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10/26/2008

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In terms of impact, Milton Friedman was no less influential than Karl Marx of the last century.

But, in terms of human progress, neither can be idolized for their aptitude in converting human capital into profits, since neither approached economy from a localized perspective as to what was best for the ordinary man on the street, the backbone of life, and how progress and innovation either helps to create greater opportunity, or preserves traditional values of enterprise.

From that perspective, both were extremists, helping to justify to management the utilitarian motive in economics without giving just credibility to the purpose of humankind and how human society is optimized vs utilized.

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