Was economist Milton Friedman a force for good or a force for evil?

Answer 1

What kind of question is that?
Uncle Milty was likely the most influencial economist of the last century, if not all time, for his understanding of the effect of monetary policy on inflation.

Obviously you have never experience inflation...if is evil and it destroys people. Milty cured it.

Everyone in the world with economic sense thinks highly of Alan Greenspan's policies...and he learned it from Milty.

Answer 2

Poor guy was an economic genius but a political fool. His most famous and controversial contribution was his involvement in the economic reform in Chile, although he made several other major contributions. He advised the government on economics with the help of the Chicago Boys who were Chilean graduates of the University of Chicago (which is still a great school in econ)

The way he went about advising the Chilean government lead some controversy about his affiliation with the military dictator Augusto Pinochet (bad man), which oddly enough is never a good position to be in. Later he received a Nobel Prize for his economic ideas. Many protestors were there to meet him when he was awarded the prize. He was actually heckled during the presentation. His opinion was that the hecklers were all communists angered by the idea that he was speaking out about free markets in countries where communism was the economic policy.

The movie "Evita" is set on events that occurred several years before Milton Friedman made his appearance in Chile.

Basically to make a really long and interesting story short and somewhat uninteresting in Chile there was a socialist president (Salvador Allende) who screwed up the economy even more than it already was (as most socialists do). He was overthrown by a military man (Augusto Pinochet) who became the dictator of Chile for a time. Their economy still sucked.

Milton Friedman was a famous economist at the time. He was requested to speak in Chile. While there he made a speech that basically said the implementation of economic freedom would lead to the downfall of a dictatorship. He was speaking directly against Pinochet when he said this. Despite this speech, the recommendations Friedman made to the Chilean government were implemented, although not as he suggested. Chile had an unbelievably high inflation rate. After the implementation of the new financial policy (which basically converted Chile from communism to a free market economy in a day) Things worsened substantially for a short time. At one point the unemployment rate reached 30%. This also fueled the controversy surrounding his Nobel Prize. After the shock the economy picked up and became one of the fastest growing economies in the world.

Good man. Although I’m glad I am not him.

Answer 3

You can't call Friedman evil. Would you call Einstein evil because he developed the theories that underpin making an atom bomb? No economist has ever been completely right.
Just because he wasn't always correct doesn't mean that he was a bad person.

Answer 4

In the great economic and political debates, we should be thankful for the fact that there are so many contrasting theories to choose between. But on the whole, I feel using only his and none of the rival writers' and scholars' thoughts leads to a world where the rich rule, the rest suffer, and even the rich are doomed when their welth is stolen away from them. So due consideration to the others (Keynesian; Austrian School; diverse dissertations) and not too much adoration to him for stating the bleeding obvious, but having no solution to the problem of poverty and mass-unemployment other than fidgeting about a little with the interest rate.

Answer 5

I am a 'central-left' social scientist, I think he had great contribution to the study of economics as well as practical policies in the real world.

Most people would agree that Chile since 1980s and Hong Kong were very successful economies. And in the 1980s UK were tranformed from the 'sick man of Europe' into a relatively strong economy in Europe. Despite many 'side effects'

Answer 6

Milton Friedman was an independent economist.When the Keynesian economists wanted to prove all economic phenomena are short term and classical economics was simple foolishness,Milton Frredman cleared the confusion and reinstated classical economics as long term truth.His contribution to Theory of Economics is invaluable.He was a true guide.

Answer 7

He was a force for good which is why the majority of participants to the question are well fed, comfortably dressed, obviously intelligent, educated and in possession of material goods like your nice looking computer, what people do with his theories is best left to the realms and influence of the subject politely known as politics.

Answer 8

A toy rat for the fatcats to play with, Friedman peddled his mind to the highest bidder and glorified parasites and bandits, as long as they were from the upper class. Chanting mumbo-jumbo concocted in the sheltered ignorance of academentia, Friedman preached to a choir of low-IQ Biz Skul graduates, who went on to infest corporate castles, passing on ungrammatical memoranda to one another and calling themselves producers.

The only market force is force itself. A free market means that whoever controls a market is free to do whatever he wants. If you applied Friedman's anointed but silly theories to traffic, there would be no stop lights or speed limits and eventually, "All the bad drivers would get themselves killed and this market would develop into traffic with only good, safe drivers left."

Answer 9

Milton Friedman was a great man.
He truly valued and promoted liberty in addition to his economic prowess.

Edited to Say:
You will notice all the people who do not like him are so eloquent and thought provoking. One could only hope to achieve the level of sophistication and nuance they possess.
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Answer 10

I agree wholeheartedly with checkmate - well said, my friend.

MF was one of the cleverest bampots you'll find on the Planet and undoubtedly a force for evil because, like ALL other economists, their theories are based on flawed premises that are too limited to be of any use to anyone.

Economists are among THE most dangerous groups of people in the World - far, far more dangerous than AIDS, Al Qu'eda or human-variant bird flu.

They're stupidity is directly responsible for the deaths of millions of innocent women and children in Africa and the so-called 3rd or "developing" World.

And when they get it wrong, they refuse to accept ANY responsibilty for the deaths and misery they cause by hiding behind the false excuse that it was the politicians that implemented their theories.

Economists are so primitive and limited in their thinking that they should be banned from stating anything publicly, have their academic status diminished to that of a pre-school subject and learn how to become human.

Hope this answers your excellent question Thank you..

Answer 11

Evil bastard. Look how Thatcher screwed up Britain. And economic theory does favour short term. We can't anticipate the kind of world our children and grandchildren will live in. If there was no inflation there would be no growth. Monetary economics suit the rich. Keynsian the rest of us. Like in all walks of live we need a bit of everything, not any one extreme. Hope Thatcher soon follows Reagan and Friedman (Doesn't Friedman mean Dead man?)