Nov 11, 2007

Gene Epstein on Friedman vs. Mises

I personally revered Milton Friedman, although not for his formal work in economics. While he deserves credit for his influence on mainstream theory, I attribute that more to the weakness of that theory than to any special contributions of his.

When most economists were focused on the wonders of Keynesian fiscal policy, he pointed out that money-supply matters. But Friedman's mechanistic view of money was thin gruel compared to the seminal contribution of Austrian economist Ludwig von Mises.

~ Gene Epstein, economics editor, Barron's, "Farewell, Dr. Friedman," November 20, 2006

No comments: