Friday, November 17, 2006

Another loss for the dismal science.

The year 2006 has seen the passing of two towering figures in economics, one, John Kenneth Galbraith, literally so, the other, Milton Friedman, who died yesterday, having an effect on the discipline far in excess of his height. As they differed in stature, so did their views on most issues.

My friend Amity Shlaes has this appreciation of Friedman in today's Sun.

Update: In this Slate article, Michael Kinsley says Friedman was wrong, and Galbraith right, about the ability of free capital markets to price correctly publicly traded equity.

Update squared: Fray friend Rundeep has an answer for Kinsley.