In today's Wall Street Journal (Sat/Sun, July 22-23), on page A10, there is an interview with Milton Friedman (and his wife, Rose). It's a nice piece that gives a flavor of his mind and their relationship -- Rose is also an economist, and they collaborated frequently.
Most of you (referring to my students) are far too young to have had any real exposure to Friedman the Economist (actually, for the most part, *I'm* too young, too, but I was conscious of the tail end of his career, and of his incredible legacy). As no doubt with certain other figures, it is probably hard for younger people to fully appreciate the stature and influence of Milton Friedman. He won the Nobel Prize in economics in 1976 -- my impression is that most economists at the time felt the award had been delayed, relative to deservedness -- and was always somewhat controversial. His two most famous books -- both eminently readable -- are probably "Capitalism and Freedon" and "Free to Choose."
Milton Friedman is now 94 years old, and he and his wife are in their 68th year of marriage (oh my GOODNESS!).
And why even mention this WSJ interview in an actuarial science forum? In part, of course, because economics is foundational to what we do, and the context in which we do it. But also because of a wonderful anecdote, mentioned in the Friedmans' memoir, "Two Lucky People." There was one profession that Milton Friedman, that great intellect, considered entering but decided against after taking an exam. You've got it: actuarial science!
- Rick
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