“No monetarist, certainly not Friedman, welcomed this side-effect of monetary restraint. But then again, had Friedman been listened to earlier (and had the likes of Paul Samuelson been ignored), things would never have come to this tragic stage. By way of analogy, should we blame those who would end the war in Iraq, and who opposed it all along, for the tragic consequences that are likely to follow any rapid U. S withdrawal?”

In Defense of Monetarism (2008)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "No monetarist, certainly not Friedman, welcomed this side-effect of monetary restraint. But then again, had Friedman be…" by George Selgin?

George Selgin5

economist 1957

Related quotes

“She liked things that had been written by people who had lived short, ugly, and tragic lives. Or, who at least, were English.”

Joe Hill (1879–1915) Swedish-American labor activist, songwriter, and member of the Industrial Workers of the World

Source: Horns

“If Keynes was Luther, Friedman was Ignatius of Loyola, founder of the Jesuits. And like the Jesuits, Friedman’s followers have acted as a sort of disciplined army of the faithful, spearheading a broad, but incomplete, rollback of Keynesian heresy. By the century’s end, classical economics had regained much though by no means all of its former dominion, and Friedman deserves much of the credit.”

Paul Krugman (1953) American economist

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

“It was for all the members of the Cabinet a relief. Never before had a declaration of war been welcomed with such satisfaction. France having done all that was incumbent upon her to maintain peace and war having nevertheless become inevitable, it was a hundred times better that we should not have been led, even by repeated violation of our frontiers, to declare it ourselves. It was indispensable that Germany, who was entirely responsible for the aggression, should be led into publicly confessing her intentions. If we had had to declare war ourselves, the Russian alliance would have been contested, national unanimity would have been smashed, it would probably have meant Italy would have been forced by the clauses of the Triple Alliance to side against us.”

Raymond Poincaré (1860–1934) 10th President of the French Republic

Diary entry (3 August 1914), quoted in John Keiger, 'France' in Keith Wilson (ed.), Decisions for War 1914 (London: University College London Press, 1995), p. 140.

“Trying to eliminate Saddam, extending the ground war into an occupation of Iraq, would have violated our guideline about not changing objectives in midstream, engaging in "mission creep", and would have incurred incalculable human and political costs. Apprehending him was probably impossible. We had been unable to find Noriega in Panama, which we knew intimately. We would have been forced to occupy Baghdad and, in effect, rule Iraq. The coalition would instantly have collapsed, the Arabs deserting it in anger and other allies pulling out as well. Under those circumstances, furthermore, we had been self-consciously trying to set a pattern for handling aggression in the post-cold war world. Going in and occupying Iraq, thus unilaterally exceeding the U. N.'s mandate, would have destroyed the precedent of international response to aggression we hoped to establish. Had we gone the invasion route, the U. S. could conceivably still be an occupying power in a bitterly hostile land. It would have been a dramatically different — and perhaps barren — outcome.”

George H. W. Bush book A World Transformed

A World Transformed (1998) by George H.W. Bush and Brent Scowcroft; also as an excerpt http://www.thememoryhole.org/mil/bushsr-iraq.htm in Time Magazine in 1998.

“In effect, Japan in the Nineties offered a fresh opportunity to test the views of Friedman and Keynes regarding the effectiveness of monetary policy in depression conditions. And the results clearly supported Keynes’s pessimism rather than Friedman’s optimism.”

Paul Krugman (1953) American economist

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

“John Maynard Keynes may have had more influence on policy makers, Milton Friedman on citizens, Kenneth Arrow on economic theory, but Samuelson had more influence on the way economics is done today, and the purposes to which it is put, than any other economist of the twentieth century.”

David Warsh (1944) American journalist

David Warsh, "The Enormous Black Box" http://www.economicprincipals.com/issues/2009.12.13/841.html (2009)

“And so Butler made a decision, the consequences of which would haunt his dreams and waking hours for years to come. As a professional bodyguard, he knew the futility of second-guessing his own actions, but in the nights ahead he would often sit by the fire, with his head in his hands, and replay the moment in his mind, wishing that he had acted differently. Whatever way he played it out, the results were tragic, but at least they would not have been tragic for Artemis.”

Eoin Colfer book Artemis Fowl: The Lost Colony

Artemis Fowl: The Lost Colony (2006)

“We have walked blindly, ignoring the lessons of the past, with, in our century, the tragic consequences of two world wars and the Korean struggle as a result.”

George Marshall (1880–1959) US military leader, Army Chief of Staff

Essentials to Peace (1953)
Context: We have walked blindly, ignoring the lessons of the past, with, in our century, the tragic consequences of two world wars and the Korean struggle as a result.
In my country my military associates frequently tell me that we Americans have learned our lesson. I completely disagree with this contention and point to the rapid disintegration between 1945 and 1950 of our once vast power for maintaining the peace. As a direct consequence, in my opinion, there resulted the brutal invasion of South Korea, which for a time threatened the complete defeat of our hastily arranged forces in that field. I speak of this with deep feeling because in 1939 and again in the early fall of 1950 it suddenly became my duty, my responsibility, to rebuild our national military strength in the very face of the gravest emergencies.

“All those who try to unveil the mysteries always have tragic lives. At the end they are always punished.”

Anaïs Nin book Under a Glass Bell

"The Mohican"
Under a Glass Bell (1944)

“In fact, the only person to rival Friedman for policy influence in the twentieth century is John Maynard Keynes, who had a strikingly different view of the role of government. Keynes was influential because he advocated more government intervention into what he perceived as poorly functioning private economies caught up in the Great Depression. In contrast to Keynes, Friedman put the main blame for the Depression on government failures, especially of monetary policy. Hence, the Depression did not make Friedman a fan of big government. He also found in the Federal Reserve’s failure to prevent deflation an argument in favor of monetary rules. As the world evolved— with low inflation becoming the major mission of central banks and free markets and secure property rights becoming the main policies to promote economic growth—Friedman surely won the intellectual battle.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 2

Help us to complete the source, original and additional information

George Selgin5

Related quotes

Related topics