"In fact, the only person to rival Friedman for policy influence in the twentieth century is John Maynard Keynes, who had a strikingly different view of the role of government. Keynes was influential because he advocated more government intervention into what he perceived as poorly functioning private economies caught up in the Great Depression. In contrast to Keynes, Friedman put the main blame for the Depression on government failures, especially of monetary policy. Hence, the Depression did not make Friedman a fan of big government. He also found in the Federal Reserve’s failure to prevent deflation an argument in favor of monetary rules. As the world evolved— with low inflation becoming the major mission of central banks and free markets and secure property rights becoming the main policies to promote economic growth—Friedman surely won the intellectual battle."
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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 Barro, Ch. 1 "Thoughts on Friends and Other Noteworthy Persons", in Nothing Is Sacred (2002)
https://en.wikiquote.org/wiki/Milton_Friedman
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Milton Friedman
1912 – 2006
US-amerikanischer Ökonom und Nobelpreisträger
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