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Milton Friedman

Niall Ferguson's blooper

Niall Ferguson's blooper

At an investment conference last week, Harvard historian Niall Ferguson created a huge mess for himself. He glibly speculated that maybe because economist John Maynard Keynes was a childless, "effete" homosexual, he embraced a doctrine that favored immediate economic gratification. Keynes' bon mot "in the long run, we are all dead" takes on new meaning when you realize he didn't have kids to worry about. Following the usual script, but at a much faster clip, an uproar ensued on Twitter and in various blogs. Mr. Ferguson quickly offered an apology that rivaled John Cleese's in "A Fish Called Wanda" in its abjectness. It was all over before the...

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