76-03-B5
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Milton Friedman # 1
TranscriptThe Nobel Prize for Economics was recently awarded to Professor Milton Friedman of the University of Chicago. Let's see why he deserves it. I'll be right back. Every so often the recognition that individual enterprise is better than government interference comes from a surprising source. So it was with this year's Nobel Prize for Economics. The Swedish Royal Academy of Science awarded the economics prize to Professor Milton Friedman of the University of Chicago, a lifelong advocate of individual liberty and the free enterprise system. The prize is also, however, for his ideas and beliefs, and I'm sure that Professor Friedman would be the first to say we were remiss to honor him personally without recognizing the importance and value of what he stands for. Apparently, the Swedish Royal Academy recognized this. We are told that the award followed an unprecedented and heated two-hour debate among the members of the Nobel committee. No one can seriously question Professor Friedman's character of intellect, so they must have been debating his ideas. And, to the Swedes who, for 43 years, have lived with Socialism, free enterprise must indeed seem a strange and fearful idea. To those of us raised on it, however, free enterprise is hardly fearful and is much more than an idea. It is the economic mechanism by which the United States, in only 150 years as a nation, achieved the highest standard and quality of living in the world. And despite constant assaults from Socialism and the ever-increasing constraints of government regulation, the free enterprise system in America remains the chief protection for individual liberty and the best hope for future national progress. The Swedes apparently became quite emotional over the selection of a free enterprise advocate. And yet, Professor Friedman's advocacy is not based upon emotion. It is based upon a lifetime of sound, scientific research and analysis, a body of scientific work which the Nobel committee, in good conscience, could no longer overlook. The Swedish Royal Academy of Science deserves congratulations for its recognition of Professor Friedman, his work and his ideas. Next time I'll explore some of these ideas and how they affect our daily lives. This is Ronald Reagan. Thanks for listening. |
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