Writing in the Wall Street Journal when Alan Greenspan stood down as Fed chairman in January this year, Mr Friedman did admit that he had underestimated central bankers' abilities—or Mr Greenspan's, anyway. Third, Mr Friedman laid the foundation of modern theories of consumption.
Keynes had posited that as income rose, so would the proportion that was saved. Economic data bore this out only up to a point: though the rich had higher saving rates than the poor, aggregate saving rates did not rise as countries became richer. Mr Friedman resolved this apparent paradox with a theory known as the permanent income hypothesis, set forth in In a bad year, therefore, they might dip into their savings; when they had a windfall, they would not spend the lot.
It was good enough, with his work on monetary analysis and stabilisation policy, to win him a Nobel Prize in Getting fellow economists to accept your ideas is one thing; transmitting them to the laity in plain English is another. He was a gifted communicator, like many prominent economists from Keynes to Paul Krugman.
For 18 years he had a column in Newsweek.
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Mrs Friedman, whom he met when they were graduate students in Chicago, was a fine economist too and a sharp editor of her husband's work. She survives him after 68 years of marriage. Politicians were keen to listen—most obviously Ronald Reagan. Although Mr Friedman met Margaret Thatcher and her government's policies bore a monetarist mark, she was probably influenced more directly by Hayek than by him.
Mr Friedman was heartened by Reagan's willingness to support the Fed's tight monetary policy in the early s and by his pro-market, small-government instincts, borne out in less regulation and the tax reform of He was disappointed by developments after Reagan left office. He would have preferred Donald Rumsfeld, not George Bush senior, as Reagan's vice-president and successor. An appraisal of the Rumsfeld presidency must be left to counterfactual historians. The Chilean dictator combined ruthless repression with a taste for free markets and monetarism.
He thought they had the economics right, but insisted that his own connection with Chile was much exaggerated by those who took him to task at demonstrations and in print. In he spent six days there, met General Pinochet once and wrote to him afterwards with his economic prescription—a conclusion, he believed, that the Chicago boys had already reached.
If Mr Friedman had a favourite economy, it was Hong Kong. Its astonishing economic success convinced him that although economic freedom was necessary for political freedom, the converse was not true: political liberty, though desirable, was not needed for economies to be free. Why, he asked, had Hong Kong thrived when Britain, which controlled it until , was so statist by comparison? And how much more, Mr Friedman wondered, might America have thrived had it kept its government as small, relative to its economy, as the island entrepot had done?
That lament showed that Mr Friedman, brilliant and influential though he was, did not win all the fights he picked. Far from it. Education vouchers, which he and Mrs Friedman pushed for many years, have gained intellectual respectability but made limited headway in practice. Government spending, as a share of GDP , did not budge much even under Reagan and is much as it was when he left office.
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Should you be curious about Mr Friedman's co-author, look at the photograph above. NBA betting remains one of the most popular forms of sports wagering, with the popularity of LeBron James, Kevin Durant and other stars driving the interest and the action.
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Boettcher is the university's "user experience resident librarian," a fancy way of saying she helps customers find new, more efficient ways of finding the books and information they seek.
In a profile of Boettcher on the school's blog, it says, "Denizens of the Joseph Regenstein Library may recognize Boettcher as the librarian who frequently conducts user testing in the lobby. Boettcher wisely took the day off work on Monday and she declined comment through a "Jeopardy!
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When word of her big win got to the Orange County Public Library in Hillsborough, North Carolina, Boettcher's employer for 11 months in , librarians there had to shush themselves. Boettcher's former colleague, Allah said she recalled her one-time co-worker always being friendly and intellectually curious. He is James Holzhauer, not Houlzhauer.