Milton Friedman on Greed on Donahue

Via economist extraordinaire Don Boudreaux comes a reminder that Milton Friedman died a year ago Sunday–and a clip of Friedman on the old Phil Donahue show wherein our hero defends "greed." Or more accurately, how free market systems harness self-interest in such a way as to benefit everyone, especially the poor.

reason had a long and warm relationship with Friedman, who contributed to our pages and, far more importantly, to the increase in freedom the world has seen since our first issue hit the stands in May 1968. Beyond any ideolgical issues, Friedman remained the paradigmatic public intellectual. As I wrote in our February 2006 2007 issue:

He provided an all-too-rare example of a public intellectual who was scrupulously honest, forthright, and fair in every debate he entered. As such, he provides a model that all of us might follow, whatever our
ideology.

When I heard the news of Friedman's death in November, I thought of the haunting eulogy of the great Finnish runner Paavo Nurmi: "When nature removes a great man, we explore the horizons for a successor. But none comes and none will, for his class is extinguished with him."

I hope not.

Go here to read "Quotations from Chairman Milton," selections from his reason contributions.

And go here for more reason articles by and about Milton Friedman.