Word: friedman
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Dates: during 2000-2009
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...plays is its rather disjointed plot line and lack of a coherent narrative structure. However, the basic story revolves around Raymond (Alex R. Breaux ’09) and Dora (Sarah A. Sherman ’09), an ostensibly typical married couple raising their teenage daughter Susanna (Tali B. Friedman ’10) in blissful ignorance of the bizarre tragedy that will soon threaten their familial ties. This semblance of peace is soon disturbed by the emergence of Mr. William Hard (Jack C. Cutmore-Scott ’10), an enigmatic foreigner dressed all in black who confronts...
...pages later came the now famous quote from economist Milton Friedman: "We are all Keynesians now." Friedman later objected that it was taken out of context--all he meant was that everybody used Keynesian language and concepts. But the phrase stuck. It's often attributed these days to Republican President Richard Nixon, but what Nixon actually said, in 1971, was the less expansive "I am now a Keynesian...
...Friedman wasn't a Keynesian at all. He distrusted government and didn't believe that bureaucrats could fine-tune the economy for long. His student Lucas offered another criticism: for Keynesian fiscal policy to work, taxpayers had to be awfully shortsighted. Otherwise, they'd see that deficit-financed tax cuts or government spending would eventually have to be paid for, and they'd set money aside for that rainy day--thus counteracting the stimulus...
...control inflation of the 1970s wreaked havoc with Keynesian fine-tuning and seemed to confirm the criticisms of Lucas and Friedman. But their victory was never complete. The U.S. economic boom of the 1980s was at least partly the result of deficit spending. As financial crises battered much of the world in the 1990s, governments turned to tools devised by Keynes simply because other approaches didn't work. And behavioral economic research has since shown that most humans are awfully shortsighted...
...cost of the energy poverty they are sustaining... The ability to develop clean power and energy-efficient technologies is going to become the defining measure of a country’s economic standing.” This argument may be forward-looking, but it has already gone mainstream. If Friedman is trying to become the Energy Climate Era’s Rachel Carson, Garrett Hardin, and Thomas Malthus all in one, he seems to have forgotten that figureheads like Al Gore have already made his arguments accessible to the masses and, perhaps, in an even more appealing fashion. Friedman?...