Word: friedmanly
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...This week's cover story concentrates on the economy's two main worries: inflation and the possibility of recession. As we followed business news through 1969, it became clear that more and more economists were paying closer attention to the ideas of University of Chicago Professor Milton Friedman, who stresses the importance of money supply as the chief tool in fighting inflation and recession. Hence our year-end review features Dr. Friedman on the cover as it surveys the economy and his theoretical approach...
...such sources of strength as record capital investment. Still, businessmen have a sense of foreboding. That anxiety has been intensified by the bearish warnings of one economist who was once ignored and ridiculed, but whose views have lately had an important influence on Government policy. He is Milton Friedman, the leading iconoclast of U.S. economics. "We are heading for a recession at least as sharp as that in 1960-61," he warns. "There is more than a 90% chance of that. There is a 40% chance of a really severe recession, such as occurred in 1957-58, when unemployment reached...
...Friedman also criticized Government involvement in higher education, the weaknesses of the tax structure, and the ineffectiveness of the welfare system. "Government spending on schooling is scandalous. It taxes low-income people to put upper and middle-income people through college," he said...
...Friedman was critical of Government welfare policies. He said that "Government policies have interfered with the effectiveness of capitalism, a system that has proven to make poor people rich." He went further to say." Present policies to help poor people are making them even poorer." He recommended that we go beyond what Nixon has proposed in reforming the welfare system...
...Friedman also commented on inflation and the prospects for a recession. He explained that "our economy is expansionary, not because prices are rising, but because prices are rising more than people's expectations...