Milton Friedman: Being Right Is The Best Revenge

At the Harvard University I knew as a graduate student in the late 1960s, Milton Friedman was treated as a right-wing Midwestern crank. Most of the derision applied to his views on money, including the argument that inflation was always and everywhere a monetary phenomenon. Even the permanent-income theory of consumption--his scientifically impeccable model in which consumer demand depended on a household's anticipated long-run income--was subjected to poorly reasoned criticism.

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