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View Diary: Larry Summers Must Go NOW! (65 comments)

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  •  It's interesting what you left out. (6+ / 0-)

    From the same op-ed by Summers:

    Mr. Friedman is perhaps best known for his views on money and monetary policy. Fierce debates continue on how the Federal Reserve and other central banks should set monetary policy. But the debates take place within the context of nearly total agreement on some basics: Monetary policy can shape an economy more than budgetary policy can; extended high inflation will not lead to prosperity and can lead to lower living standards; policy makers cannot fine-tune their economies as they fluctuate....

    Milton Friedman and I probably never voted the same way in any election. To my mind, his thinking gave too little weight to considerations of social justice and was far too cynical about the capacity of collective action to make people better off. I believe that some of the great challenges we face today, like rising inequality and global climate change, require that the free market be tempered instead of venerated. And like any economist, I have my list of areas where I believe Mr. Friedman oversimplified or was simply wrong.

    In a way, it's kind of like condemning socialism because experiments in places like Russia or China went awry.  Or Democracy because of how things worked out under Bush.  At least a little bit, don't you think?

    Republicans are liars, by deed or proxy. There is no such thing as an honest Republican. Just those who do the dirty work and those who don't.

    by chicago jeff on Thu Apr 02, 2009 at 07:10:05 AM PDT

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