Word: oneness
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Dates: during 1960-1969
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...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
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...
Milton Friedman's opinions have particular weight now because the Nixon Administration has placed great reliance on the policies that he prescribes to deal with the current inflation. Friedman was one of Richard Nixon's chief economic advisers during the election campaign. He did not seek a full-time job in Washington because "I like to be an independent operator," but his ideas are highly regarded within the Administration. "Milton Friedman has influenced my thinking," says Paul McCracken, chairman of Nixon's Council of Economic Advisers, who describes himself as "Friedmanesque." The two men often talk on the telephone, chat...
...Johnson Administration, even though Lyndon Johnson's failure to ask for higher taxes in 1966 to help meet Viet Nam costs is a major source of today's problem. Some congressional Republicans believe that Nixon will arrange to relax the money squeeze well before ballot time. But at least one of the President's most trusted advisers has counseled him to risk unpopularity in 1970 and concentrate on stopping inflation before the 1972 presidential race. Any letup now, he feels, would give Nixon a politically lethal credibility gap on the issue of inflation?a gap that could
...Friedman's reckoning, history supports his argument. As he notes in his definitive work, A Monetary History of the United States 1867-1960, a decline in the nation's money supply has preceded every recession except one (1869-70) in the last hundred years. After World War I, for example, the Government cut its spending by an amount equal to 16% of the U.S. gross national product. On top of that, the Federal Reserve contracted the money supply by 5.2%. Says Paul McCracken: "The remarkable thing is not that there was a 1921 recession but that our economic system survived...