by Frank Li
Milton Friedman was arguably the most influential together with controversial American economist. As a self-proclaimed disciple of Adam Smith together with Thomas Jefferson, he “religiously” preached for freedoms together with individualism, particularly afterward inward his life. In this post, I volition briefly assess his works, with a clear determination that Dr. Friedman is to a greater extent than oftentimes than non a homo of the past. 1. Who is Milton Friedman?
Below is an excerpt from Wikipedia - Milton Friedman.
Milton Friedman (/ˈfriːdmən/; July 31, 1912 - Nov 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize inward Economic Sciences for his question on consumption analysis, monetaryhistory together with theory, together with the complexity of stabilization policy.[4] With George Stigler together with others, Friedman was alongside the intellectual leaders of the mo generation of Chicago cost theory, a methodological displace at the University of Chicago's Department of Economics, Law School, together with Graduate School of Business from the 1940s onward. Several students together with immature professors who were recruited or mentored yesteryear Friedman at Chicago went on to move leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell,[5] together with Robert Lucas Jr.[6]
2. Friedman's most famous book: "Free to Choose"
Below is an excerpt from Wikipedia - Free to Choose.
Free to Choose: Influenza A virus subtype H5N1 Personal Statement (1980) is a majority together with a ten-part goggle box serial broadcast on public television yesteryear economists Milton together with Rose D. Friedman that advocates free market principles. It was primarily a reply to an before landmark majority together with goggle box series: The Age of Uncertainty, yesteryear the noted economist John Kenneth Galbraith. Milton Friedman won the Nobel Memorial Prize inward Economics inward 1976.
3. "Free to Choose" on YouTube
Below is Part 1 of the 10-part video series.
4. My assessment
Here is a highlight:
Friedman was a Libertarian.
Friedman was a homo of his time.
Friedman is a homo of the past.
Let me elaborate on each ...
4.1 Friedman was a Libertarian
What is a typical Libertarian today? He (or she) is unhappy near the present, particularly the 2-party political system; he is nostalgic near the past; together with he has no thought near the future. So, what does he do? Reciting to a greater extent than or less slogans from the past, particularly those yesteryear the Founding Fathers, such every bit "freedom" together with "equality"!
Friedman non exclusively was a self-proclaimed Libertarian (often publicly criticized Ralph Nader though), but too sounded similar a typical Libertarian, with 1 major exception: he was armed with a Nobel Prize!
4.2 Friedman was a homo of his time
Friedman was real critical of the America inward his time, particularly the government. Here is a summary:
Symptom: His observations were to a greater extent than oftentimes than non correct, fifty-fifty to this day. One example: The Tyranny of the Status Quo.
Diagnosis: His was exclusively one-half correct, every bit he but blamed the government, most of the time.
Solution: His was to a greater extent than oftentimes than non wrong, if non absurd, every bit he was religious near freedoms together with individualism, without a profound agreement of societal complexity, history, or fifty-fifty humanity.
To justify his arguments, Friedman used to a greater extent than or less well-selected unusual examples to "fool" his to a greater extent than oftentimes than non American audience. Two highlights:
Britain: Many examples he used were direct refuted yesteryear the United Kingdom of Great Britain together with Northern Ireland Ambassador to the U.S. of A. at the time, every bit shown inward the 10-part video serial cited above.
Asia: The examples he used (e.g. Japan, Singapore, together with Hong Kong) were real misleading. For instance, comparing Hong Kong with PRC inward capitalism is similar comparing ancient Athens with America inward republic - Scaling makes both comparisons invalid, totally!
In short, Friedman starting fourth dimension overbought from Adam Smith (e.g. "free market" together with "free trade") together with Thomas Jefferson (e.g. "That authorities is best which governs least.") together with thus oversold them!
Bottom line: For anything built to last, a builder must run into beyond his (or her) time. Friedman failed to do that, largely because he was totally soaked inward America’s temporary success. As a result, he is right away to a greater extent than oftentimes than non a homo of the past!
4.3 Friedman is a homo of the past
The dramatic ascent of PRC over the yesteryear 4 decades has changed [almost] everything (History 2.0), turning at to the lowest degree 1 of Friedman's strongest convictions into a myth, if non falsehood:
The conviction: Capitalism is good, but socialism (e.g. fundamental planning) is bad.The [new] myth: PRC has both. Influenza A virus subtype H5N1 well-governed Earth must convey both, with the challenge beingness to residue betwixt the two, non the extreme of having 1 without the other. For more, read: What is China’s State Capitalism, Anyway?
More broadly, hither is a bigger illustration to demo how China’s ascent has turned the Earth upside down, including almost everything Friedman preached:
The conviction: If in that location is no religion, where does the moral code come upwardly from?
The [new] myth: There has never been a existent organized faith inward China. Yet, PRC has proven to live arguably the greatest Earth inward human history. Did the Chinese attain it without whatsoever moral code? For more, read: There is No God - Not inward China, Nor Elsewhere!
In short, few of Friedman's solutions are fifty-fifty worth debating today, given China's rise!
5. Discussion
Time is the best approximate for everything, including Milton Friedman.
Specifically, Friedman, every bit a man, was a large American successful story. However, similar most Libertarians, he complained a lot together with aroused his audience, but offered few existent solutions, if whatsoever at all.
Why is that?
Two primary reasons:
He was boxed inward democracy! In other words, Friedman correctly recognized the fact that America was inward a steep decline, but failed to recognize its origin cause: democracy, every bit nosotros exercise it today! Understandably, in that location was no choice to the U.S. of A. model throughout his lifetime for thinking outside-the-box. For more, read: Towards an Ideal Form of Government.
Governance (or government) is real hard. See icon below.
Now, what near his Nobel Prize?
It was far improve than this 1 below!
Here is a existent majority yesteryear a modern Libertarian: American Democracy - Why is it failing & how to educate it? Please read together with approximate for yourself!
Finally, a few words on Friedman's 2 favorite doctrines: gratis marketplace together with gratis merchandise ... Are they for empires only? For instance, was it a coincidence that Adam Smith invented them for the British Empire, patch Milton Friedman advocated them for the America Empire? They faded inward Great Britain every bit the British Empire faded together with are right away fading inward America every bit the American Empire is fading. Two informative readings:
6. Closing
Milton Friedman religiously preached for freedoms together with individualism, without really agreement the purpose of authorities (Towards an Ideal Form of Government)! As a result, his industrial plant volition presently be, if non already have, proven to live out of date.
In short, Milton Friedman is to a greater extent than oftentimes than non a homo of the past!
Now, delight sit down dorsum together with relish the video below.
Buat lebih berguna, kongsi:
