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View Diary: Rand Paul thinks Milton Friedman still alive, wants him as Fed chair (43 comments)

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  •  Rand Paul: More out of touch than you know (3+ / 0-)
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    Ender, gffish, begone

    Funny reading this right after Paul Krugman writes two blog posts (here and here) about how Milton Friedman is now considered too far left for today's GOP. Here's Krugman, summarized:

    Friedman was an avid free-market advocate, who insisted that the market, left to itself, could solve almost any problem. Yet he was also a macroeconomic realist, who recognized that the market definitely did not solve the problem of recessions and depressions... Yes, he in effect admitted, we do need stabilization policy... (But) as American conservatism moved ever further right, it had no room for any kind of interventionism, not even the sterilized, clean-room interventionism of Friedman’s monetarism. So Friedman has vanished from the policy scene.
    It isn't just that Friedman is dead; unlike Hayek and Rand's namesake Ayn, he hasn't even been reanimated as a zombie economist.

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