http://www.nybooks.com/articles/archives/2007/feb/15/who-was-milton-friedman/ http://www.nybooks.com/articles/archives/2007/feb/15/who-was... >Milton Friedman

http://www.nybooks.com/articles/archives/2007/feb/15/who-was-milton-friedman/ http://www.nybooks.com/articles/archives/2007/feb/15/who-was... >Milton Friedman played three roles in the intellectual life of the twentieth century. There was Friedman the economist’s economist, who wrote technical, more or less apolitical analyses of consumer behavior and inflation. There was Friedman the policy entrepreneur, who spent decades campaigning on behalf of the policy known as monetarism—finally seeing the Federal Reserve and the Bank of England adopt his doctrine at the end of the 1970s, only to abandon it as unworkable a few years later. Finally, there was Friedman the ideologue, the great popularizer of free-market doctrine. I'd have to suggest that this statement came from the 3rd Friedman. There is sort of an irony here. Friedman saw monetary policy as a zero sum game. I think that was a fallacy.