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The Age of Milton Friedman

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Abstract:

Between 1980 and 2005, as the world embraced free market policies, living standards rose sharply, while life expectancy, educational attainment, and democracy improved and absolute poverty declined. Is this a coincidence? A collection of essays edited by Balcerowicz and Fischer argues that indeed reliance on free market forces is key to economic growth. A book by Stiglitz and others disagrees. I review and compare the two arguments.

Document Type: Research Article

DOI: https://doi.org/10.1257/jel.47.1.123

Publication date: 2009-03-01

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