Why is there no Milton Friedman today?

This question was put to economists recently. Tyler Cowen, of Marginal Revolution, responded here.

Here’s an excerpt of his response:

In some respects, if there is a Milton Friedman of today, it is Paul Krugman, who both has a Nobel Prize and has a very large popular audience and considerable skills as a communicator. Of course Friedman’s contributions as an economist were far more fundamental. Arguably Friedman deserves three or four distinct Nobel Prizes, while no one would say the same about Krugman, even though most of his serious critics readily would grant he deserves the one.

What about the differences in political orientation? The great policy battles of Friedman’s day were defeating communism and planning, moving away from naive Keynesianism, privatizing, and overcoming an excessive belief in regulation. And today what goals are perceived (correctly or not) as comparably important? Improving income inequality, fixing health care, and reining in the banks. The cynic might toss in ‘fighting austerity and returning to naive Keynesianism.’ It should be no surprise that today’s closest equivalent to Milton Friedman—in terms of being an iconic, popular, Nobel Prize-winning economist—should come from the left rather than from a conservative or a libertarian viewpoint.

I agree, but I would add a few observations. The differences between Friedman and Krugman run deeper than political orientation.

Friedman encouraged and facilitated productive discussion. He didn’t (at least to my knowledge) personally attack his critics. He engaged them and made his points on merit. Friedman got people to think and changed minds.

Krugman muddies the discussion with personal attacks and straw men representations of his opponents’ positions. He doesn’t encourage or facilitate productive discussion. Rather, he polarizes.

As a lad, I saw Friedman on the Phil Donahue show. I had no idea who he was. In fact, I had no cognizant recollection of seeing him on Donahue until I watched Youtube videos of those appearances in the last few years.

But, when I re-watched them, I was taken back to my pre-AC and pre-cable TV days. On a hot summer afternoon, with five channels on TV, Donahue was a last resort from boredom…usually coming after watching Beverly Hillbilly and I Love Lucy re-runs for the umpteenth time.

While I didn’t have much idea what he was talking about, I found his style refreshing. He didn’t get sidetracked with fallacies or caught up with noise making. He simply presented his case. When challenged, he addressed the challenge instead of avoiding it, which stood out to me.

He also struck me as someone, if given a challenge that he had handled a hundred times before, would stop and think about it and give it due consideration.

 

Even at that young age I seemed to notice that productive discussion was rare. That when challenged, folks just repeated their talking points (perhaps with more fervor), but thought it best to not acknowledge the challenge.

So, while Krugman may be today’s Friedman when applying a simple filter (an economist, with a Nobel Prize and a large popular audience that matches with the political trends of the day), he doesn’t have Friedman’s penchant for productive discussion. I don’t get the sense that Krugman changes minds to his way of thinking. Rather, he provides cover for people who already think his way.

Advertisements

7 thoughts on “Why is there no Milton Friedman today?

  1. Oftentimes, Tyler makes me want to vomit. This is one of those times. Calling Krugman the Milton Friedman of our times because they both won a Nobel and were good communicators is like calling Ronald Reagan the Adolph Hitler of the 80’s – they were both leaders of their nation and were popular speakers. But that’s about as far as the comparison goes. In fact, I would go so far as to say my analogy, Krugman is to Friedman as Hitler is to Reagan is quite apt. Friedman and Reagan were not only good communicators, they were firm, but polite gentlemen who refrained from angry, nasty attacks on their opponents. Hitler and Krugman used and use lies, deceit and personal attacks in place of reason and are known for their anger and nastiness.

    Of course, we could take Tyler’s comparison one step further and note that “in some respects” Tyler is much like Karl Marx – they both are/were economists and the both played chess.

Comments

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s