Milton Friedman, R.I.P.

milton-friedman-5.jpgI cannot improve on the brilliant simplicity of the lead sentence in the Wall Street Journal’s article on the death earlier today of Milton Friedman:

Nobel prize winner Milton Friedman, one of the most influential economists of the last century, died today.

OpinionJournal chimes in with this fine tribute to Professor Friedman and the NY Times articles on Professor Friedman’s death are here and here, the latter of which is by Austan Goolsbee, a University of Chicago economics professor. The Cato Institute also has posted this excellent online tribute to Professor Friedman from his 90th birthday, and the Hoover Institution’s news release on his death is here. The Financial Times’ excellent obituary is here, and Professor Friedman’s student, Thomas Sowell, has a heartfelt tribute here.
Professor Friedman’s writings are one of the primary reasons that I studied economics in undergraduate school and his wisdom and wit frequently blessed this blog over the past three years. Here are a few examples of Professor Friedman’s remarkable ability to communicate complex principles with engaging simplicity:

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Fred Weary’s adventure

Weary_Fred.jpgH’mm, now let me get this one straight.
As Stephanie Stradley reports in detail (John McClain’s comments are here), Texans offensive guard Fred Weary left work at Reliant Park a little after noon on Tuesday. Weary, who is 6’4″, 308 lbs., was followed by a couple of Houston policemen in a squad car as he drove through the Reliant Park area to get on the South Loop and head home.
The officers followed Weary for about six miles and determined that he was “acting suspiciously” and “looking at (them) on several occasions.” After seeing him commit the heinous offense of making a bad lane change, the crack team of officers swooped into action and pulled Weary over on the shoulder of the West Loop, which just happens to be the busiest freeway in Houston. After stopping Weary, the officers ramped up their investigation and determined that the front license plate on Weary’s car was missing.
Weary was understandably irritated that the officiers had pulled him over in one of the most dangerous locations in Houston for doing something that occurs probably a million times in Houston each day. One thing led to another and, before you know it, the officers had Tasered Weary, arrested him and hauled him down to city jail. Verifying once again that it is virtually impossible to get someone processed out of jail in Houston in less than seven hours regardless of the offense, Weary was finally bailed out and able to head home at around 9:30 p.m. Quite a day off, eh?
As usual, HPD is contending that the officers acted reasonably in Tasering and arresting Weary. Count me as highly skeptical about that.
Update: The criminal case against Weary was dismissed in short order. Stay tuned.

Re-thinking angioplasty in certain situations

balloon_angioplasty.JPGFollowing on a trend noted in previous posts here and here, this NY Times article (see also here) reports that findings from a major new study suggest that noninvasive treatment with beta-blockers and other heart drugs turns out to be at least as good as angioplasty for patients whose arteries remain blocked at least three days after a heart attack. The findings — which were presented earlier this week at the annual scientific meeting of the American Heart Association and published simultaneously online by the New England Journal of Medicine — supplement an increasing body of research that is indicating that heart-attack patients whose disease is stable and whose symptoms are under control should be wary of taking the risk of invasive treatment, which can result in infection and bleeding.
Over the past 20 years or so, treatment of heart attacks has been transformed by the ability of doctors to break up blood clots that cause the heart attacks with clot-busting drugs and angioplasty procedures. By quickly restoring blood flow to the heart muscle following an attack, doctors have been able to save lives and minimize damage that can lead to total heart failure. However, a nagging problem has been that about a third of the million or so Amerians who suffer a heart attack each year do not arrive at a hospital within the 12-hour window after the attack during which the patients are most likely to benefit from these techniques. In those patients who stabilize on their own after an attack and then are not diagnosed with blocked arteries until days after the attack, the conventional wisdom has been to go ahead and perform the angioplasty, anyway.

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Handicapping the competition for the Texas Fifth Circuit Judgeships

Fifth Circuit.jpgDavid Lat of AbovetheLaw.com does a good job here of analyzing the various candidates for the two “Texas” Fifth Circuit Court of Appeals judgeships that will be opening soon with Judges Patrick Higginbotham and Harold DeMoss taking senior status. Houston judges George C. Hanks, Jr. (First Court of Appeals), Jennifer W. Elrod (190th District Court), Jane Bland (First Court of Appeals) and U.S. District Judge Lee Rosenthal are on the short list, as is former Houstonian, Texas Supreme Court Chief Justice Wallace Jefferson. This should be quite a competition, so stay tuned.