Tuesday, January 30, 2007

In Memory of Milton Friedman

Milton Friedman in his 1967 presidential address to the American Economic Association:

"Every major contraction in this country has been either produced by monetary disorder or greatly exacerbated by monetary disorder. Every major inflation has been produced by monetary expansion."

Exhibit A: There was no inflation in the U.S. until after the creation of the Federal Reserve.


At 1/22/2011 2:49 PM, Blogger None said...

Have you considered mapping this to the world GDP. Prices inflate along side production and population growth.


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