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


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?