July 31, 2007
Happy Birthday, Dear Milton...
Dallas Fed economist and policy adviser, Thomas Siems, writes a guest editorial in the WSJ today (paid link) on the one man whose greatness we all agree on around here.
Thanks to his unwavering support for free enterprise and open markets, Friedman's ideas have elevated standards of living for a rising share of the world's population. More and more people are free to choose their path in the economy, acting in their own self-interest by engaging in mutually beneficial exchange under the rule of law. More and more central banks have followed Friedman's advice and taken control of money growth; indeed, inflation has fallen around the world in developed economies, emerging markets and even among most less-developed nations. And more and more nations are engaged in trade with each other, seeing new markets as a source of greater opportunities and additional resources.
A great gift to world, 95 years ago. Hat-tip: Everyday Economist Posted by John Kranz at July 31, 2007 3:18 PM