Word: friedmanly
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...University for his work in explaining the structure of the chemicals called boranes. Together with the previous awards of the medicine prize to Baruch Blumberg of Philadelphia's Institute for Cancer Research and Carleton Gajdusek of the National Institutes of Health, and the economics prize to Economist Milton Friedman of the University of Chicago (TIME, Oct. 25), last week's winners gave the U.S. a clean sweep of the 1976 Nobel science awards...
...Nobel committee cited Friedman for "independence and brilliance" as an economic thinker, and there, certainly, other economists would agree. In some ways, it was a peculiar award to come out of Stockholm, the capital of the West's most thoroughgoing welfare state. Politically, Friedman is the most conservative American economist of note today. In economic policy, he is committed to laissez-faire, free-market solutions. He has, in fact, not had-or sought-much influence even in the Republican-occupied White House since August 1971, when Richard Nixon announced a pay-price freeze to fight the Viet...
...What the Nobel committee clearly intended to honor was not Friedman's politics but his contributions to practical economic theory. "It is very rare," said Friedman's citation, "for an economist to wield such influence, directly and indirectly, not only on the direction of scientific research but also on actual policies." One of Friedman's most influential achievements goes back to the 1950s, when he refuted a once widely accepted element of Keynesian economics: the idea that rich people save a greater proportion of their incomes than do the poor. Among other implications, this meant that developing...
...best known area of Friedman's economic iconoclasm has been his ideas on monetarism. Friedman's argument, laid out in his 1963 work, A Monetary History of the United States, 1867-1960, co-authored with Anna Schwartz, is that to bring about stability-steady expansion in jobs and incomes without flaring inflation-Government policymakers need only to pursue a gradual, controlled growth in the money supplied by the Federal Reserve. By reducing the nation's money supply in the 1930s, Friedman argues, the Federal Reserve Board caused a recession to turn into the Great Depression...
...tuning" of Government spending levels and other kinds of intervention (including controls), the policymakers have indeed paid more attention to monetary factors. That trend has been reinforced because Keynesian stimulative measures for a while seemed to perform uncertainly during the recent bout with "slumpflation." Many economists still feel that Friedman's following remains more of a cult than a school, but the Federal Reserve Board recently made a bow to Friedmanism by formally setting annual targets for expanding the money supply. In the past, Federal Reserve Chairman Arthur Burns, who taught Friedman when he was a student at Rutgers...