It’s always nice to be noticed, so I can hardly complain if Brad Delong wants to defend Milton Friedman on his blog against my criticism of his paper “Real and Pseudo Gold Standards.” I just find it a little bit rich to see Friedman being defended against my criticism by the arch-Keynesian Brad Delong.
But in the spirit of friendly disagreement in which Brad criticizes my criticism, I shall return the compliment and offer some criticisms of my own of Brad’s valiant effort to defend the indefensible.
So let me try to parse what Brad is saying and see if Brad can help me find sense where before I could find none.
I think that Friedman’s paper has somewhat more coherence than David does. From Milton Friedman’s standpoint (and from John Maynard Keynes’s) you need microeconomic [I think Brad meant to say macroeconomic] stability in order for private laissez-faire to…
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