Milton Friedman Quotes
The only relevant test of the validity of a hypothesis is comparison of prediction with experience.
Friedman, Milton. "The Methodology of Positive Economics." Essays in Positive Economics. University of Chicago Press, 1953, p. 8.
This quotation illustrates and important aspect of science. Specifically, that theory, something ephemeral and impractical to the layman, has immense practical power in developing great scientific and technological breakthroughs. The result of this breakthrough was large lenses that could make lights more powerful and make lighthouses much more safe. Even the atomic bomb was really developed from theory and then engineered for practical use.
The scientist insists on verification; the religious theologian does not; the philosopher sometimes does and sometimes does not.
Milton Friedman was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr.
