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Strategies & Market Trends : Asia Forum
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To: Cynic 2005 who wrote (177)12/26/1997 5:15:00 PM
From: Tommaso  Read Replies (1) of 9980
 
Perhaps because at one point I read a lot of Friedman I had already thought the same thing. The Japanese should and probably will expand their money supply. Some inflation would be better than what they have got.

The place Friedman went very far wrong (ten years and more ago) was his failing to appreciate how fast productivity could increase. According to all his books, data, and arguments there should have been serious continuing inflation during much of the 1990s. Instead, world-wide production increased even faster than money growth and inflation receded--at least in the United States. I am quite sensitive to this because I invested according to Friedman's economics and it did not work. It was a very hard lesson to learn. I had to explain for myself why there was declining inflation. It was a vast increase in good imported from abroad and cheap services (at least some of them cheap--minimum wage) provided within the United States.

Thanks very much for the stimulating link.
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