Milton Friedman, my teacher and friend, was born on this day in 1912.
Widely understood to have been one of the foremost economists of all time, with a mastery of quantitative aspects of the study of economics, he was also a moral philosopher with a remarkable ability to explain big things in simple terms.
He said:
“The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.”
May his memory be forever as a blessing.
