Word: friedmanism
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Dates: during 1970-1979
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...Burns' and Friedman's careers have been curiously intertwined. Burns was born in Eastern Galicia, then a portion of the Austro-Hungarian Empire, now part of the U.S.S.R.; Friedman, whose parents emigrated from that general area, studied under Burns at Rutgers, and they now own neighboring country homes...
Nixon's advisers tirelessly insist that what they used to call their "game plan"* for gradually deflating the economy is working on schedule. They have some outside support; Economist Milton Friedman last week decried "the hysteria emanating from Wall Street." The President, however, is getting increasingly nervous. With a congressional election coming in six months, the economic situation leaves his party vulnerable to the kind of criticism voiced by Economist John Kenneth Galbraith: "It is very hard to combine inflation with rising unemployment and a stock-market slump, but the Nixon Administration has managed...
...gave primary attention to interest rates. In January, however, at its last meeting with Martin in the chair, the FOMC voted to pay somewhat more attention than previously to what its policies were doing to the actual supply of money. That step had long been urged by Economist Milton Friedman who believes that the availability of money, rather than its cost, determines how much businessmen and consumers borrow and spend. At the same meeting, the FOMC voted to end what Wall Streeters called the "Ice Age"-the last seven months of 1969, during which money supply did not grow...
Some Cambridge film watchers should have a fine time this week as the Orson Welles Theatre comes on with its first Pornographic Film Festival, featuring the work of David F. Friedman...
Professors v. Politicians. Many economists think that the nation wilf need a quicker and greater increase in money than Burns apparently has in mind if the Administration is to head off a recession. Milton Friedman's followers argue that it takes six to nine months for any switch in monetary policy to make its impact felt on the economy. Beryl Sprinkel, vice president of Chicago's Harris Trust & Savings Bank and a member of TIME'S Board of Economists, calculates that industrial production is likely to drop an additional 4% even if the Federal Reserve begins...