Milton Friedman and the Chicago School of Debating

Uneasy Money

I had planned to follow up my previous post, about Milton Friedman and the price of money, with a clarification and further explanation of my assertion that Friedman’s failure to understand that there is both a purchase price of money – roughly corresponding to the inverse of the price level – and a rental price of money – roughly corresponding, but not necessarily equal, to the rate of interest. The basic clarification and extension were prompted by a comment/question from Bob Murphy to which I responded with a comment of my own. I thought that it would be worth a separate post to elaborate on that point (and perhaps I’ll get around to writing it), but in the meantime I have been captivated by several intertwined Twitter threads – triggered by the recent scandal over the deplorable, abusive and sexist putdowns that infest so many of the interactions…

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