I’ve been involved in a heated debate with a young college grad who studied economics at Case Western Reserve University. He claims to be a member of a new school of economic theory, which is actually just Keynesian theory wrapped up in a different and not associated with being thoroughly debunked yet bow, in which Maynard Keynes and Milton Friedman are actually opposite sides of the same coin. During one of our debates, the Austrian School was disparaged, and he made the statement that Friedman would never have anything to do with Fritz Hayek.
Finding the statement odd, I of course decided to find this youtube clip in which we get to hear in Dr. Friedman’s own words just exactly what he really thought of Fritz Hayek, a man with whom he worked closely, and actually credits for the foundation of his own work.
The reason for the title of course is that in no way could Friedman’s work and theory be mistaken for being of the same school as Maynard Keynes. He often gave Keynes credit for introducing the concept of aggregate markets, and believes that to be an important contribution to the science of economics. He also has stated many times that Creativity is much more important than demand, in exact contradiction to Keynesian theory, and had also stated repeatedly that deficit spending is never a good idea, and that inflation is the single most destructive practice that governments involve themselves with.
My objection is taking Friedman’s name now that he is no longer living and using its gravitas as an instrument to support policies that he abhorred. This is perhaps one of the most grieves acts of evil perpetrated by the current group of Keynesian adherents, most notably Paul Krugman.