America Needs a New Milton Friedman

Milton Friedman had many ideas that I disagree with, and others that I think haven’t stood the test of time. But there’s no denying his influence over the world of economics; he was one of the field’s greatest popularizers and explainers. Friedman’s 1980 television series, "Free to Choose," introduced a combination of basic economics and libertarian political ideology to a generation of Americans. With books such as “Capitalism and Freedom” and “Free to Choose: A Personal Statement” (co-authored with his wife Rose), he became one of the country’s premier public intellectuals. For many Americans, the face of Milton Friedman is still the face of economics.

But the world has moved on from 1980. Many of the free-market policies Friedman advocated were implemented, though doubtless not nearly as many as he’d have liked. Though some politicians are still pushing for yet more Friedman-inspired reforms, there are indications that many of the biggest gains have already been reaped. Meanwhile, economists now generally favor as much or more government intervention in the economy as the general public. This doesn’t mean Friedman was wrong -- it just means that there is probably little left to gain from having economists go out into the world and persuade people to embrace free markets.