Milton Friedman Biography: The Man Who Saved Capitalism (Economics Notes)

If you’ve ever wondered why your local "Babu" (official) is so slow, or why the price of petrol and milk keeps going up every time the government promises "free" schemes, you need to know Milton Friedman. He was a Nobel Prize winner who didn't care about fancy titles—he cared about YOUR freedom. He believed that the government is usually the problem, not the solution.

Milton wasn't some grumpy billionaire. He was the son of struggling immigrants, and he was tiny—seriously, he was only five feet tall. But when he started talking about freedom, even the presidents got nervous. He was the 'Happy Warrior' who believed that if you give a person a choice, they’ll almost always do better than a politician.

Milton’s most famous ruleis 'There’s no such thing as a free lunch.' If your local politician promises 'free' electricity or 'free' bags of rice, Milton would tap you on the shoulder and ask: 'Who’s paying for it?' He argued that the government doesn't have its own money—it only has your money. If they print more to pay for 'free' stuff, the price of your milk and petrol will go up tomorrow. That’s Inflation, and it’s the hidden tax on the poor.

He used to hold up a pencil and say: 'Nobody in the world knows how to make this.' The wood comes from one country, the lead from another, the eraser from a third. Thousands of people who don't even speak the same language worked together to make this for you. They didn't do it because the government told them to—they did it because they wanted to earn a living. That’s the Free Market. It’s like a massive WhatsApp group where everyone coordinates perfectly without a single 'Admin' in charge.

Friedman believed that when you are 'Free to Choose,' the whole world wins. He wanted to take the power away from the 'Babes' (officials) and give it back to the 'Bazaar. He shifted the world’s focus from big government back to the individual. Whether you're a student, a business owner, or just someone tired of red tape, Friedman’s logic is a game-changer.

So, do you think the government should run our lives, or is it time to let the people take the wheel? Tell me in the comments!