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Milton Friedman’s The Pencil

in the Free Market by

 

Being able to explain the benefits of the free market and capitalism with just the pencil in his hand is an amazing thing. Milton Friedman did that over twenty years ago in this video entitled simple the Pencil. That video and his ten part series Free to Choose remain a popular lesson in economics classes around the country even today. That might be even more amazing, an economist that’s not only popular, but still popular a decade after his death. That speaks volumes to what Milton Friedman was able to accomplish in his life. He’s still well regarded as one of the most famous free market economists in the world; partly because of the pencil video.

He understood every aspect of the market from prices to jobs and won a Nobel Prize in Economics for his work on various topics. He was also an advisor to the Reagan Administration and helped craft many of the policies that got the U.S. out of the economic trouble in the late 70’s and early 80’s. He’s also said many famous quotes over the years that libertarians love to this day. His quote on instant job creation is a personal favorite.

Friedman was a monetarist though, meaning he supported the Federal Reserve setting interest rates and other policies. Libertarians that oppose the Federal Reserve, also known as Austrian Economists, are at odds with him because of that belief. Although, that was just part of his philosophy, and he’s accomplished so much more for free markets besides that. It’s a sticking point that libertarians should really overlook given everything he’s done. Milton Friedman’s The Pencil and his Free to Choose series have brought capitalism’s ideas to the masses, and he should be appreciated by everyone for that.


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