I happened to come across this quote from an old Milton Friedman interview, where he blames the Austrian school for encouraging the poor government response to the Great Depression: http://economistsview.typepad.com/economistsview/2006/01/milton_friedman.html Now, I know you’d disagree, probably…

at some yield, lenders will always come out of the woodwork. by way of extreme example, zimbabwe still issues treasury bonds (though there is substantial political interference in the process). the country can be going to hell in a handbasket, but government bonds are backed by the tax base, and on…

let me put it this way, if i owned a modigliani or a picasso, would it be worth any less for hanging in my toilet as opposed to the guggenheim museum? would it help if you imagined the bank vault gold worn as necklaces instead? it’s the rarity factor that counts.

I’m aware of the laws of supply and demand. My point was more directed towards a government-mandated gold standard, which is what Friedman talked about. Does anyone know if he ever commented on the possibility of denationalizing money? I know he was more of a realist than Hayek, and seemed focused…

If any and all barriers to alternative currencies were repealed tomarrow, what sort of currency would you rather use, government or private money? It really comes down to a matter of trust, and I think its possible for a private institution to be trusted more than than the government is, because a …

hold on with that venn diagram. of course gold could represent the full potential of the economy at any time. it just means dividing all the assets in the economy by the quantity of gold to determine the relationship. yes, this does mean, the price of gold would rise. doesnt W Block have an articl…

Except that’s deflation, which is harmful because wages and prices are sticky .

why dont you reread the 4th sentance of your wiki link and come back after you’ve done that :edited cause i forgot how to count:

This assumes that gold and only gold would circulate as a medium of exchange in a free market for currency. I highly doubt this would be the case. The deflation of which you speak is the market correcting prices after removing government interference. So maybe we could also describe it as commodity…

( http://econ161.berkeley.edu/Politics/whynotthegoldstandard.html ) [/quote] That link didn’t really present any “empirical” evidence. For example? France wasn’t effected as highly as the US or the UK were. The US can be explained, and has been, by different policies aiming at economic inelast…

Why don’t you read the sentence properly, including the second half? Government doesn’t impose the last four

Milton Friedman: The Austrians are responsible for the Great Depression

Economics Economics Questions

Niccolo December 11, 2007, 12:58pm 24

Maybe not on civilization, but government certainly does possess all four.

Feeling Isolated

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Milton Friedman: The Austrians are responsible for the Great Depression

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