Word: friedmanly
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...that President Nixon has switched to a new and more activist economic policy, there is rising criticism of the man who provided the intellectual backing for the old one. Milton Friedman, 58, a bouncy, bantam-size economist, has seldom been a more controversial oracle than at present. Friedman argues that, because it is based on uncertain statistics and fallible judgments, Government tinkering with the economy is more likely to cause harm than good. He insists that the best policy would call for a sure and steady expansion of the nation's money supply at an annual rate of about...
...problem is that the long run may well be too long for a nation grown impatient with inflation-and for an Administration confronted with 6% unemployment. Says a top official of the Federal Reserve Board: "We've been putting out money for some time at about the rate Friedman said, and we still have a sick economy." The unwelcome combination of recession and inflation is also spreading doubts about Friedman among businessmen, politicians and economists. Many complain that Friedman's monetarist philosophy oversimplifies the complexities of the world's largest economy. That philosophy appealed to the Nixon...
Fervor of Religion. There is no doubt that Friedman's persuasive powers helped to swing the Nixon Administration away from the precepts of Britain's late John Maynard Keynes. An apostle of intervention, Keynes acknowledged a role for money policy but preached that governments should mainly manipulate fiscal policy-that is, taxes and spending-to help determine their economic destinies. Nixon's top economists rejected the Keynesian "new economics" of the Kennedy and Johnson administrations. They labeled themselves "Friedmanesque," and indicted the "new economics'' as the cause of inflation and social unrest...
...Radcliffe Class of 1971 has elected its officers. Co-presidents are Joan Friedman of Currier and Manhasset, New York, and Christine Jones of Currier and Dayton, Ohio; secretary is Susan Johnson of Adams and New Haven, Connecticut; and treasurer is Margot Roosevelt Hornblower of Peabody Terrace and Hobesound, Florida...
...life. Since January, 1969, the number of welfare families housed in hotels throughout the city -many for periods of one year or longer -has risen from 262 to close to 1,120, and their numbers are increasing at a rate of 10% a month. TIME Correspondents William Friedman and Robert Anson visited a number of such hotels in the city and found the conditions universally deplorable. Their report...