The Wisdom of Gary Becker -

Above is a link to the Wall Street Journal's editorial in honor of Gary Becker, who died Saturday, consisting of quotations from Gary. Here are my favorites among those quotations:

Other countries, too, should liberalize their policies toward the immigration of skilled workers. I particularly think of Japan and Germany, both countries that have rapidly aging, and soon to be declining, populations that are not sympathetic (especially Japan) to absorbing many immigrants. These are decisions they have to make. But America still has a major advantage in attracting skilled workers, because this is the preferred destination of the vast majority of them. So why not take advantage of their preference to come here, rather than force them to look elsewhere?

“But when Milton [Friedman] was starting out,” [Becker] continues, “people really believed a state-run economy was the most efficient way of promoting growth. Today nobody believes that, except maybe in North Korea. You go to China, India, Brazil, Argentina, Mexico, even Western Europe. Most of the economists under 50 have a free-market orientation. Now, there are differences of emphasis and opinion among them. But they’re oriented toward the markets. That’s a very, very important intellectual victory. Will this victory have an effect on policy? Yes. It already has. And in years to come, I believe it will have an even greater impact.”