I got your newsletter with that link around the same time that your message
here came in Andrew. I'll have a read. Please be careful when you write
about any of us won't you!!
Duncan
-----Original Message-----
From: Economics, business, and related subjects
[mailto:[log in to unmask]] On Behalf Of AK Ashwin
Sent: 21 November 2006 09:50
To: [log in to unmask]
Subject: Re: Milton Friedman
Dear Duncan
On the day Friedman's death was announced, Biz/ed did a supplementary In the
News article about him - brief but just a reminder of what an influential
figure he was not only in the world of economics but in related areas. This
just happened to coincide with an article published on Monday on the state
of monetarism - this article was planned some months before so it is a
strange coincidence.
The In the News article can be found here:
http://www.bized.co.uk/cgi-bin/chron/chron.pl?id=2722
Many thanks
Andrew
--On 21 November 2006 08:08 +0000 Duncan Williamson <[log in to unmask]>
wrote:
> Dear All,
>
> I am not an economist as colleagues are aware so far be it from me ...
> However, I'm surprised that no one has marked the passing of Milton
> Friedman. I heard an excellent review of his life on Radio 4 on the
> day of his death and during that eulogy they mentioned the effect he
> had on Thatcher and Reagan.
>
> For what it's worth, I think it's worth setting the record straight re
> Thatcher which is that she was probably the worst acolyte that
> Friedman had. Pretending to match money supply to inflation, growth
> and so on, Thatcher and Lawson had a dozen or more goes at defining
> exactly what
> *they* meant by the money supply. Then spending all of our "family
> silver" money on unemployment and the destruction of much of our
> secondary sector. Further, developing the teriary sector to such an
> extent that we are now saddled with just about the worst service
> sector regime in the developed world.
>
> Finally, Thatcher's legacy will not be found in the eulogies that will
> follow her death, rather in the nature of the extended infrastructure
> problems that still persist when despite the injection of many
> billions of Pounds they are still suffering from inadequacies and
embarrassments.
>
> Friedman believed in the true free market and I remember a (Frost?)
> programme in which Friedman advised Thatcher to stop squandering our
> assets and North sea oil windfall (look at how the Netherlands dealt
> with their own North Sea Oil windfall). Instead, he said, give every
> man, woman and child £5,000 each and let the market mechanism sort out
> the rest. That's when, of course, a Pound was worth a Pound. Thatcher
> did what is probably the opposite of what Friedman suggested.
>
>
> Duncan Williamson
>
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