Milton friedman family VideoThe Power of Choice: The Life and Ideas of Milton Friedman - Full Video milton friedman family
Milton friedman family - matchlessExecutive orders! Mask Mandates! Will we lose our country? In a few years, will we even recognize our country? Many people are worried that the Left is on the move and that they are taking over. It is that last question that I get asked most often and, honestly, I am asking it myself quite often too. What can we do?
David Henderson 3 hours ago EconLog Library. Scott Sumner writes What causes recessions? It was that article, more than any other, that convinced me that a gold standard was too expensive.
Friedman had shown that the annual cost of maintaining a gold standard would be 2. I now know that Friedman was wildly wrong. He greatly exaggerated the resource cost of a gold standard.
2. Friedman always had a smile on his face
White goes through the math. The important point, though, before we get to the math, is that Friedman got his estimate by assuming that banks would hold percent reserves of gold against demand deposits and time deposits. That assumption is milton friedman family unrealistic and so his estimate of the resource cost of the gold standard is way too high. That was 0. White and Friedman assume that the source power of gold remains constant as money demand grows. So the money stock must grow to maintain a constant price level zero inflation. So the annual resource cost of the gold standard, as a fraction of GDP, equals: 0.
1. Friedman knew his stuff
White Milton Friedman Monetary Policy resource cost. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. You get what you pay for.
The Problem in Bertrand de Jouvenel.]