,MILTON ,FRI$MAN3 ,BE+ WRONG IS NO H9DRANCE :5 Y\ EMP[] ! RI* 

,PEOPLE 3 

,AU?OR 3 ,IA9 ,MC,KAY 

,TEXT 3 

,MILTON ,FRI$MAN1 ONE ( ! ECONOMICS GURU :O 9SPIR$ ,?AT*]ISM HAS DI$ AT ! AGE ( #i#d4 ,NE$LESS TO SAY1 ! PRAISE = ?IS SUPPORT] ( CAPITALISM WAS FL[+4 ,AS W\LD BE EXPECT$ - IF Y\R DOGMA FAVORS ! RUL+ CLASS1 BE+ PROV5 WRONG IS NO H9DRANCE4 

,FRI$MAN PRODUC$ MORE ?AN HIS FAIR %>E ( PA9 & SUFF]+ 9 ! WORLD4 ,HIS IDEAS 9SPIR$ ! POLICIES ( ,REAGAN AS WELL AS ,?AT*]4 ,HIS P]SONAL 9V5TION 9 ,*ILI 5SUR$ ?AT ,P9O*ET PLAC$ HIS IDEOLOGICAL FOLL[]S 9TO LEAD+ ECONOMIC POSITIONS :]E !Y IMPOS$ HIS IDEAS ONTO A T]RORIZ$ ,*ILEAN PEOPLE4 ,! IRONIC ?+ WAS1 :]EV] HIS DOGMAS W]E APPLI$ ! EXACT OPPOSITE OCCURR$4 

,= EXAMPLE1 HIS ASS]T$ 9 0,CAPITALISM & ,FRE$OM0 ?AT ! MORE CAPITALI/ AN ECONOMY1 ! MORE EQUAL IT WAS4 ,:5 HIS POLICIES W]E IMPLEM5T$1 9EQUALITY HAS SO>$ TO RECORD LEVELS4 ,HIS GREAT CLAIM WAS ?AT 09FLATION IS ALWAYS & EV]Y:]E A MONET>Y PH5OM5ON10 CAUS$ BY TOO MU* MONEY *AS+ TOO FEW GOODS4 ,APPLY+ HIS ECONOMIC DOGMAS PROV$ BEYOND D\BT ?AT ?IS WAS NOT ! CASE4 ,FRI$MAN ALSO GAVE ! 9TELLECTUAL JU/IFICATION = BR++ D[N ! PO/W> ,BRETTON ,WOODS SY/EM ( FIX$ EX*ANGE RATES4 ,HE RAIS$ ! NOTION 9 #a#i#e#c1 BUT WAS UTT]LY WRONG :5 HE PR$ICT$ ?AT !RE W\LD BE LITTLE VOLATILITY UND] SU* A SY/EM 7SPECULATORS W\LD GO \T ( BUS9ESS74 ,WE HAVE ALSO LE>N$ BETT] S9CE !N4 

,! SAME APPLIES TO HIS GR& DOGMA1 0,MONET>ISM10 :I* FAIL$ SPECTACUL>LY :5 APPLI$ 9 ! ,U,K1 ,U,S & ,*ILI4 ,:ILE FEW PEOPLE >E N[ AW>E ( ?IS IDEOLOGICAL NONS5SE1 IT WAS ONCE QUITE ! FA%ION4 ,FAC$ ) /AGFLATION 7HI< UNEMPLOYM5T & HI< 9FLATION71 GOV]NM5T'S LOOK$ = ANSW]S & ,FRI$MAN APPE>$ TO (F] !M4 ,! ,TORIES W]E AT ! =EFRONT 9 TAK+ UP ! ,MONET>I/ BANN] BUT ! #a#i#g#d-#i ,LABOR GOV]NM5T PAID LIP-S]VICE TO !M AS WELL4 ,= A %ORT :ILE1 ,MONET>ISM LOOK$ SET TO SUPPLANT ,KEYNESIANISM AS ! DOM9ANT ECONOMIC PHILOSOPHY ( ! 9DU/RIAL WORLD4 ,?AT ?IS SITUATION EV5 >OSE 9 ! FIR/ PLACE %[S H[ F> ECONOMICS IS FROM A SCI5CE4 

