Paul Krugman Doesn't Give A Rat's Ass About What Milton Friedman Would Think Of Fed's Actions

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And he's had it up to here with people who do. You're on notice, Ben Bernanke.

So our monetary policy gurus are framing their debate in theological terms: What Would Friedman Do? How sad. For one thing, this isn’t how you’re supposed to do economics. Economics, at least the way I learned it, is about analytical frameworks and data, not authority figures. Actually, that’s one barrier one has to cross with some students – to get them past the point of believing that one must not criticize Great Men. (The next step is to get them to modulate: papers that begin “The stupid Tobin …” are not the way to go.)...So the right answer to the question, What Would Friedman Do? is Why Should AnyoneWe Care?

WWFD? WSWC? [NYT]

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