Tag: milton friedman
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All Cashed Up with Nowhere to Go: What Caused the Depression(s), and What to Do About It
I’ve been meaning to post about this great two–part article by James Livingston (H/T to Mark Thoma), on the causes of the Great Depression and the current…whatever it is. Livingston’s explanation for both cases (in my words): There were oceans of money with not enough productive uses available (like, investments in physical plants and wages–things…
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Milton Friedman Caused The Great Depression
Yes, yes, I know he was only 17 when the market crashed. But still. As Friedman pointed out quite accurately, inept (excessively tight) monetary policy caused the downturn to go much deeper and last much longer than it should have. Pretty much everyone will stipulate to that. And hence–here's his logical non sequitur–government and the…