"As far as Friedman's arguments are concerned, I always thought that he sang two tunes. In the economic profession, he was absolutely reasonable. I could find no distinction between his modern quantity theory of money and eclectic Keynesian economics. But in writing for Newsweek, he argued a hard monetarism, as against the soft monetarism of the "modern quantity theory." In hard monetarism, velocity is constant and nothing but the money supply matters for nominal GNP. I thought that was just factually wrong."
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Academics from the United StatesJews from the United StatesPeople from New York CityAgnostics from the United StatesEconomists from the United States
Original Language: English
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Sources
Robert Solow, in Conversations with Economists (1983) by Arjo Klamer
https://en.wikiquote.org/wiki/Milton_Friedman
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Milton Friedman
1912 – 2006
US-amerikanischer Ökonom und Nobelpreisträger
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