Paulie
Diamond Member
- May 19, 2007
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I think this is fair. Freud's Narcissism of Small Differences and all that. It's kind of like differentiating between Fabians and Trotskyites.
They may be small in some sense, as Friedman may have been mostly for the free market, but they were rather drastic differences in actuality. The Austrian position on the Federal Reserve and Friedman's position, for example, would lead to very different outcomes.
Not necessarily. Friedman generally agreed that inflation was a monetary problem.
But he didn't agree with the Austrian theory of the business cycle, which is a theory pretty much alone on an island in economics. Not agreeing with that pretty much precludes one from being an Austrian.