Challenging the PremissesNewer Posts at EconCrit
Back in the late 1970s and early 1980s the cult of monetarism was at its height... Central banks do not directly control the broad money stock or its growth rate. This was the great lesson of those years.
Each day I become a bit more worried that monetarism is close to returning. When experience cannot invalidate a theory and simplicity matters most, bad theories just keep getting repeated.
Wow - did you read the comments there?Friedman literally just made shit up.He was a phony and a charlatan, selling monetarist snake oil.JzB
The spam filter's been acting up again lately. I'm aware, and checking it often.Oh, what fun they must have with this at Blogger!
Each day I become a bit more worried that monetarism is close to returning. When experience cannot invalidate a theory and simplicity matters most, bad theories just keep getting repeated.
ReplyDeleteWow - did you read the comments there?
ReplyDeleteFriedman literally just made shit up.
He was a phony and a charlatan, selling monetarist snake oil.
JzB