20 NOV 06 / "Celebrating the Life of Milton Friedman"

Milton Friedman, one of the most influential economists of the 20th century, died on 16 NOV. A leader in the modern conservative movement, Friedman won the Nobel Prize in Economics in 1976 and the Presidential Medal of Freedom in 1988.

Friedman's political philosophy of limited government and unlimited opportunity for the individual -- that any man or woman should be able to rise as far as his or her God-given talents allow -- was the ideological underpinning of Ronald Reagan's presidency.

What a serendipitous moment it must have been for Milton and his wife, Rose Friedman, when they met at the University of Chicago. They truly were a model for other couples to emulate. And this is perhaps why, in their memoirs about a shared life of astounding achievement, they chose “Two Lucky People” as their title.

We -- and future generations of Americans -- are indebted to the years of work and all that Milton & Rose Friedman accomplished together. Their record of extraordinary success, personal and professional, is well-known. Their service in pursuit of the truth has enriched the future of our country and the futures of freedom-loving countries around the world.

Their speeches and writings have influenced countless policy makers at all levels of government in free societies everywhere. By explaining the genius of the American system, Milton & Rose Friedman encouraged us not to stray from the free enterprise principles that helped make our country great.

The Nobel Prize brought Milton international acclaim, but he also redefined the realm of public policy, advised presidents, and shaped the course of world events. He proved that it’s possible to change the world by changing the way people think about economics, politics, and the role of markets. The power of his ideas and his insistence that we adhere to free market principles helped bring about the economic growth and improving living standards in the decades since the Great Depression.

With his breakthroughs in the areas of monetary policy and macroeconomic analysis, Milton helped a host of other economists gain a better understanding of economic fundamentals, which, in turn, has engendered more stable domestic and international economies. Our downturns are less severe and our growth more sustainable.

Last year's 50th anniversary of the Friedman essay on the need for public school vouchers should also be celebrated. 

America’s universities and colleges -- public and private -- are among the best in the world because students have a choice as to where to spend their tuition money. They must compete for students. As a result, there is hardly one university, one college, or one community college, that doesn’t produce an educated graduate.

Unfortunately, the same cannot be said for America’s system of public education in the K through 12 grades. 50 years ago, Milton observed that the public schools desperately needed an injection of competition.

Reforming the public schools around the country has not been easy. Those who benefit from the status quo have fought school vouchers every step of the way. But where school vouchers are now available, there has been dramatic improvement in the performance of both teachers and students.

Government at the local, state, and federal level has attempted to improve public education by increasing funding, implementing standards and testing, and requiring the credentialing of teachers; but much more reform is necessary. The present model is not only broken, it is wrong-headed and un-American. Too many schools are failing too many children in districts where there’s no incentive to change. School choice provides that incentive.

If we can introduce competition into the system, we can generate more innovative and creative educational methods; and as our children do better, they will develop a genuine love of learning. Like the private sector, public school systems will benefit from increased competition. And this, by extension, means that our public school students will benefit.

Today, 50 years hence, school choice in the form of vouchers is still being debated, but we know that it is an idea whose time has come.