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There are failed nations and impoverished people around the world thanks to Milton's brand of economics. The one US attempt at monetarism led to not one but two consecutive recessions in a four year period.
That's because the elasticity of money is a terrible idea and puts forth a moral hazard that will always lead to failure. Along with the idea that government should be in direct control of the supply of money. Central plannign never works. Ever.
There are failed nations and impoverished people around the world thanks to Milton's brand of economics. The one US attempt at monetarism led to not one but two consecutive recessions in a four year period.
That's because the elasticity of money is a terrible idea and puts forth a moral hazard that will always lead to failure. Along with the idea that government should be in direct control of the supply of money. Central plannign never works. Ever.
Well, we can disagree on "why". In large part, I believe Milton's ideas worked exactly as those employing them hoped they would work. They became the justification of the early 80's recessions in the US, and they are/were the framework for the Washington Consensus at the IMF - which stripped billions of dollars of public goods away from the public in favor of foreign owned direct investment.
Now, did Milton himself expect his ideas to be used in such a way? I certainly don't believe so. He did, however, work with several Chicago colleagues to press the ideas in Central and South America. The Good Doctor can't be held accountable for what was pushed in his name.
Friedman is dead, quite a trick.
More talking dead, like the Reagans.
But that was an important part of Keynes' point - that economics as a hard science doesn't work. That we need to account for human behavior that does not fit the rational actor model. That's how markets move in irrational ways. That's why a liquidity trap is possible, and why an economy can exist for a long period of time at suboptimal levels of employment.That's because the elasticity of money is a terrible idea and puts forth a moral hazard that will always lead to failure. Along with the idea that government should be in direct control of the supply of money. Central plannign never works. Ever.
Well, we can disagree on "why". In large part, I believe Milton's ideas worked exactly as those employing them hoped they would work. They became the justification of the early 80's recessions in the US, and they are/were the framework for the Washington Consensus at the IMF - which stripped billions of dollars of public goods away from the public in favor of foreign owned direct investment.
Now, did Milton himself expect his ideas to be used in such a way? I certainly don't believe so. He did, however, work with several Chicago colleagues to press the ideas in Central and South America. The Good Doctor can't be held accountable for what was pushed in his name.
Right. Using a theoretical/social "science" as a hard one doesn't work. It is true also in the case of Keynes. Their ideas are interesting, but experimentation in economics only happens on th e whole and people hate being wrong. Especially politicians or those associated with the "ideas".
I dont think Freidman deliberatley believed his ideas put to practice in the case of south america is really what he intended. then again when ones idea fails so miserably, it's easy to claim "the user did it wrong" or some other variation.
The world runs on individuals pursuing their separate interests. The great achievements of civilization have not come from government bureaus. Einstein didnt construct his theory under order from a bureaucrat. Henry Ford didnt revolutionize the automobile industry that way. In the only cases in which the masses have escaped from the kind of grinding poverty youre talking about, the only cases in recorded history, are where they have had capitalism and largely free trade.
If you want to know where the masses are worst off, its exactly in the kinds of societies that depart from that. So that the record of history is absolutely crystal clear, that there is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by the free-enterprise system. --Milton Friedman
CARPE DIEM: Milton Friedman Responds to Obama
Every re-distributive economy is an inhumane shithole, every single one of them. It's so fucking bad they have to build walls to keep anybody with a brain from fleeing. But that's the exact system embraced and adored by the "American" Left. They love a system that has a 100% Guaranteed fail rate and while they're living in the #1 economy in the world.
Insanity. Absolute fucking insanity.
Mao and Stalin are dead but the "American" Left still follows their teachings
Whatsa matter? Did I blaspheme against your messiah and his holy words?