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FBN’s Gerri Willis looks back on Milton Friedman’s economic views on what would have been his 100th birthday.
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Well not long after I landed at business school now many years ago I finally self assigned to read this.
Capitalism and freedom.
Not a big book I was glad because it is short about 200 pages but oh how this slim little volume open my eyes.
That's because Friedman explains how capitalism helps us achieve economic freedom and political freedom.
Ideas by the way that had never been discussed in my hander Greg career in political science not even a whiff of that according to Milton Friedman greed is good.
Individuals operating in their own best interest is in the best interest of the society that wants to grow expand.
Innovate get better.
The book itself is now -- its fortieth anniversary printing some 100 other books -- this book.
Perhaps it's not so surprising that this son of working class Jewish immigrants from -- -- Slovakia.
Would grasp the importance of freedom and articulated sources so well.
At the economist didn't just influence others and his profession but served as an unofficial economic advisor to president Ronald Reagan.
He influenced Margaret Thatcher.
He even took on legendary talk show host Phil Donahue in at classic smack down over thirty years ago.
Donahue was schooled by Friedman on the lessons of the free market.
When -- -- you said capitalism was to blame for so much inequity in the world.
Freeman stated that the only case in recorded history where nations pull themselves out of poverty was through capitalism and the free market.
And his message today is as resonant now -- the was in the 1980s when his books received a fresh reading.
To those who would say that big business is the problem in this world.
The message was simple the probe found.
And the operation of the free market is so essential.
Not only.
To promote productive efficiency but even more.
To Foster harmony and peace among the peoples of the world just.
-- more to say some of the pretty funny for an economist here's a sampling.
He said nothing is so permanent as a temporary government program true right.
And this if you put the federal government in charge of the Sahara Desert in five years there'd be a shortage of sand.
And one I know -- like I'm in favor of cutting taxes under any circumstance.
And for any excuse for any reason whenever it's possible.
That's pretty good right.
Milton Friedman would have been a hundred years old today happy birthday to the man credited with saving capital.
