Speaking to the University of Chicago Magazine for November-December 2006 issue, Prof. Kevin Murphy states, “A really smart person will come up with what you would come up with,” Murphy answered, “only faster. A genius will come up with something that you would never come up with, no matter how long you worked on it.”
Without doubt, Milton Friedman is one in that category. Not only were his ideas very influential in the field of economics but his particular approach aided in giving it the respectability that it has as a scientific endeavor. Added to this is the fact that he was part of the intellectual establishment now recognized as the Department of Economics of the University of Chicago. That establishment has been assigned it own label and mark, known as Chicago approach to economics.
That he received the Nobel prize for economic sciences is not a surprise. Farewell Milton Friedman,but the discipline of economics lives.
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