Milton Friedman, the economist, the last great economist of the 20th century you might be told died the other day, and I know that for most of you this doesn't mean a whole lot, but considering that I'm slowly developing more and more of a taste for economics it has showed me that the day is now for new big economist to pop up and give out new theories or more appealing theories to explain the human nature of wealth and how to fix issues such as poverty and what governments can do to fix these (by the way governments are a burden, they do nothing but attempt to fix chaos in which they add chaos, sorry Anthony it's true, and don't worry NATO is no better in an economist view). Though Friedman worked with alot of politicians and their campaigns and gave advice, he said this was the only view governments could contol:
"The only thing government should do to control the economy was to control the supply of money. Inflation was caused by too much money chasing too few goods. He was an absolutist on this point, holding that inflation was "always and everywhere a monetary phenomenon."
In a way though governments still don't do that, taxes definetly don't help the situation and the fact that governments protect there base rather than allowing free trade it has caused many problems between governments and the economy.
Enough about economy though, it's a sad loss for the community but he did leave a legacy for new economist to follow.
It's all about practice, or not practicing, and well to cheer the mood in the blog I'm leaving you with a bit of a classic pressconference, one that I can watch over and over again, my favourite is his ending comment to it all.
4 comments:
HAhahahahahaha!
One of my favourite press conference interviews of all-time.
By far.
We ain't here to talk about the game....we in here talkin' about practice.
oh man.
Thanks for that.
PeaCe =)
Being away from the computer for an entire day meant I did not here about MF's passing. Indeed, without a doubt he was one of the greatest economists of the 20th century. While I have heard lots about him I do not know much about his ideas. From what I have read on your blog he appears to be the ultimate lassiez-faire proponent. I'm sure he has answers to my questions but I believe there needs to be some government involvement in the economy. From ensuring a minimum wage to protecting unions. The extremes of capitalism can be unnessecarily destructive.
Hahaha. Great interview!
Milton and his wife Rose had a grear film series PBS picked up some 20 years ago. It had so much logic and common sense, I think it drove the Keynsians nuts. I urge you to also check out the late Austrian Economist Ludwig von Mises.
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