How Can We Be Sure Scott Sumner Opposes the Gold Standard?
Am I the only one who finds this hilarious? Check out the opening lines from a recent Sumner post:
What would Milton Friedman have thought of market monetarism?
I am working on an article with the preceding title. I have some ideas, but am also looking for help on a few points. I’ve come up with 2 arguments suggesting that Friedman would have opposed market monetarism, and 10 arguments suggesting he would have favored it. I need more “against” arguments as I’m obviously biased. This is going to be a “scholarly” paper, and hence there cannot be any bias in my analysis. That’s not allowed in scholarly papers. It’s why there is no lumping of t-stats at around 2.0 in published papers. Oh wait . . .
But seriously, I’d like arguments either way. Also I’d appreciate a quotation of Friedman opposing NGDP targeting. Here are two arguments suggesting Friedman would have opposed MM:
1. He once said he opposed NGDP targeting.
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To avoid confusion, let me clarify that I cut off Scott’s post at the funny part. After that it just gets into boring econ stuff.
That’s pretty awesome.
Maybe he would have support the rest of the market monetarist program just not the NGDP targeting bit……oh, wait
Does Prof. Sumner really have to write this paper?
#1 seems conclusive to me.