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Milton Friedman Unraveled

Tony Petersen
Aug 16, 2009 at 6:38 PM

During the economic crisis, the establishment media has blamed all that has happened thus far on the "free market" and the view of it represented by the thought and writings of Milton Friedman. Having read Capitalism and Freedom and Free to Choose, I find him a very good economist -- but everyone familiar with Friedman should know that he is no free-market economist in the mold of the Austrians. Here's Murray Rothbard's commentary on Friedman and the damage some of his ideas and actions have had.

(Hat-tip to LRC)

While I think Rothbard's analysis of Friedman is superb I'm not entirely sure if it's a good idea to promulgate criticism of the most famous free market economist to ever live. Friedman, his followers and his works, should be looked on as allies, not as adversaries. Sometimes I wonder if we're blowing up more bridges to liberty than we're building.

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Tony said that Friedman was a "very good economist". 

Anyway, I wouldn't look at these blog posts as official positions for the organization, but rather random musings of the author.

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Friedman, in my humble opinion, is excellent on all issues save for money and banking. He thought the Great Depression was caused by the Fed, but because the Fed didn't print enough money. As Rothbard states, he helped start the withholding system. And he favored gradual price inflation. Again, Friedman and his followers are allies and his books are must reads, he just isn't perfect (but then, who is?).

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