Thomas Siems of the Dallas Fed contributes an excellent article on Milton Friedman’s legacy in today’s Wall Street Journal.
The great idea Friedman espoused vigorously over his long career was that freedom works. The more people enjoy freedom (personal, ecomonic, all varieties equally important), the more peaceful and prosperous any society will be. He didn’t care much for most politicians because they are eager — for their own advancement — to whittle away at freedom because it is often expedient for them to do so. Your average voter doesn’t understand the long-term implications of the gradual loss of freedom and politicians are good at taking advantage of that.
One famous Friedman anecdote: He had been among Nixon’s economic advisers and had argued against wage and price controls. Nevertheless, for short-run political gain, Nixon imposed controls in 1971. Afterward, Nixon, Friedman, and George Schultz, who was Nixon’s chief adviser met in the Oval Office and as Friedman was leaving, Nixon said, “Milton, I hope you don’t blame George for this.” Friedman turned and said, “No, Mr. President, I blame you.”
