Dr. Milton Friedman appears at a Washington news conference in the Mayflower Hotel in Washington in connection with the American Conservative Political Action Conference, Feb. 14, 1976.

Milton Freidman's ideas improved our understanding of the operation of economic systems, and in the realm of practical affairs led to improvements in the lives of billions of individuals.

Milton Friedman died in 2006, right before the onset of the Great Recession. Unfortunately, we will never know how Friedman would have interpreted this event. However, we can draw some inferences from ...