RIP, Milton Friedman
A truly great man. The world is poorer (in every sense) with his passing. Russ Roberts was fortunate enough to interview him only a few months ago – his brilliance shone through even at the age of 94. From another interview in 2004:
There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you’re doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost. Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch! Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government. And that’s close to 40% of our national income.
Update: The New York Times has a detailed story and biography.
[...] Today is Milton Friedman day. Friedman is a personal hero of mine, an economist who worked hard to publicise the concepts of freedom and liberty, and who sadly passed away last November. His clarity and forthrightness in explaining his beliefs to the layman won him praise, and deservedly so: The most important single central fact about a free market is that no exchange takes place unless both parties benefit. [...]
Andrew Ferrier’s Blog » Blog Archive » Milton Friedman Day
1 Feb 07 at 14:02:42