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Milton Friedman, Advocate for Individual Freedom in Economics, Dies at Age 94
As the winner of the Nobel Prize in economics and proponent for individual freedom in economics, Milton Friedman was a well respected and highly sought after advisor in economic issues. Friedman created a modality shift in U.S. economic practices with his strong belief in individual freedoms over governmental regulations.
Friedman’s economic stance called for a sort of rugged individualism, a belief that government should not play the lead role in determining markets, rather allow the people a free market unencumbered by regulatory practices imposed by the government.
Many of his economic theories were adopted by Republican Presidents Richard Nixon, Gerald Ford and Ronald Reagan. Friedman even served on Reagan’s Economic Policy Advisory Board.
Friedman was awarded the Nobel Prize in Economics in 1976. He died today in San Francisco at the age of 94.
