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Plenty of people have challenged Friedman's economic theories. In fact, the Austrian school of economics is in no way unchallenged, and in many circles is not
by michaelchisari 16y ago
Plenty of people have challenged Friedman's economic theories. In fact, the Austrian school of economics is in no way unchallenged, and in many circles is not considered empirically sound. I'd rather not get into a big political or economic debate, but the idea that Friedman's views are an objective truth is simply not true.
- strlen 16y ago> In fact, the Austrian school of economics is in no way unchallenged, and in many circles is not considered empirically sound. Friedman isn't Austrian school (he was against the Gold standard and he suggested Income Tax withholding!). If you want a horrible analogy, think of Austrian school as Haskell, Chicago school as OCaml (Hayek being a link between the two, just as HM type inference is the link between ML and Haskell), Keynes as Smalltalk and more modern theories as something like Scala.
- michaelchisari 16y agoMy mistake, confused Friedman with Rothbard. However, the concept of eschewing social pressure requirements in favor of the machinations of the market is something I have no interest in. Generally, I agree with Krugman's critique of Friedman's economics (although I consider myself to the left of Krugman).