Monday, June 27, 2022

Everything reminds Milton of the money supply. Everything reminds me of sex, but at least I keep it out of my papers.


I do not want to compare Friedman’s views to what Noah Smith or someone else would say now. I want to compare them to what economists believed then, meaning 1967, prior to Friedman’s address to the American Economic Association.

Back then, monetarism had about the same status as astrology. Robert Solow could quip, “Everything reminds Milton of the money supply. Everything reminds me of sex, but at least I keep it out of my papers.”
 

No comments:

Post a Comment