Re: Kansas says NO to Obambicare

On Aug 12, 12:51 am, McDuck <wallymcd...@xxxxxxxxxxx> wrote:
On Thu, 11 Aug 2011 00:23:57 -0700 (PDT), gnork <4panama...@xxxxxxxxx>
wrote:

Good article. I read it in full. It quotes Milton Friedman, the
greatest economist in history.

Friedman was a major figure, but certainly not the greatest economist.
Several of his more important claims, including his claims about the
cause of the Great Depression, have been discredited. Even his
important work on monetary policy turns out to be only half right. And
he had a hard time separating his scholarship from his politics. And
he kept some bad company. As you may know, he was a close advisor to
Augusto Pinochet in Chile.

In a poll conducted in 2006 subscribers to The Real-World Economics
Review ranked Friedman 13th among 20th century economists.

No close advisory relationship existed between Friedman and Pinochet.
During a visit to Chile in 1975 Friedman gave a series of lectures
that included the presentation of the idea that free markets are
incompatible with the form of the Pinochet government and would bring
about the downfall of such governments. During that trip he met with
Pinocet.

Friedman later wrote a letter to Pinochet offering some ideas, and
later Pinochet hired a number of Chilean graduates from the Chicago
School of Economics. That is the extent of their relationship.

As far as his monetary policy ideas, they form part of the basis for
current Fed policy towards managing the Great Recession. The term
"helicopter Ben" refers back to a statement that Friedman made
regarding controlling deflation by dropping money out of a helicopter.

.

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