Editor’s Pick: Who Was Milton Friedman – Response to Paul Krugman
In February 2007 Paul Krugman published the essay: “Who Was Milton Friedman” in the New York Review of Books.
Now Edward Nelson of the Federal Reserve Bank of St. Louis, and Anna J. Schwartz of NBER publish their response:
“Paul Krugman’s essay “Who Was Milton Friedman?” seriously mischaracterizes Friedman’s economics and his legacy. In this paper we provide a rejoinder to Krugman on these issues. In the course of setting the record straight, we provide a self-contained guide to Milton Friedman’s impact on modern monetary economics and on today’s central banks. We also refute the conclusions that Krugman draws about monetary policy from the experiences of the United States in the 1930s and of Japan in the 1990s.”
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Would they please refute the real world consequences of ‘Chicago School’ policies as they were enacted in, for example, mid-1970s Chile. Well, really no need to since, while perhaps not popular, that’s be done by others.