distanced himself from Thatcher's belief that public sector borrowing should be reduced in times of recession.That's not a small thing.
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I'm not a fan of "diagrams" in economics, but sometimes... This is a screen capture of slide 36 from a SlideShare presentatio... -
Mark Thoma links to the Kansas City Fed's Nominal Wage Rigidities and the Future Path of Wage Growth by José Mustre-del-Río and Emily ... -
JW Mason : "... in retrospect it is clear that we should have been talking about big new public spending programs to boost demand.... -
It is surely true that the price level cannot rise without a corresponding increase in the quantity of money or velocity or use of credit. ...
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Went to Harbor Freight the other day. When I left, there was so much traffic I had to fight my way out of the parking lot -- at one p.m. on ...
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From the Google Books blurb on Milton Friedman's Money Mischief:
"In this “lively, enlightening introduction to monetary history” (Kirkus Reviews), one of the leading figures of the Chicago school of economics that rejected the theories of John Maynard Keynes offers a journey through history to illustrate the importance of understanding monetary economics..."
Yeah, yeah. But it doesn't really sound like Friedman "rejected the theories of John Maynard Keynes" if, in his evidence to a House of Commons Select Committee he rejected the view that "public sector borrowing should be reduced in times of recession".
If you look thru Free to Choose and Money Mischief, you will see additional evidence that Friedman did not flat out reject the theories of Keynes.
He wasn't that stupid.
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