Milton Friedman
Genius, or moron? Discuss.
Also I'm curious. Are most people on here economically conservative or liberal?
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I'm a passionate proponent of socialism.
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Friedman was an accomplished statistician (http://en.wikipedia.org/wiki/Friedman_test) in addition to being an economic theorist, so regardless of your politics it's rather silly to call him a "moron."
Im not calling him a moron. I think he is brilliant. My favorite economist. I'm just curious on people's opinion of him on this forum. I know many who believe he was a terrible economist.
Relative to the rest of the ilk that the economics establishment spews out he stands favorably in my opinion.
We recite the communist manifesto once a week and pledge 75% of our income to taxes voluntarily. Vive Hollande!He was a brilliant thinker, not a moron, but i think it's more instructive to ask whether or not he was a "useful idiot"...
That is, in being a propagandist for ideas and policies that he saw as liberating, he was actually unintentionally in service of private tyrannies (i.e. oligopolistic corporations) and their state collaborators.
That's an interesting argument to explore.
Friedman was and is a god. Taking his name in vain is sacrilege.
Friedman the economist is rather distinct from the Friedman who's uncontextualised quotes accompany the message board postings of many conservatives.
m friedman wrote for us for awhile
http://www.wallstreetoasis.com/blog/68666
[quote=AndyLouis]m friedman wrote for us for awhile
http://www.wallstreetoasis.com/blog/68666[/quote] Yeah, even though he died the year WSO launched, he still enlightens us monkeys from his grave. Wait, he was cremated, so he enlightens us from his San Francisco Bay ashes.
Fuck Friedman - that prick did more damage to the western world than any other economist.
Brilliant economist, and a heartless asshole.
Not sure why you would think he is heartless.
And damage the western world. L O L
Genius.
The clarity with which he dissected complex issues, cutting through the crap and the jargon, and making it so blindingly obvious and lasting over the ages...
The biggest fallacy proposed by folks like samoanboy and other automatons of our age is that Capitalism and the Free Enterprise system have brought down the West. Nonsense. The West hasn't been capitalist in ages: we've had a mixed economy and endless government interference for decades. All the policies are well-intentioned; their results are what brought us here.
Watch and read Milton Friedman's speeches and work and it'll become painfully clear that our system today is precisely one of the outcomes he warned us about - not the one that resulted from his views.
Friedman was fantastic. He did more to advance classically liberal economics than nearly any other economist. That said, I have to wonder if he would agree with the Fed's interventionist policies since the crisis.
I don't think MF would have agreed with Greenspan keeping rates so low, with the government pushing low income, minority bank lending, with bail outs, etc. What Bernanke is doing is only a response to what Greenspan did and helped cause.
If rates were not kept so low and a push for lowered standards were not done, then we wouldn't have this crisis. Get rid of the mortgage interest deduction also.
next poll topic i'm going to match up friedman vs keynes
This is sad that people say that Friedman cause havoc to the western society when a big parts of his theories where not really applied. He was not in favor of the crony capitalism that is destroying our society he was a defender of capitalism. Badly we're not really in a capitalist system.
slightly biased here, but I love friedman.
Best economist that ever lived.
I think opting against minimum wage laws and government intervention altogether (except in rare cases) is a bit extreme, but I really support his free market views overall.
What would you guys say in response to someone who claims his ideas had a wide range of consequences in the real world, and that he is no longer relevant.
Like him or not, he's one of the most influential economists of all-time.
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