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Upon the death of libertarian economist Milton Friedman, Summers wrote an Op-Ed in The New York Times entitled "The Great Liberator" arguing that "any honest Democrat will admit that we are now all Friedmanites."

(bangs head on desk)

Okay.  What does Summers mean by "Friedmanite"?

Historically, Friedmanite has been a synonym for Monetarist.  If that's what he means, he's a solid two generations behind the times.  Nobody's been a Friedmanite in that sense for 30 years, since Volcker abandoned monetarism at the Fed and shifted to raising and lowering interest rates -- an idea which is very much not monetarist and pre-dates Friedman's work by about 40 years.

Hell, Friedman wasn't even a Friedmanite by that definition once the unworkability of monetarism became apparent.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Sat Aug 3rd, 2013 at 08:57:19 AM EST

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