Re: Leftists knocking Friedman ?

On Feb 22, 8:22 am, Jeffrey Turner <jtur...@[EMAIL PROTECTED]
> wrote:
> Lysander wrote:
> > On Feb 20, 8:45 pm, Vide...@[EMAIL PROTECTED]
 wrote:
>
> >>On Feb 20, 7:29 pm, Jeffrey Turner <jtur...@[EMAIL PROTECTED]
> wrote:
>
> >>>--Jeff
>
> >> i ask every one of these cranks, show me one of his success stories,
> >>kenya, new zealand, chile, the u.k., argentina, etc., the list of
> >>failures is huge. they cannot show me one success story unless they
> >>lie.
>
> > The United states through the 1980's and 1990's. Greenspan followed
> > rational expectations policies and lowered inflation without
> > increasing unemployment and the economy did quite well. A 10 year
> > expansion.
>
> ****in' bull****.  The price of oil dropped significantly and the U.S.
> went on a $2 trillion borrowing binge.  That was the financial "miracle"
> of the 1980s.
>

What you are speaking of has nothing to doing with proving the
Phillips curve wrong in that inflation can be lowered without raising
unemployment. Rational Expectations was needed to show that. I am
referring to how Greenspan lowered average inflation from 4% in the
early 90's to 1 to 2% in the late 1990's without an increase in
unemployment. Something the Phillips Curve said was impossible.

> > As far as I know the UK has never followed a fixed monetary policy
> > strategy. Only New Zealand can be verified as following fixed monetary
> > policies. Out of the 4 countries you list two are LDCs which have a
> > different set of policy prescriptions.
>
> Just go back to your supply-side monastery and leave economics to those
> who understand reality.
>

Supply-side? You are an idiot. There is nothing here that says
anything about supply-side. I believe your grip on reality is tenuous
at best as well.