Word: friedmanly
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Dates: during 1960-1969
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...Friedman, a 57-year-old economics professor at the University of Chicago, is still regarded by critics as a pixie or a pest, but he has reached the scholar's pinnacle: leadership of a whole school of economic thought. It is called the "Chicago school," and its growing band of followers argues that money supply is by far the most important and fastest-acting of the economic regulators at the Government's disposal. Friedman has succeeded in persuading many leading economists to adopt his monetary theories, at least in part...
...taxes and government spending can stabilize business cycles. The philosophy of Keynes, who died in 1946, has dominated the economic policies of industrial nations since World War II. Today's prevailing belief, however, is a hybrid; most economists now consider themselves "Friedmanesque Keynesians." Having risen from maverick to messiah, Friedman ranks with Walter Heller and John Kenneth Galbraith as one of the most influential U.S. economists of the era. Heller, who was chairman of the President's Council of Economic Advisers under President Kennedy, has whimsically classified Friedman's supporters: "Some are Friedmanly, some Friedmanian, some Friedmanesque, some
...import quotas, which cost gasoline consumers at least $4 billion a year, could be revised or scrapped. Fair-trade laws, which place floors under the prices of some goods, might also be repealed. These are the sort of moves that economists as far apart as Walter Heller and Milton Friedman agree should be made...
...Friedman deprecates the role of his rhetoric in winning acceptance for his ideas. "People are persuaded by the evidence of experience," he says. As for his own role, he adds: "all one can hope to do is move things in the direction they ought to go. I try to be specific about the ideal and not worry too much about what at the moment is realistic." By following that precept, Milton Friedman has done much to revive faith in the competitive market and to change the theories by which nations guide their commercial destinies...
...Friedmanic and some Friedmaniacs. Friedman is just Friedman...