WASHINGTON, May 13 (UPI) -- President George W. Bush honored Nobel Prize-winning economist Milton Friedman for achievements over his lifetime in ceremonies at the White House.
Friedman, who marks his 90th birthday on July 31, is a senior research fellow at the Hoover Institution in Stanford, Calif.
"Milton Friedman has shown us that when government attempts to substitute its own judgments for the judgments of free people, the results are usually disastrous. In contrast to the free market's invisible hand, which improves the lives of people, the government's invisible foot tramples on people's hopes and destroys their dreams," Bush said last Thursday.
"Milton Friedman has done more than defend freedom as an abstract ideal," the president added. "He has creatively applied the power of freedom the to the problems of our own country, and in the process, he has become an influential social reformer."
Friedman was awarded the 1976 Nobel Prize for Economic Science. He has been a Hoover senior research fellow since 1977. In 1988, he was awarded the Presidential Medal of Freedom and he received the National Medal of Science the same year.
Among his many well-known books are "Free to Choose," "Capitalism and Freedom" and "Two Lucky People," all written with his wife, Rose Friedman.
