Is Monetarism Socially Neutral?
INTERVIEWER: You’ve used the phrase “the age of Friedman” in one of your books. If this is the age of Friedman, what does that mean? JOHN KENNETH GALBRAITH: Did I use that phrase? Well, he’s an old friend of mine, and I’m sure that economists should always be nice. But [Milton] Friedman was not a Keynesian. He would be the first to deny it. And if I used that phrase, I’m now very happy to withdraw it. INTERVIEWER: (laughs) Is your main criticism of Friedman about monetarism? Is monetarism socially neutral? JOHN KENNETH GALBRAITH: No, it’s not socially neutral. It is politically purposeful to say that everything can be done by controlling the money supply and the interest rate, the bank rate, to say that you exclude a large area of social activity that costs money and which you would like to get rid of. And it enormously simplifies economics so that it leaves nobody intellectually able to grasp it. The great strength of the Federal Reserve is that it has a formula for managing the econo
Related Questions
- The Center is international, independent and neutral, and is assisted in its operation by advisory bodies composed of external experts in international dispute resolution and intellectual property. Which dispute-resolution procedures does the Center offer?
- I ve noticed that some outlets have a T-shaped neutral slot. What does this do?
- Can "Kwik Kleen" neutral cleaner be used as a neutralizer?