,SADLY = ,FRI$MAN1 HIS ,KEYNESIAN CRITICS W]E PROV5 RI<T4 ,CRITICS LIKE ,NI*OLAS ,KALDOR ACCURATELY PR$ICT$ ! FAILURE ( ,MONET>ISM LONG BE=E IT WAS APPLI$4 ,! REASON :Y !RE WAS A 0DEBATE0 9 ! FIR/ PLACE WAS BECAUSE ( ! 0,BA/>D0 ,KEYNESIANISM 7TO USE ,JOAN ,ROB9SON'S PHRASE7 RAMPANT 9 ECONOMICS4 ,?IS WAS A ,KEYNES MADE SAFE = NEO-CLASSICAL ECONOMICS BY ,HICKS 7:O1 DECADES LAT]1 ADMITT$ HIS MI/AKE74 ,BY %[+ ?AT ,KEYNESIAN CONCLUSIONS C\LD NOT BE DRAWN FROM NEO-CLASSICAL MICRO-ECONOMICS1 ,FRI$MAN EXPOS$ ! BASELESSNESS ( ! PO/W> NEO-CLASSICAL 0,KEYNESIAN0 SYN!SIS CONS5SUS4 ,H[EV]1 RA!R ?AN DUMP MICRO-ECONOMICS ! 0SCI5CE0 RETREAT$ EV5 MORE 9TO ! SURREAL WORLD ( NEO-CLASSICALISM4 ,ONLY 9 SU* AN 9TELLECTUAL CONTEXT C\LD ,FRI$MAN BE TAK5 S]I\SLY4 

,AS AN IDEOLOGUE = CAPITALISM1 ,FRI$MAN S\<T TO %[ ?AT IT WAS A /ABLE SY/EM & S\<T TO EXEMPT CAPITALISM FROM ANY SY/EMIC RESPONSIBILITY = RECESSIONS4 ,HE ATTEMPT$ TO %[ ?AT ! ,GREAT ,DEPRESSION WAS NOT A FAILURE ( CAPITALISM1 BUT RA!R ( ! /ATE4 ,HE >GU$ ?AT ! MONET>Y AU?ORITIES 9 ! ,U,S & ,EUROPE R$UC$ LIQUIDITY 9 ! SY/EM1 ?US MAK+ A BAD SITUATION WORSE4 ,SADLY1 AS HIS CRITICS PO9T$ \T1 EV5 HIS [N FIGURES DID NOT BACK ?IS CLAIM UP4 ,EQUALLY SADLY1 NO ONE HAS BO!R$ TO TELL HIS FANS4 ,= ,FRI$MAN'S #i? BIR?DAY 9 #b#b1 ,B5 ,B]NANKE -- !N A ,F$]AL ,RES]VE GOV]NOR1 N[ *AIRMAN ( ! ,U,S C5TRAL BANK -- /AT$ ?AT 0,REG>D+ ! ,GREAT ,DEPRESSION1 Y\'RE RI<T4 ,WE DID IT4 ,WE'RE V]Y SORRY40 

,NICE TO KN[ ?AT PEOPLE ) SU* A FIRM GRASP ( ECONOMICS & HI/ORY >E 9 SU* COMM&+ POSITIONS6 ,Y\ W\LD ?9K ?AT ! APPLICATION ( HIS ECONOMIC DOGMAS W\LD HAVE BE5 A SUFFICI5T WAKE-UP CALL4 ,! ,?AT*] & ,REAGAN GOV]NM5TS TRI$ TO IMPLEM5T HIS IDEAS ( CONTROLL+ ! SUPPLY ( MONEY 9 ORD] TO /AMP \T 9FLATION4 ,& FAIL$ MIS]ABLY4 ,! FIR/ ,?AT*] GOV]NM5T SAW OV] #b.0 9FLATION & ! BIGGE/ SLUMP S9CE ! #a#i#cS4 ,REAGAN'S RECORD WAS AS BAD4 ,! MASSIVE UNEMPLOYM5T ?AT G5]AT$ DID BREAK ! BACK ( ! LABOR MOVEM5T1 & SO 9FLATION1 BUT NEV] ONCE WAS ! MONEY SUPPLY CONTROLL$4 

,%[+ HE HAS LITTLE GRASP ( ECONOMICS & REALITY1 ,JOHN ,BLUNDELL1 HEAD ( ! FREE-M>KET ?9K-TANK1 ! ,9/ITUTE ( ,ECONOMIC ,AFFAIRS1 SAID3 0,IT WAS ,MILTON :O TAU<T US ?AT 9FLATION IS NOT CAUS$ BY ! WEA!R OR TRADE UNIONS OR ANY?+ LIKE ?AT4 ,IT IS ALWAYS & EV]Y:]E A DISEASE ( MONEY40 ,AS NOT$1 9FLATION IS NO SU* DISEASE4 ,AS = 0TRADE UNIONS0 NOT BE RESPONSIBLE = 9FLATION1 WELL1 ! ,N,A,I,R,U ,FRI$MAN SPAWN$ BY HIS 0NATURAL RATE ( UNEMPLOYM5T0 !SIS SAYS1 9 EFFECT1 JU/ ?AT4 ,NO GOV]NM5T N[ TRIES TO CONTROL ! MONEY SUPPLY4 ,TODAY1 9FLATION IS F\<T BY KEEP+ SOME PEOPLE UNEMPLOY$ - I4E4 BY WEAK5+ LABOR 70TRADE UNIONS074 ,SU* /ATE 9T]V5TION ON BEHALF ( ! RI* IS1 APP>5TLY1 UNWOR?Y ( NOTE UNLIKE1 SAY1 ! WELF>E /ATE4 

