Milton Friedman has died at the age of 94. Friedman, a rabid free-marketeer and dogged opponent of regulation, inspired generations of conservatives with his theories.
New York Times:
Milton Friedman, the grandmaster of conservative economic theory in the postwar era and a prime force in the movement of nations toward lesser government and greater reliance on free markets and individual responsibility, died today. He was 94 years old.
A spokesman for the Milton and Rose D. Friedman Foundation confirmed his death.
Conservative and liberal colleagues alike viewed Mr. Friedman as one of the 20th century’s leading economic scholars, on a par with giants like John Maynard Keynes, Joseph A. Schumpeter and Paul Samuelson.
Flying the flag of economic conservatism, Mr. Friedman led the postwar challenge to the hallowed theories of Lord Keynes, the British economist who maintained that governments had a duty to help capitalistic economies through periods of recession and to prevent boom times from exploding into high inflation.
In Professor Friedman’s view, government had the opposite obligation: to keep its hands off the economy, to let the free market do its work. He was a spiritual heir to Adam Smith, the 18th-century founder of the science of economics and proponent of laissez-faire: that government governs best which governs least.