Friedman soft in his criticism of Keynesian doctrines - Glasner DeLong

Friedman famously held the Fed responsible for the depth and duration of what he called the Great Contraction…

in sharp contrast to hard-core laissez-faire opponents of Fed policy, who regarded even the mild and largely ineffectual steps taken by the Fed… 

as illegitimate interventionism to obstruct the salutary liquidation of bad investments, thereby postponing the necessary reallocation of real resources to more valuable uses…

Brad DeLong 27 April 2016


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