Power of the Market - How to Cure Inflation 1
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Correction, you can wear gold and live in a house of gold. I do, its nice.
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That bird is out of control in the first 40 seconds!
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@unfad1ng Keynes advocated increasing government spending, even deficit spending, so Keynes is undeniably a socialist.
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@AUSM92 friedman said that inflation was solely a monetary phenomenon, which still holds true. if the money stock were to remain constant, you wouldn't get a steady rise in the aggregate price level, no matter what you aggregate supply and aggregate demand are. expanding the money supply at a constant rate is necessary to establish stable inflation, which is what he supported. if you could see it coming it wasn't as bad. the alternative is a wavering system with deflation, which is far worse
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@AUSM92 The dissimilarities between Hayek, Friedman, and Rothbard on economic issues are some of the most complex economic arguments ever proposed. They are so similar in many fashions but when you find conflicting rhetoric between them, though rare, it can be quite riveting.
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well Keynes isnt really a socialist, thaths taking it a bit to far
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@AUSM92 i think the main point is that if our society were unleased to follow free(r) market principles the tinkering would not be such a focal point
capitalism, in its current incarnation in america, is employed as a bandaid on a leaking dam and when it fails to produce results under these oppressive conditions it gets blamed again and the cycle continues; we need to unleash everything we can and resist the desire to tinker
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@AUSM92 I think Friedman's crowning achievement was not his ideas. While almost all were great, there's a lot of Austrian and other Libertarian economists who say the same thing.
His greatness was showing how a small state and free market can benefit EVERYONE. Anyone who dogmatically thinks that big government is for the regular guy, and small government is for the rich, would have their mind blown by Friedman. He was excellent at explaining the market as a teacher, and w/ everyone in mind.
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@LibertyPen both of you have no idea what you're talking about lol, go take an economics course and understand what the quantity theory of money is. other guy just spewing nonsensical bs, he didn't accept long run price increases to be inflation? what does that even mean. "Inflation is always and everywhere a monetary phenomenon.
—Milton Friedman, Wincott Memorial Lecture, London, September 16, 1970"
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@SuperTB4 Asking an economist to "give facts or real research" is like telling a mathematician that his groundbreaking theory (think, for example, Einstein's law of relativity...) is invalid because no one else ever proved it. Science does not work that way. Science is based on logic, not citations, as much as some people might want you to believe otherwise.
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"Inflation weakens the social fabric of society". So self-evident even a socialist like Keynes and a monetarist like Milton Friedman can agree on its truth. Remember this the next time capitalism is blamed for the bad behavior of corporations or bankers. Freedom did not erode their character; inflation did. Reckless government spending eroded the value of the "dollar" to the point that no amount of currency could be trusted to hold its value. When money supply grows, so does the evil in society.
herbs814 2 years ago 22
Where have you gone Milton Friedman? A nation turns its lonely eyes to you. (apologies to Simon and Garfunkel)
fzqlcs 3 years ago 22