Friday, January 26, 2007

More Milton Friedman

Who Was Milton Friedman? In the New York Review of Books, Paul Krugman explains:
Milton Friedman played three roles in the intellectual life of the twentieth century. There was Friedman the economist's economist, who wrote technical, more or less apolitical analyses of consumer behavior and inflation. There was Friedman the policy entrepreneur, who spent decades campaigning on behalf of the policy known as monetarism—finally seeing the Federal Reserve and the Bank of England adopt his doctrine at the end of the 1970s, only to abandon it as unworkable a few years later. Finally, there was Friedman the ideologue, the great popularizer of free-market doctrine.
Krugman gives Friedman thumbs up on the first role, thumbs down on the other two.

Meanwhile, Econbrowser asks: What Would Milton Do? (Answer: Look at M2 Growth)

0 Comments:

Post a Comment

<< Home