Hayek on Milton Friedman
Hayek did not entirely agree with Milton Friedman's economics. He questioned the monetarist theory.
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Hayek did not entirely agree with Milton Friedman's economics. He questioned the monetarist theory.
really liked how you highlighted that Hayek pushed back on pure monetarism. He doubted that steady money supply targets could tame the cycle on their own and leaned toward institutional fixes like currency competition. Even within the free market camp, their not the same team every play, which makes the history a bit more fun to chew on.
I think Friedman came around a lot to the gold-standard late in life.
yeah he softened on it, especially after he backed away from strict money growth targets. He praised the discipline of a commodity anchor, but but he still stopped short of calling for a full return to a gold standard, definitly leaning more to rules based fiat and even free banking ideas. Does that sit closer to Hayek's currency competition stance?
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