Friedman, Milton

Milton Friedman (1912–2006) was one of the 20th century’s most famous and influential economists, renowned for his depth of analysis, innovative capacity, practical outlook, and persuasive style and for the political influence of his ideas. Friedman conceived economics as a positive science, comparable with physics. Value judgments are consigned to private life and must not interfere with scientific proposals: There is no place for moral criteria in economics. The role of theory is to provide a framework for explanation and prediction. Theory is not validated by the realism of its assumptions but by its ability to generate predictions that are not refuted by facts.

Classical liberalism is perhaps the trait that best defines Friedman’s policy proposals, on two central pillars: individualism and predominance of freedom. The ...