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Therefore, active monetary (e.g. easy credit) or fiscal (e.g. tax and spend) policy can have unintended negative effects. In Capitalism and Freedom (1992) Friedman wrote: [ 40 ] There is likely to be a lag between the need for action and government recognition of the need; a further lag between recognition of the need for action and the taking ...
[83] By the 1970s, neoliberal thought—including Friedman's—focused almost exclusively on market liberalization and was adamant in its opposition to nearly all forms of state interference in the economy. [75] One of the earliest and most influential turns to neoliberal reform occurred in Chile after an economic crisis in the early 1970s.
Although very similar concepts have been previously defended by various people including Major Douglas and the Social Credit Movement, Nobel winning economist Milton Friedman is known to be the one who coined the term 'helicopter money' in the now famous paper "The Optimum Quantity of Money" (1969), where he included the following parable:
The post also caught the eye of Tesla CEO Elon Musk, who reposted it, along with a “100%” emoji to signal his full agreement with Friedman’s message. Hedging against inflation
[3] Friedman's criterion of fruitfulness and usage of 'positive', however, seem to blur this point. The essay's core claim and representation were by the late 1980s widely deployed in mainstream economics , even if methodological judgments, like other regulative judgments, are not purely positive. [ 4 ]
Stafford (1974) argues that Friedman's explanation cannot account for market failures such as liquidity constraints. [32] Carroll (1997) and Carroll (2001) dispute this, and adjust the model for limits on borrowing. [8] [23] A comprehensive analysis of 3000 tests of the hypothesis provides another explanation.
The general format was that of Milton Friedman visiting and narrating a number of success and failure stories in history, which he attributes to free-market capitalism or the lack thereof (e.g., Hong Kong is commended for its free markets, while India is excoriated for relying on centralized planning especially for its protection of its ...