Milton Friedman Dies at Age 94

July 31, 1912 - November 16, 2006

"The preservation of freedom is the protective reason for limiting and decentralizing governmental power. But there is also a constructive reason. The great advances of civilization, whether in architecture or painting, in science or in literature, in industry or agriculture, have never come from centralized government."

Milton Friedman, recipient of the 1976 Nobel Memorial Prize for economic science, has died today at the age of 94.

Statement issued by the Milton and Rose D. Friedman Foundation:

INDIANAPOLIS—Today, upon news of the death of Nobel Laureate economist Dr. Milton Friedman, Gordon St. Angelo, president and CEO of the Milton and Rose D. Friedman Foundation, offered the following statement:

America has lost a true visionary and advocate for human freedom. And I have lost a great friend.

Milton’s passion for freedom and liberty has influenced more lives than he ever could possibly know. His writings and ideas have transformed the minds of U.S. Presidents, world leaders, entrepreneurs and freshmen economic majors alike. The loss of his passion, incisive mind and dedication to freedom are all national treasures that we mourn for today.

Milton never chose to slow down; even at 94 he kept fighting to bring educational equality to all of America’s children. And it’s this vision, this drive for educational liberty that the Friedman Foundation will continue to bring to families throughout America.

His impact on my life over the last 33 years was significant. His impact on the world was momentous. Without a doubt, few people have done more to advance civil and economic liberties throughout the world during their lifetime than Dr. Milton Friedman.

Michelle Malkin has some nice links on her post.

From the Hoover Institution bio:

Friedman was awarded the Presidential Medal of Freedom in 1988 and received the National Medal of Science the same year.

He is widely regarded as the leader of the Chicago School of monetary economics, which stresses the importance of the quantity of money as an instrument of government policy and as a determinant of business cycles and inflation.

In addition to his scientific work, Friedman has also written extensively on public policy, always with a primary emphasis on the preservation and extension of individual freedom. His most important books in this field are (with Rose D. Friedman) Capitalism and Freedom (University of Chicago Press, 1962); Bright Promises, Dismal Performance (Thomas Horton and Daughters, 1983), which consists mostly of reprints of columns he wrote for Newsweek from 1966 to 1983; (with Rose D. Friedman) Free to Choose (Harcourt Brace Jovanovich, 1980), which complements a ten-part television series of the same name shown over the Public Broadcasting Service (PBS) network in early 1980; and (with Rose D. Friedman) Tyranny of the Status Quo (Harcourt Brace Jovanovich, 1984), which complements a three-part television series of the same name, shown over PBS in early 1984.

He was a member of the President's Commission on an All-Volunteer Armed Force and the President's Commission on White House Fellows. He was a member of President Ronald Reagan's Economic Policy Advisory Board (a group of experts from outside the government named in 1981 by President Reagan).

He has also been active in public affairs, serving as an informal economic adviser to Senator Barry Goldwater in his unsuccessful campaign for the presidency in 1964, to Richard Nixon in his successful 1968 campaign, to President Nixon subsequently, and to Ronald Reagan in his 1980 campaign.

He has published many books and articles, most notably A Theory of the Consumption Function, The Optimum Quantity of Money and Other Essays, and (with A. J. Schwartz) A Monetary History of the United States, Monetary Statistics of the United States, and Monetary Trends in the United States and the United Kingdom.

He is a past president of the American Economic Association, the Western Economic Association, and the Mont Pelerin Society and is a member of the American Philosophical Society and the National Academy of Sciences.

He also has been awarded honorary degrees by universities in the United States, Japan, Israel, and Guatemala, as well as the Grand Cordon of the First Class Order of the Sacred Treasure by the Japanese government in 1986.

Friedman received a B.A. in 1932 from Rutgers University, an M.A. in 1933 from the University of Chicago, and a Ph.D. in 1946 from Columbia University.

Two Lucky People, his and Rose D. Friedman's memoirs, was published in 1998 by the University of Chicago Press.

Milton Friedman, RIP