I would like to say to Milton and Anna co-author of A Monetary History of the United States 18671960: Regarding the Great Depression. Youre right we did it. Were very sorry. But thanks to you we wont do it again."
Milton Friedman is the Godfather of American
conservative libertarianism. He was at a time when it was deeply unfashionable in official circles a fierce critic of Keynesian economics. He was a leader of the second generation of libertarian economists to come out of the
University of Chicago. Among the people recruited or mentored by him at the university include
Thomas Sowell Gary Becker Robert Fogel and
Robert Lucas Jr.Friedman often used the jargon and methodology of
Keynesians while rejecting their basic premises coming to very different conclusions than his Keynesian counterparts.
One of his groundbreaking theoretical innovations is the notion of a natural rate of unemployment. Friedman believed that when the unemployment rate was too low inflation was the result. Using this and his unique interpretation of the
Phillips Curve Friedman predicted stagflation" long before there was even a word for such things. Friedman likewise broke with Austrian orthodoxy in advocating for small controlled expansions of the money supply as the proper monetary policy. This became known as monetarism" the theory leveraged by the
Federal Reserve during the
2008 financial crisis.
As an advisor to both
United States President Ronald Reagan and
United Kingdom Prime Minister Margaret Thatcher it can be said that in some ways Milton Friedman was the forerunner of neoliberal economics on the international scale.
Continue reading
Milton Friedman: The Forgotten History of the Godfather of Conservative Libertarianism at
Ammo.com.
