Transcription of Milton Friedman on Inflation
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Milton Friedman on Inflation
EconomicSYNOPSES short essays and reports on the economic issues of the day2007 Number 1 The death of Milton Friedman on November 16, 2006,led Federal Reserve Chairman Ben Bernanke toremark that the direct and indirect influences ofhis thinking on contemporary monetary economics wouldbe difficult to overstate and President Bush to note that his writings laid the groundwork that transformed manyof the world s central banks. Undoubtedly a major factorunderpinning these assessments is the overwhelminginfluence that Friedman s work has had on the way thateconomists and policymakers look at Friedman emphasized, Inflation is an old, old ve had thousands of years of experience of it. There isnothing simpler than stopping an Inflation from thetechnical point of view.
high inflation to autonomous increases in costs rather than to excess demand. As he observed, “To each businessman separately it looks as if he has to raise prices because costs have gone up. But then, we must ask, ‘Why did his costs go up? Why is it …
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