Milton Friedman died at 94 years of age last week. Friedman was the maverick economist who implemented monetarist policies beginning with the administrations of Ronald Reagan and Margaret Thatcher. As a fervent free-market thinker, he showed how we can make our economy less vulnerable to catastrophic collapse by making each component sector more vulnerable. This involves deregulation, supposedly unfettered competition, floating the currency and constraints on government spending. The jury is still out on how effective it will be in the long run.
One of Friedman's famous quotes was, “In the long run, we're all dead.” Well, he's dead, but you've gotta admit that 94 years is a pretty long run!