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View Diary: My Favorite Authors: Paul Krugman, a prize for Cassandra and a clarity of economics (50 comments)

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  •  You don't seem to all that familiar (0+ / 0-)

    with Friedman. He was always critical of the very props that shielded businesses from competition and that protected them from their mistakes. He saw these as impediments to a free market.

    •  Free markets? (2+ / 0-)
      Recommended by:
      tommymet, shaharazade

      Boiled down to the essence of their theories, Friedman and his acolytes think free markets can never fail, they can only be failed.  Leaving aside the idea that such a thing as a free market exists, the academic brilliance of all those freshwater school economic models simply obscures their real world consequences - an outcome the beneficiaries of those ideas among the economic elite find very much to their liking.  Friedmanite ideas have dramatically adversely affected the vast majority of Americans (and people in the rest of the world), but not so our Masters of the Universe.  Was that entirely predictable outcome a bug or a feature?  In a massively corrupt political system, Friedman's ideas fail upward.  That is not a good thing.

      •  Friedman believed nothing of the sort. (0+ / 0-)

        You are obviously confusing Friedman with someone like Mises. Everything I have ever read or heard about Friedman was that he acknowledged that the need for some intervention was inevitable; it was only a question of degree. That others have oversimplified, distorted and perverted his beliefs for their own agendas reflects on those doing the simplification, distorting and perverting (you included) not on Friedman himself.

        http://www.nytimes.com/...

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