RIP Milton Friedman

Milton Friedman passed away yesterday at the age of 94, leaving behind a country that was improved by his existence. The contributions he has made to the field of economics are invaluable. Every patchouli-addled Green and more than a few so-called free market types could benefit from a strong dose of Friedmanesque positive economics. And if there's any justice in the world all of the workers at the Fed and the BEA should pour into the parking lot after work tonight with candles while Chairman Bernanke stands on the hood of a car strumming tribute songs on his trusty guitar.

Friedman advocated smaller government, freer markets, monetarism as a means to control inflation, and a purely negative income tax as a way to eliminate welfare. He also took a deregulated view to human behavior, and was a strong libertarian on everything from drug policy to school vouchers. A child born to family of Jewish/Hungarian immigrants died a century later as one of the greatest thinkers in the American pantheon. His work ultimately helps mark the difference between the way the Western world should work and the way it actually does - and shows us why the results are more fair and generous than you would ever expect.

Tags: Milton Friedman, Monetary Policy, Capitalism