Farewell, Freedom's Friedman

Milton Friedman passed away last night. I held a moment of silence and decided to write down my thoughts about him.

1912 - 2006

It was a rather sad moment for me when I came to know about his passing from Wall Street Journal. Friedman was a great champion of intelluctual curiosity. He refused to yield to establishment and seeked out truths where they matters. Because of his bravado, our economic universe is a better, safer place today than it was half a century ago. He will probably be most remembered for his "theory before fact" Expectation Augmented Philips Curve, the IS-LM, AS-AD model for Mid-run equilibrium, and his famous words, "Inflation is anywhere and everywhere a monetary phenomenon."

I remember watching Friedman receiving his Nobel prize in CBS's "The Commanding Heights", how he was shamed by the audience as he stood up upon the pedestal to deliver his prize winning-speech, and how he replied with cool silence, knowing all-too-well that truth speaks louder than hurled abuses and cream on his nose and shirt. He is such a small man, yet his great belief in his work and values made him a giant above all else in his field, and he still is today, in mind and spirit, and in the textbook of every student learning about macroeconomic in college.

Thanks to him, and many of his friends, macroeconomics is a better understood beast and can indeed help save lives. Farewell Friedman, you will be missed.