Uncle Milton said:Like Duh Dude.
But he never explained to any students why government intervention to stabilize the output of the retail banking sector--checking account deposits--was a free market policy (why not some other sector?why not auto production? freight car loadings?).
- Have the government buy and sell shirt-term assets in order to keep the stock of inside money balances growing smoothly.
- That is the "free market" policy.
- And it is good because "free market" policies are always good.
And he never explained what to do if stabilizing checking account deposits wasn't enough.
And so now Chicago has nothing coherent or useful or constructive to say about our current situation.
cf. krugman.blog.nytimes.com, passim.
[ cf Milton Friedman Did a Bad, Bad Thing... ]
I mean, like where is the appeal to the argument from Intelligent Design?
And from that the divinity of Dubya as clearly outlined by the argument from divine comedy!!!
The problem with the critique is that it fails to address these core points, which of course Milton Friedman was very clear about, but only in the Gnostic Gospels of Milton Friedman...
Only THE TRUE True Believers Know that Unbridled Power of the Unborn Unborn Baby UBU!!!