Is there also a Milton Friedman cult in Europe and Asia, like in the US? I guess everyone knows about the Quantity Theory, etc. - but is he a cult figure way beyond other normally known economist, in other countries? Just curious.
Is Milton Friedman proven to be wrong?
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Milton Friedman is the great.
Milton Friedman was one of the greatest economist and academic of all time. I am shocked to see that some here classify him as a right winger. He was not! He was a libertarian. You cannot think of the political specturum in a two-dimensional overly simplified way. He supported personal freedoms way more than today’s democrats and he was more of a free markets guy than today’s republicans.
He was a great intellect. And his legacy will not be harmed by the attack of lesser geniuses.I agree. Unfortunately Krugman described him as a little more than an extended footnote in history (though later he withdrew that opinion). How dare he said that!
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There is no other academic and economist other than Milton Friedman eho is so clear and articulate about their ideas. He was a clear minded man and set the difference between Economics and Sociology and some other pseudo science, hence deserves all the applaud he receives.
Is there also a Milton Friedman cult in Europe and Asia, like in the US? I guess everyone knows about the Quantity Theory, etc. - but is he a cult figure way beyond other normally known economist, in other countries? Just curious.
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^. This hero worship is so unjustified and if wasn't for Friedman's public political stances he would hardly be thought of as anything but a midling Nobel winner. I mean, still impressive but as an economist he is being credited for a lot of stuff that was just part of the zietgest he lived in.
He was also wrong about a ton of stuff. His batting average is probably about the same as Krugmans.
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^. This hero worship is so unjustified and if wasn't for Friedman's public political stances he would hardly be thought of as anything but a midling Nobel winner. I mean, still impressive but as an economist he is being credited for a lot of stuff that was just part of the zietgest he lived in.
He was also wrong about a ton of stuff. His batting average is probably about the same as Krugmans.No he is credited because he created the zeitgeist he lived in. And Krugman has a far worse batting average than Friedman. Also, Friendman revolutionized macro in a way Krugman (who did influence trade theory a lot) never did for international trade
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Yep, money is endogenous and we cannot target it. Friedman was wrong on most things. McCarthyism made many people's career. Right wing ideologues did extremely well and got Nobel Prize.
Inflation is also not a monetary phenomenon but one that depends on conflict after triggers like exchange rate devaluation and the like.
I don't understand The no goods. If inflation were a monetary phenomenon we should have seen tight inflation after QE which exploded the base. Instead the weakening of labor's bargaining power since 1980 caused low inflation. We have lots of mediocre HRM economists here.
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Yep, money is endogenous and we cannot target it. Friedman was wrong on most things. McCarthyism made many people's career. Right wing ideologues did extremely well and got Nobel Prize.
Inflation is also not a monetary phenomenon but one that depends on conflict after triggers like exchange rate devaluation and the like.
I don't understand The no goods. If inflation were a monetary phenomenon we should have seen tight inflation after QE which exploded the base. Instead the weakening of labor's bargaining power since 1980 caused low inflation. We have lots of mediocre HRM economists here.
QE increased the base, now take a look at the M2 stats. What we seem to have are redditards who don't understand Monetary Econ and jerk off to Kruggles
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Yep, money is endogenous and we cannot target it. Friedman was wrong on most things. McCarthyism made many people's career. Right wing ideologues did extremely well and got Nobel Prize.
Inflation is also not a monetary phenomenon but one that depends on conflict after triggers like exchange rate devaluation and the like.
I don't understand The no goods. If inflation were a monetary phenomenon we should have seen tight inflation after QE which exploded the base. Instead the weakening of labor's bargaining power since 1980 caused low inflation. We have lots of mediocre HRM economists here.
QE increased the base, now take a look at the M2 stats. What we seem to have are redditards who don't understand Monetary Econ and jerk off to Kruggles
It does not matter if M2 didn't rise proportionately. Inflation is not caused by fiat money, whether narrow or broad. The way it works in a gold system is very different from a fiat system. These institutional and structural features were absent even in the monetarist analyses, let alone the fairy tale Minnesota RBC. You have to sprinkle fiat money in cities with hundreds of helicopters to get the inflation that Friedman wrote about. QE was a credible commitment to be reckless...to stoke expectations and get 'rational' micro agents to expect inflation. This is Woodford and Minnesota-type systems. Now, any good Post Keynesian would have told them that with labor's power neutered since under Reagan and many right-to-work states and that expectations will not work the way their toy models proposed because functional distribution matters...so we probably wasted QE 2 but definitely QE 3. QE 1 was necessary.
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There is no other academic and economist other than Milton Friedman eho is so clear and articulate about their ideas. He was a clear minded man and set the difference between Economics and Sociology and some other pseudo science, hence deserves all the applaud he receives.
Is there also a Milton Friedman cult in Europe and Asia, like in the US? I guess everyone knows about the Quantity Theory, etc. - but is he a cult figure way beyond other normally known economist, in other countries? Just curious.
No. Milton Friedman was one who was instrumental into turning Economics into a pseudoscience.
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There is no other academic and economist other than Milton Friedman eho is so clear and articulate about their ideas. He was a clear minded man and set the difference between Economics and Sociology and some other pseudo science, hence deserves all the applaud he receives.
Is there also a Milton Friedman cult in Europe and Asia, like in the US? I guess everyone knows about the Quantity Theory, etc. - but is he a cult figure way beyond other normally known economist, in other countries? Just curious.
No. Milton Friedman was one who was instrumental into turning Economics into a pseudoscience.
Yeah, he opened the door to assume away crucial features of the economy. Even though Friedman had some institutional details, he allowed the external inconsistency that the RBC and eventually New Keynesians made popular.
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If his work made it into his popular works, or his tv show, you know it has not stood the test of time (and even back then wasn't very good). His methodological stuff has been shown to be unsuitable for economics. Most of his other stuff was a true contribution, and some stuff, like his monetary history, remains great reading even today.
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Krugman is hardly a footnote
Milton Friedman was one of the greatest economist and academic of all time. I am shocked to see that some here classify him as a right winger. He was not! He was a libertarian. You cannot think of the political specturum in a two-dimensional overly simplified way. He supported personal freedoms way more than today’s democrats and he was more of a free markets guy than today’s republicans.
He was a great intellect. And his legacy will not be harmed by the attack of lesser geniuses.I agree. Unfortunately Krugman described him as a little more than an extended footnote in history (though later he withdrew that opinion). How dare he said that!
-
Yep, money is endogenous and we cannot target it. Friedman was wrong on most things. McCarthyism made many people's career. Right wing ideologues did extremely well and got Nobel Prize.
Inflation is also not a monetary phenomenon but one that depends on conflict after triggers like exchange rate devaluation and the like.
I don't understand The no goods. If inflation were a monetary phenomenon we should have seen tight inflation after QE which exploded the base. Instead the weakening of labor's bargaining power since 1980 caused low inflation. We have lots of mediocre HRM economists here.
You are an idiot.