I've been involved in a heated debate with a young college grad who studied economics at Case Western Reserve University. He claims to be a member of a new school of economic theory, which is actually just Keynesian theory wrapped up in a different and not associated with being thoroughly debunked yet bow, in which Maynard Keynes and Milton Friedman are actually opposite sides of the same coin. During one of our debates, the Austrian School was disparaged, and he made the statement that Friedman would never have anything to do with Fritz Hayek.
Finding the statement odd, I of course decided to find this youtube clip in which we get to hear in Dr. Friedman's own words just exactly what he really thought of Fritz Hayek, a man with whom he worked closely, and actually credits for the foundation of his own work.
The reason for the title of course is that in no way could Friedman's work and theory be mistaken for being of the same school as Maynard Keynes. He often gave Keynes credit for introducing the concept of aggregate markets, and believes that to be an important contribution to the science of economics. He also has stated many times that Creativity is much more important than demand, in exact contradiction to Keynesian theory, and had also stated repeatedly that deficit spending is never a good idea, and that inflation is the single most destructive practice that governments involve themselves with.
My objection is taking Friedman's name now that he is no longer living and using its gravitas as an instrument to support policies that he abhorred. This is perhaps one of the most grieves acts of evil perpetrated by the current group of Keynesian adherents, most notably Paul Krugman.
Comment
Comment by ConcernedCitizen on January 25, 2013 at 10:02am You mentioned that this happened in one of your debates? So because he was wrong on this, his entire worldview is skewed and delusional? Let's not jump to conclusions here
Another great article, John! LOVE Milton Friedman.
Comment by Thomas on January 23, 2013 at 6:32am It is to our severe detriment that those who are in control of policy in our governments are also those who suffer from fiscal and monetary dementia and self-induced delusion.
Fiat money that has no material value cannot be a store of value thus it cannot act as a store of value. It can only represent that which does have material value thus can be a store of value.
A dollar is a unit of measure and can only measure worth because it is not in itself a unit of worth.
Comment by Steve Merkel on January 22, 2013 at 6:55pm "If you can't win an argument, drag it off to irrelevant grounds and argue it there." Sounds like a liberal plan.
Comment by Roger Davies on January 22, 2013 at 6:00pm Just what the Republic is waiting for. The collapes. We will be here to pick up the pieces.
Comment by Philip on January 22, 2013 at 5:35pm Reality doesn't seem to matter in America anymore. If anything the Obama admin has proven that Keynesian economics is a failure but until it fails utterly and the dollar is worthless will it be official.
Comment by Jeff Waller on January 22, 2013 at 5:32pm Hayek and Keynes could not be any more different if they tried!
Comment by Debrajoe Smith-Beatty on January 22, 2013 at 4:41pm Thanks.
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