The most important single central fact about a free market is that no exchange takes place unless both parties benefit. — Milton FriedmanÂ
The world lost a giant last night, Millton Friedman passed away at the age of 94. His ideas were the basis of Reaganomics, and the basis of the current tax cuts which have led to a booming economy. His ideas on liberty and free trade andÂ how those are inseparably tied are fundamental to my personal philosophy. He will be missed, and he will be remembered.
Milton Friedman (July 31, 1912 â€“ November 16, 2006) was an American economist who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics, and who was also known for his advocacy of laissez-faire capitalism. In Capitalism and Freedom (1962) he advocated minimising the role of government in a free market in order to create political and social freedom. In 1976, he won the Nobel Prize for Economics for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy. His television series Free to Choose aired on PBS in early 1980. It became a book, co-authored with his wife, Rose Friedman. The book was widely read, as were his columns for Newsweek magazine.