Simple Man Politics

I was looking through all of my stuff I have in a folder I call political stuff. This is a folder on my machine that I keep in the hopes of one day actually writing about some of the stuff in it. Anyway I came across a transcript of an interview between Milton Friedman and Phil Donohue that took place way back in 1979. I also found a part of that interview at YouTube and watched it and it was very interesting.

Milton Friedman born July 31, 1919 and died November 16, 2006 was an American economist, statistician and well known public intellectual. He has also won the Nobel Memorial Prize in Economic Sciences, and was well known for his research into consumption analysis, monetary history and theory, and his demonstration of the complexity of stabilization policy.

Milton Friedman was based out of the University of Chicago he had great influence in shaping the entire profession as well as its research agenda. He wrote many different articles, papers, and books on microeconomics, macroeconomics, economic history, and public policy issues. He also did several television, video and lectures on these subjects also. He was also a leader of the Chicago School of Economics, which is at the University of Chicago.

Milton Friedman was originally a Keynesian supporter of what was called the new deal and an advocate for higher taxes. His belief system ultimately changed and he became a staunch supporter of the capitalist system and at one point even refuted his former Keynesian beliefs by claiming that monetary policy could have prevented the great depression and said that Keynesian policies would cause stagflation.

He points out in his interview with Phil Donahue that there has been no successful economy that did not have a capitalist agenda and free trade and that history proved this theory. He also debunked Donahue’s attempt at proving that a capitalist society rewards those willing to manipulate the system and that those who can’t manipulate the system or who have higher virtues suffer.

Anyway I just thought I would write a little about this historically important figure who was instrumental to the success of our economy. If he wasn’t influenced so much by his close friend George Stigler he would not have advocated many of the policies that made our economy the envy of the world under such figures as Ronald W, Reagan our 40th President.

I am including the Donahue interview video for you to watch. I hope you all have an excellent day, CIAO4NOW!!!!!