Friday, November 17, 2006

Milton Friedman Dies aged 94

But seasonally adjusted, he died at 103.

Friedman's brand of "individual freedom above all else" in economics and monetary policy suits the rulers, the owners and the employers. His view that the State should not have control over wages equals a race to the bottom for low paid workers. No one has the "individual right" to decide someone else's economic fate in the name of freedom of choice.

Friedman may have been seen as a genius, and had influence over many a US president, but there was a major flaw in his economic argument regarding "if you allow the individual the freedom to have full responsibility for himself and his actions, this will lead to a higher moral climate in society." That flaw is the real world. In the real world, (most) economic power corrupts.

In fact, it's possible that Friedman's biggest influence has been the notion of "freedom loving nations" - a term that Bush likes to use regularly, and what "freedom loving" actually delivers, is an impingement on someone else's freedoms.... such as "free trade" actually meaning "farm subsidies".

If you want to find out more about freedom loving people and their economic viewpoints, click here.
I'm NOT being ironic this time......

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