,FRI$MAN'S >GUM5T WAS ?AT IF GOV]NM5TS TRI$ TO KEEP UNEMPLOYM5T BEL[ ITS 0NATURAL RATE0 !N 9FLATION W\LD 9CREASE AS PRICES & WAGES *AS$ EA* O!R UPW>DS 9 AN UN5D+ VICI\S SPIRAL IS MA9/REAM4 ,?AT LEFT-W+ ,KEYNESIANS HAD W>N$ ( 9FLATION>Y PRESSURES :5 WORK]S W]E NOT SC>$ BY UNEMPLOYM5T 9 ! #a#i#dS WAS =GOTT5 AS ! #a#i#gS SEEM$ TO PROVE ,FRI$MAN NEO-CLASSICAL EXPLANATION RI<T4 ,! 0SOLUTION0 TO ! PROBLEM WAS NOT1 AS HE >GU$1 CONTROLL+ ! MONEY SUPPLY BUT BY BREAK+ ! LABOR MOVEM5T SO ?AT WORK]S PAID ! CO/S4 ,HE DID HELP1 ?\<1 AS ! RECESSION DEEP5$ :5 HIS IDEOLOGY WAS APPLI$ & RAIS+ 9T]E/ RATES REPLAC$ ! IMPOSSIBLE TASK ( CONTROLL+ ! MONEY SUPPLY4 

,ACCORD+ TO HIS OBITU>Y BY ,*>LES ,GOODH>T 9 ! ,GU>DIAN 0AS A NATURAL LIB]AL1 ,FRI$MAN T5D$ TO D\BT :E!R ! P[]FUL C\LD BE TRU/$ TO 9CREASE ! WELF>E ( ! PEOPLE40 ,9 REALITY1 HIS IDEAS HELP$ 5SURE ?AT ! P[]FUL C\LD R$UCE ! WELF>E ( ! PEOPLE BY PROV+ !M ) ! TOOLS & RHETORIC REQUIR$ TO DO SO4 ,HE US$ HIS 0EXP]TIZE0 TO BOL/] ! WEAL?Y & TO PRES5T A WORLDVIEW :I* DOES NOT VALUE ANY?+ ?AT DOES NOT HAVE A PRICE TAG ON IT4 

,HE WAS AW>D$ ! 7NON-7,NOBEL ,PRIZE = ,ECONOMICS 9 #a#i#g#f1 :I* WAS P>TICUL>LY %OCK+ GIV5 HIS VISIT+ ,P9O*ET'S MURD]\S REGIME ! PREVI\S YE> & HAV+ A ONE-TO-ONE MEET+ ) ! DICTATOR TO SELL HIS ECONOMIC IDEAS4 ,BUT !N AGA91 ! ,SW$I% ,C5TRAL ,BANK DOES HAVE V]Y RI<T-W+ TA/ES :5 AW>D+ ITS PRIZE4 ,H5CE ?IS YE>S REW>D TO ,PHELPS = HIS WORK ON ! ,N,A,I,R,U 7,FRI$MAN HAD ALREADY HAD ONE & ,M>X WAS LONG DEAD & TOO ACCURATE AB\T CAPITALISM74 

,*ILI1 ( C\RSE1 EXPOS$ ! AU?ORIT>IAN CORE ( HIS IDEOLOGY4 ,HIS ,*ILEAN FOLL[]S ADMITT$ ?AT NO DEMOCRATIC REGIME W\LD HAVE ALL[$ !M ! 0FRE$OM0 TO IMPOSE !IR IDEOLOGY SO RU?LESSLY4 ,= ,FRI$MAN1 ,P9O*ET 0HAS SUPPORT$ A FULLY FREE-M>KET ECONOMY AS A MATT] ( PR9CIPLE0 SO %[+ ?AT HE CLE>LY HAD NO IDEA :AT A 0FREE M>KET0 IS -- APP>5TLY IT IS COMPATIBLE ) WORK]S FE>+ A VISIT FROM ! SECRET POLICE & 5D+ UP TORTUR$ & DEAD 9 A DIT*4 ,UNSURPRIS+LY1 HE PROCLAIM$ ,*ILI AN 0ECONOMIC MIRACLE0 9 SPITE ( ! SO>+ 9EQUALITIES & POV]TY -- JU/ BE=E ITS ECONOMY COLLAPS$4 

