Word: one
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Dates: during 1960-1969
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...One consequence, in Friedman's view, was that John Maynard Keynes concluded that monetary policy had only a limited impact on economic trends. That led him to underrate the money supply as an economic regulator. Friedman maintains that Keynesian economists made the same error for decades afterward?and indeed, that many still do today. In reality, Friedman argues, the Federal Reserve in the 1930s had ample power to prevent the monetary contraction. "Had the facts been as Keynes assumed them to be," Friedman has written, "I could not hold the views I do about the role of money. Had Keynes...
INFLATION. Friedman challenges the popular theory that full employment and price stability are incompatible. "The belief, like most of those propositions that get widely accepted, is a half-truth," he argues. The two goals conflict over brief periods when an economy is shifting from one rate of inflation to another, he concedes. But over any period of five, ten or 20 years, says Friedman, fast economic growth and full employment can be meshed with stable prices...
FOOD. The Department of Labor food-price index jumped 5% from January to October. In Pittsburgh, the price of eggs almost doubled overnight from 43? to 83? per dozen. The price of pork chops in Boston increased from 99? to $1.39. One shopper in Cuyahoga Falls, Ohio, Mrs. Richard Davis, protested: "This can of soup had four prices on it when I bought it." The final price was 11? more than the first. The nickel Hershey bar vanished, and practically nobody could find a 10? cup of coffee...
HOUSING. The average cost of a home reached $25,900 compared with $24,200 a year ago. In San Francisco, for example, the price of a home climbed 12% in twelve months. One survey of the Bay area disclosed that there was enough low-cost housing to provide shelter for all the area's poor-but the comparatively well-off occupants refused to move out. Taxes took an ever deeper bite. In San Francisco, for example, property taxes jumped from $102.30 per $1,000 valuation...
...followers?though that can be extreme?but by the extent to which his ideas have altered the thinking of his opponents. The mixture of supreme self-confidence and good-humored needling expresses the personality that makes some of Friedman's sharpest critics consider themselves close personal friends. One admirer, Labor Secretary George Shultz, quotes a former colleague at the University of Chicago as saying: "I wish I were as sure of anything as Milton is about everything...