Milton Friedman, possibly the greatest economist of all time, and certainly on the level of Adam Smith, died today.  He was considered the leader of the Chicago School of Economics that arose in direct opposition to the Keynesian model of economics.  The Former advocated controlling the money supply to stimulate growth and keep unemployment low, while the latter advocated government spending.

One does not have to be an economist to understand that FDR was a Keynesian, even if he did not understand economics.  And just as easily, one can see that Reagan was a Monetarist (what the Chicago school was called) and not a Keynesian.

I got my degree in economics by studying under some of Friedman's followers.  The most influential was Dr. Rapp, at the university of Dayton.  Back in the early 70s, it seemed that they Monetarist were trying to shout into a Maelstrom to be heard, yet in the colleges, where future economists would arise, they were gaining stature and respect.  Especially after Friedman won a Nobel Prize in the field.

Many probably do not know of the name Milton Friedman who have not studied economics.  But one of his greatest disciples was and is Walter E. Williams, the Professor Emeritus at George Mason University, and now a leading voice for Monetarist economics.

It is a sad day for me, and many who studied in the field of economics, whether you agreed with his theories or not.  Hardly anyone did not respect one of the greatest minds in economics since Adam Smith.

I hope he has found peace in the beyond, he made a large mark on humankind.