,FRI$MAN DEF5D$ HIMSELF BY PO9T+ TO ! ULTIMATE FALL ( ,P9O*ET4 0,FRE] M>KETS LEAD TO FREE PEOPLE10 HE SAID & SO IGNOR$ ! H]OIC /RUGGLES ( ORD9>Y PEOPLE :O BRAV$ ! 0LASSIEZ-FAIRE0 DEA? SQUADS BY TAK+ TO ! /REETS 9 PROTE/ REPEAT$LY 9 ! #a#i#hS4 ,& IT W\LD BE *URLI% TO NOTE ! PO/-,P9O*ET 0DEMOCRACY0 CREAT$ 5SUR$ ?AT ! RI<T & ! MILIT>Y HELD REAL P[]1 REG>DLESS ( ! \TCOME ( ELECTIONS4 ,9 O!R WORDS1 ,*ILI %[S ?AT UNFREE PEOPLE >E REQUIR$ TO PRODUCE FRE] M>KETS4 

,BUT1 !N1 AS A RI<T-W+ 0LIB]T>IAN0 ,FRI$MAN HAD LITTLE IDEA ( :AT FRE$OM WAS4 ,HIS POLICIES ALWAYS HAS ! EFFECT ( 9CREAS+ ! P[] ( ! BOSS OV] HIS WAGE SLAVES4 ,:I* MADE HIS CONTRA/ 79 ,CAPITALISM & ,FRE$OM7 BETWE5 0C5TRAL PLANN+ 9VOLV+ ! USE ( CO]CION - ! TE*NIQUE ( ! >MY OR ! MOD]N TOTALIT>IAN /ATE0 ) 0VOLUNT>Y COOP]ATION BETWE5 9DIVIDUALS - ! TE*NIQUE ( ! M>KETPLACE0 AS TWO DI/9CT WAYS ( CO-ORD9AT+ ! ECONOMIC ACTIVITY ( L>GE GR\PS 70MILLIONS07 ( PEOPLE SO IRONIC4 ,! CAPITALI/ WORKPLACE IS /RUCTUR$ 9 A HI]>*ICAL WAY & IS BAS$ ON TOP-D[N 0C5TRAL PLANN+40 ,WORK]S >E PAID TO OBEY )9 A TOTALIT>IAN /RUCTURE 9 :I* 0VOLUNT>Y COOP]ATION0 BETWE5 WORK]S 7I4E4 JO9+ A UNION7 IS SUBJECT TO 0! USE ( CO]CION0 7! ?REAT ( BE+ FIR$74 ,BUT1 !N AGA91 RI<T-W+]S LIKE ,FRI$MAN >E NOT 9T]E/$ 9 G5U9E ECONOMIC LIB]TY BUT RA!R SEEK TO BOL/] ! P[] ( ! BOSS4 

,ULTIMATELY1 :ILE ! LOBOTOMIZ$ ,KEYNESIANISM ( PO/W> ECONOMICS SURVIV$ ITS NAMESAKE = AT LEA/ ?REE DECADES1 ,MONET>ISM PR$ECEAS$ ,FRI$MAN BY NE>LY TWO4 ,HIS IDEAS CAUS$ UNTOLD PA9 & SUFF]+ = MILLIONS & R$UC$ 0ECONOMY LIB]TY0 TO LITTLE MORE ?AN ! FRE$OM ( *OOS+ :I* MA/] WILL EXPLOIT & OPPRESS Y\4 ,HE HELP$ CREATE ! WORSE RECESSION S9CE ! #a#i#cS1 BREAK+ ! BACK ( LABOR & 5SUR+ ! RI* GOT RI*]4 ,HE WILL NOT BE MISS$4 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
,FEBRU>Y #b1 #bba 3 ,MILTON ,FRI$MAN3 ,BE+ WRONG IS NO H9DRANCE :5 Y\ EMP[] ! RI* -- ,ADD$4 
,JANU>Y #g1 #bbb 3 ,MILTON ,FRI$MAN3 ,BE+ WRONG IS NO H9DRANCE :5 Y\ EMP[] ! RI* -- ,UPDAT$4 

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