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Blog of Adam Daifallah -- author, journalist, law student. Lover of politics, writing, golf, curling, fitness, fashion, bacon and maple products -- not necessarily (but probably) in that order. Partisan of the Anglosphere. Contact me via email at adam@daifallah.com. This summer I am joined by Keir Wilmut and Omar Soliman.
Thursday, November 16, 2006
Friedman and the monetarist consensus
Usually, this blog doesn't like to write a lot about the story everyone else is talking about, which is one of the reasons people tell me they visit here. But in the death of Milton Friedman, who lived to a hearty 94, consider the following: did his genuis and the immense success of his ideas actually end up hurting what he believed in more than they helped?
A tight money supply, free markets, competition, choice, etc... have won the day in the economic debate throughout the Western world, hands down, for the past two or three decades. Because of these (Friedman's) policies, the West is very rich, and the economic cycle is much less harsh than it has ever been. The middle class is well off. This, in turn, has led to a middle class guilt complex which has resulted in parties that promote increased government spending, more social programs for the less well-off and further redistribution of wealth being frequently (but thankfully, not always) elected.
So are Friedman's ideas victims of their own success? I think one could make a serious case for it.
May he RIP.
UPDATE: Amongst the most interesting and thoughtful tributes are the New York Sun's (special section!) and the Wall Street Journal's.
# posted by Adam Daifallah : 11:02 PM
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