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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Elroy Jetson who wrote (6683)5/19/2004 11:00:21 AM
From: Tommaso  Read Replies (1) of 116555
 
Most of what appears in your post about Friedman is not correct.

Friedman's greatest error was to underestimate the rate at which world-wide productivity could increase. His estimates of the relation between the money supply and the goods available to be bought with that money were based on growth rates from earlier periods. So growth rates in the money supply that in past centuries had resulted in inflation were matched by larger increases in productivity.

Also, over the twenty-year period following the peak of Friedman's influence, there were no global wars that consumed goods and commodities unproductively. In any case, Friedman's models of inflation proved incorrect for that period.
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