Not enough Milton Friedman by Paul Krugman for you, DB?
Here's a long article on Friedman by Paul Krugman in which he states that Friedman's reaction to Keynes was entirely appropriate. It contains criticism but also a great deal of praise and ends with the words...
"In the long run, great men are remembered for their strengths, not their weaknesses, and Milton Friedman was a very great man indeed—a man of intellectual courage who was one of the most important economic thinkers of all time, and possibly the most brilliant communicator of economic ideas to the general public that ever lived. But there’s a good case for arguing that Friedmanism, in the end, went too far, both as a doctrine and in its practical applications. When Friedman was beginning his career as a public intellectual, the times were ripe for a counterreformation against Keynesianism and all that went with it. But what the world needs now, I’d argue, is a counter-counterreformation."
http://www.nybooks.com/articles/archive ... tion=false BTW The first "Keynesian" in your video link (
http://www.youtube.com/watch?v=N25vJG1u6zE) is Ben Bernanke who, although disliked by some monetarists, gave a speech on Friedman's 90th birthday...
"I can think of no greater honor than being invited to speak on the occasion of Milton Friedman's ninetieth birthday. Among economic scholars, Friedman has no peer. His seminal contributions to economics are legion, including his development of the permanent-income theory of consumer spending, his paradigm-shifting research in monetary economics, and his stimulating and original essays on economic history and methodology. Generations of graduate students, at the University of Chicago and elsewhere, have benefited from his insight; and many of these intellectual children and grandchildren continue to this day to extend the sway of Friedman's ideas in economics. What is more, Milton Friedman's influence on broader public opinion, exercised through his popular writings, speaking, and television appearances, has been at least as important and enduring as his impact on academic thought. In his humane and engaging way, Milton Friedman has conveyed to millions an understanding of the economic benefits of free, competitive markets, as well as the close connection that economic freedoms such as property rights and freedom of contract bear to other types of liberty."
He then goes on to give a view of the Great Depression that entirely coincides with your own as well as Milton Friedman's, ending with the words...
"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
Best wishes for your next ninety years."
http://www.federalreserve.gov/BOARDDOCS ... efault.htmI can't say I like Ben Bernanke much,either.
Hey, we agree again!
The second "Keynesian" is Paul Krugman (again), who we both don't like.
Once again, agreement!
The third "Keynesian" is Art Laffer, who has come out with "Keynesian" statements like: "in country after country, increased government spending acted more like a depressant than a stimulant.”
And the claim (considering their size and the anti-Keynesianist stance of Estonia pretty unlikely IMO) that...
“The four nations—Estonia, Ireland, the Slovak Republic and Finland—with the biggest stimulus programs had the steepest declines in growth.”
http://marketmonetarist.com/2012/08/06/ ... -yourself/I don't like him, either.
We agree again!
The fourth "Keynesian" is "Tom". I don't know his second name. But he looks like a dickhead. So fuck him.
Agree, agree, agree!
I must admit, I stopped watching after "Tom" as the sound bites got so minimal that I thought the context was lost.
(Sorry Downer Mydnyte
)
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