times Obamacare ObamaCare Rove Health Insurance O'Reilly participation rate Patrick Moore peer review Peer Review EPA Piketty Pipelines plywood Presidential authority Price Controls Pruitt Racial divide Rare Earth Reagan Recession REE Renewable Portfolio Standards Renewables Ricardo Ridley robotics RPS Ryan Schlaff Science science integrity scoring Settled Science Shaffer shortages socialism socialized medicine Solar Panels Solvaldi Sovaldi static steel STEM Stephens Steyer stimulus subsidy sugar Supreme Creator tax policy Taylor territorial taxes corporate taxes Tesla Trade train wreck Trump unemployment wages Wind wind power women Zuckerman