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Strategies & Market Trends : Asia Forum

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To: Tommaso who wrote (141)	12/26/1997 4:07:00 PM
From: Rational	Read Replies (1) of 9980

Tommaso: I am really beholden by your flattery. Thanks for your comments! Milton Friedman is no longer in the game of critiquing government policies. He has achieved his goal of convincing the governments around the developed world that economic agents are smarter than government officials and can anticipate (rationally expect) the true economic implications of nominal policy shifts (e.g., printing fiat money) and optimally adjust their own strategies making the nominal policy shifts redundant. It took many years for bureaucrats, even in the developed countries, to accept that they couldn't outsmart economic agents! Now the US Fed and government are into rational expectations, expounded by Bob Lucas, and so Milton Friedman is not so active. Sankar

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