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Samuelson and Friedman — two giants of postwar economics

Nicholas Wapshott’s book, Samuelson Friedman: The Battle Over the Free Market.

Friedman’s victory was ambiguous. Though Paul Volcker’s interest rate hike in 1979 put a stop to inflation in the US, Friedman disowned the experiment. The shock therapy that Volcker administered was not monetarism as Friedman envisioned it. 

To mark Friedman’s 90th birthday in 2002, Ben Bernanke paid tribute to him and Schwartz. Referring to the Fed’s baneful role in the Great Depression, he remarked: “You’re right. We did it. We’re very sorry. But thanks to you, we won’t do it again.”

In 2008 Bernanke and his colleagues let Lehman Brothers fail. The result was to drive the world to the brink of the greatest financial crisis since the 1930s.

Adam Tooze FT 14 October 2021


Kaletsky menar att det var Paul Volcker som ledde återgången till "demand management".


Lehman Brothers at IntCom


Martin Wolf: John Maynard Keynes and Milton Friedman, today’s policy orthodoxies are a synthesis of their two approaches.


Milton Friedman's Cherished Theory - The permanent income hypothesis - Is Laid to Rest Noah Smith


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