Jennifer Burns

Now this seems like very basic and almost too basic to bear repeating, but Friedman is saying this very basic relationship holds true even in an advanced industrial economy. And that is what people have started to doubt. And if you think about money, you think about banks, you don't think necessarily about the federal budget spending and taxation.

Now this seems like very basic and almost too basic to bear repeating, but Friedman is saying this very basic relationship holds true even in an advanced industrial economy. And that is what people have started to doubt. And if you think about money, you think about banks, you don't think necessarily about the federal budget spending and taxation.

Now this seems like very basic and almost too basic to bear repeating, but Friedman is saying this very basic relationship holds true even in an advanced industrial economy. And that is what people have started to doubt. And if you think about money, you think about banks, you don't think necessarily about the federal budget spending and taxation.

And what you see happens in American economics, the textbooks previous to the Keynesian Revolution, they spent a lot of time on money. They spent a lot of time on interest rates. You can do word counts, and other scholars have done the word counts. And then word count for money after World War II just plummets. And you start seeing things like taxation, budget, those things go up.

And what you see happens in American economics, the textbooks previous to the Keynesian Revolution, they spent a lot of time on money. They spent a lot of time on interest rates. You can do word counts, and other scholars have done the word counts. And then word count for money after World War II just plummets. And you start seeing things like taxation, budget, those things go up.

And what you see happens in American economics, the textbooks previous to the Keynesian Revolution, they spent a lot of time on money. They spent a lot of time on interest rates. You can do word counts, and other scholars have done the word counts. And then word count for money after World War II just plummets. And you start seeing things like taxation, budget, those things go up.

So what happens is the economics profession shifts its attention. It just looks away from money to other things. And Friedman is one of the few who's saying, no, money still matters. Money still counts. And It's a very counterintuitive argument to make. It's a very historical argument to make. And this is absolutely fascinating to me. With Anna Schwartz, he develops this 150-year timeframe.

So what happens is the economics profession shifts its attention. It just looks away from money to other things. And Friedman is one of the few who's saying, no, money still matters. Money still counts. And It's a very counterintuitive argument to make. It's a very historical argument to make. And this is absolutely fascinating to me. With Anna Schwartz, he develops this 150-year timeframe.

So what happens is the economics profession shifts its attention. It just looks away from money to other things. And Friedman is one of the few who's saying, no, money still matters. Money still counts. And It's a very counterintuitive argument to make. It's a very historical argument to make. And this is absolutely fascinating to me. With Anna Schwartz, he develops this 150-year timeframe.

He also has students working on episodes of hyperinflation. in different periods of time. He's also looking back to like ancient history, inflationary episodes there. And he's saying this is a law of economics. This is something that recurs throughout time. It's not historical, right? It's not contingent. It's a law of economics.

He also has students working on episodes of hyperinflation. in different periods of time. He's also looking back to like ancient history, inflationary episodes there. And he's saying this is a law of economics. This is something that recurs throughout time. It's not historical, right? It's not contingent. It's a law of economics.

He also has students working on episodes of hyperinflation. in different periods of time. He's also looking back to like ancient history, inflationary episodes there. And he's saying this is a law of economics. This is something that recurs throughout time. It's not historical, right? It's not contingent. It's a law of economics.

And, you know, his Keynesian counterpoints are saying, no, that's not relevant any longer. Maybe once it was relevant, but it's not relevant today. Now, in some ways they have a point because In order to pay for World War II, the federal government sells a lot of bonds. It issues a lot of debt. And it wants to pay this debt back at a low interest rate. And it wants people to keep buying it.

And, you know, his Keynesian counterpoints are saying, no, that's not relevant any longer. Maybe once it was relevant, but it's not relevant today. Now, in some ways they have a point because In order to pay for World War II, the federal government sells a lot of bonds. It issues a lot of debt. And it wants to pay this debt back at a low interest rate. And it wants people to keep buying it.

And, you know, his Keynesian counterpoints are saying, no, that's not relevant any longer. Maybe once it was relevant, but it's not relevant today. Now, in some ways they have a point because In order to pay for World War II, the federal government sells a lot of bonds. It issues a lot of debt. And it wants to pay this debt back at a low interest rate. And it wants people to keep buying it.

It wants the low interest rate to be competitive with other interest rates. So it wants, in general, low interest rates throughout the economy. And the Federal Reserve has been so discredited by the Great Depression that the Treasury basically runs the Federal Reserve and says, keep interest rates low. And so that's what it's doing.

It wants the low interest rate to be competitive with other interest rates. So it wants, in general, low interest rates throughout the economy. And the Federal Reserve has been so discredited by the Great Depression that the Treasury basically runs the Federal Reserve and says, keep interest rates low. And so that's what it's doing.

It wants the low interest rate to be competitive with other interest rates. So it wants, in general, low interest rates throughout the economy. And the Federal Reserve has been so discredited by the Great Depression that the Treasury basically runs the Federal Reserve and says, keep interest rates low. And so that's what it's doing.

And so the Federal Reserve has stopped being an independent entity. It's just a sub sort of department of the Treasury. But in 1951, they negotiate what's called the Treasury-Fed Accord. And the Federal Reserve gets its independence, but it doesn't really use it. But statutorily, it now has it. And so most economists are just observing this.

And so the Federal Reserve has stopped being an independent entity. It's just a sub sort of department of the Treasury. But in 1951, they negotiate what's called the Treasury-Fed Accord. And the Federal Reserve gets its independence, but it doesn't really use it. But statutorily, it now has it. And so most economists are just observing this.