University of Virginia Library

Friedman: Satan Or Sage?

It is not our usual policy to mention in
these columns the arrival of particular
individuals on the Grounds-especially when
they are to be here only two days. However,
the Department of Economics' conference in
honor of Professor Milton Friedman is a
noteworthy event–not because Friedman is
nearly a household word (although he is
unusually well-known for an economist)–but
because he is so widely recognized for his
contributions to economic and social
thought.

Now that may sound a bit overdone to
those who remember the name Friedman only
in connection with the Goldwater campaign
of 1964. Actually, the role of economic
advisor to Senator Goldwater was but a brief
interlude in a career which has in some ways
fundamentally changed the scope and outlook
of economic theory.

Unfortunately, many people, including
those who study economics in some detail as
undergraduates, are vexed by a deep
misunderstanding of much of what
"economics" is. Most often, politics and
economics become inexplicably confused,
especially by people who are politically
hyperactive. Thus, "the market" is equated
with "conservatism," or "Keynesian
Economics," is defined as the "New Deal."

It is this sort of confusion that inevitably
plagues an avid supporter of the market
system like Professor Friedman. Almost no
one understands the complex work he has
done in microeconomics or even in the more
visible area of macroeconomics. Yet everyone
seems to know that an economist who
supported Goldwater is necessarily an archaic
fool who never noticed the demise of
mercantilism or the advent of inflationary
recessions.

Not only has Professor Friedman been
acutely aware of the trends in economic
theory and government policy, but he has
been one of the most incisive protagonists in
current intellectual debate. His birthday, the
occasion prompting this conference, will be
celebrated with him in Charlottesville by
many distinguished people who have been
greatly influenced by his work.

Professor Friedman allegedly plans to
devote a considerable portion of his
appearance in Cabell Hall today to answering
questions. For those who despise him out of
differences of opinion, it will be a sterling
opportunity to engage him with questions.
For those who despise him out of ignorance,
it will be a perfect occasion to sit back and
learn something.

It should make a splendid birthday party
for the dismal scientists.