“Friedman, as with the other papers that day, found inflation to be a massive problem. In fact, next to the threat of a third world war, inflation is what he finds to be the most serious threat to the preservation of a free society. Friedman believed the source of inflationary pressure mainly stemmed from calls for governmental responsibility and action to correct deviations from full employment. Keynesian policy subscriptions clearly had become ingrained in the public and political consciousness as solutions to any economic downturn.” Read more.
“Same Old Song and Dance”
From the Archives, February 27, 2010.
Via the Foundation for Economic Education.
Image by Salvatore Vuono / FreeDigitalPhotos.net.