Were he still alive, Milton Friedman would have turned 96 yesterday. Friedman was one of the leading post-war free market economists, encouraging less government intervention and more responsibility for the individual. Friedman's success rest of his relentless ability to do what economists, almost by nature, are unable to do: speak about complicated issues in understandable terms. While most of his academic work centered around price-theory, he earned the 1976 Nobel Prize in Economics for his work on monetary policy.
Two quotes from Friedman sum up his thoughts on price theory quite well.
"Governments never learn. Only people learn."
"If you put the federal government in charge of the SaharaDesert, in 5 years there'd be a shortage of sand."
The opinions expressed on this blog by individual writers do not necessary represent the views of the Beacon Hill Institute but they do intend to foster new thinking on the major public policy issues facing the Commonwealth of Massachusetts.