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Thursday, November 16, 2006

A Tribute to Milton Friedman

There are numerous media reports today of the passing away of Milton Friedman, perhaps the greatest and most influential economist of the modern era.

There are genuinely too many ways to describe and too many things to properly credit him for. These are just some of the things I would credit him for, yet it is probably a disservice to him to keep the list so short:

Nobel Prize winner......

One of the greatest modern economists, if not THE greatest of modern economists......

Will have more name recognition as our time becomes history than Alan Greenspan could even aspire for......

Laissez-faire advocate......

Famous economic author......

Proponent of a more consumption tax basis.....

The reviver of money supply as the tool to increase or decrease economic output.....

Credited as one of the large proponents of free floating current exchange rates.....

Involved in the move toward changing military from a draft system to a volunteer for hire system.....

Even tied to the dropping of the gold standard to a market standard (I recall it as something like "money is worth whatever people think it is worth").....

In a summary, Milton Friedman will be missed. If any foreign government wanted to instill economic changes in the last 3 decades, Milton Friedman was at the top of the list of economists that would be used for consultation. This man transcended modern politics and was respected by many regardless of their political views.

Not all of his theories were loved, but whatever he said was listened to closely and evaluated before any criticism could be handily thrown back. If any of my credits to him are not factual, it is memory errors on my part. I cannot pay enough credit he is worthy of regardless of how much or how little I could say about him. His economic theories will be read about and used for future generations throughout the world.

Jon C. Ogg
November 16, 2006
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