drieuxster (drieuxster) wrote,

when theories collide

End times for Milton Friedman? should help folks understand what was SUPPOSE to be the majikal and marvelous world that Milton Friedman was SUPPOSE to be providing....

The crucial bit is:
Today, we have reached the end of the line for the Chicago view of financial deregulation. Friedman thought (a) that the central bank could exercise enough influence over the money supply to effectively control it, and (b) that banks and other financial intermediaries would be regulated tightly enough that what is now happening would be impossible. But he never resolved the tension between his view that banks need controls and the Chicago view that business must be unfettered.

Monetarism may well make a comeback -- as a doctrine that is good enough for normal times. For in normal times "keep the money supply growing smoothly" does appear to be a relatively easy task, a minor adjustment to laissez-faire that can be performed by a small number of qualified technocrats. Unfortunately, not all times are normal.

( op cit )
There are still some nasty bits that will need to be addressed by the various Truth Commissions around the planet, as we deal with the horrifying backlog of 'ways to protect the Free Market' from all of those communists, and commie symphs, and, well, the folks who think that poor people should still be allowed to live in a healthy environment without tainted water, air and food... You know, THE TERRORISTS!!!

But that is a technical discussion for another time, eh no?
Tags: economics

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