Thursday, November 16, 2006

Milton Friedman 1912-2006

The legendary economist Milton Friedman passed away yesterday. He was 93. With all due respect for the dead, I hadn't realized he was still alive. Friedman was one of those guys who I thought of within the context of Adam Smith (laissez faire) and John Maynard Keyes.

Friedman is legend in the world of academic economics and due to all my businessy education I've studied his theories pretty steadily throughout my academic career. Friedman is the man who came up with the theory of stagflation (rising unemployment rates coupled with rising inflation), one of the most important economics theories to arise after WWII.

It's always weird to have something that you imagine is dusty and old to pop up in your current events.

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