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Posted on 11/17/2006 5:32:33 PM PST by RWR8189
Washington Post radio had him as the "high priest of trickle down economics," and never mentioned his Nobel ( drive time headlines)
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"As someone who spent the first decade of his career researching, teaching and writing about the history of economic thought, I can say that no economist of the past two centuries had any such theory [as "trickle-down economics"]." -- Dr. Thomas Sowell, here: http://www.capmag.com/article.asp?ID=4183
bump
He was one of the authors of income tax with holding, in the FDR era, he later regretted it, the damage was done.
RIP Dr. Friedman, regards and condolences to Rose
More of Friedman's legacy:
http://theunknowncandidate.blogspot.com/2006/09/estonia-land-of-free.html
Economists call Estonia the Baltic Tiger, the sequel to the Celtic Tiger as Europe’s success story, and its policies are more radical than Ireland’s. On this year’s State of World Liberty Index, a ranking of countries by their economic and political freedom, Estonia is in first place, just ahead of Ireland and seven places ahead of the U.S. (North Korea comes in last at 159th.)
It transformed itself from an isolated, impoverished part of the Soviet Union thanks to a former prime minister, Mart Laar, a history teacher who took office not long after Estonia was liberated. He was 32 years old and had read just one book on economics: “Free to Choose,” by Milton Friedman, which he liked especially because he knew Friedman was despised by the Soviets.
Laar was politically naïve enough to put the theories into practice. Instead of worrying about winning trade wars, he unilaterally disarmed by abolishing almost all tariffs. He welcomed foreign investors and privatized most government functions (with the help of a privatization czar who had formerly been the manager of the Swedish pop group Abba). He drastically cut taxes on businesses and individuals, instituting a simple flat income tax of 26 percent.
These reforms were barely approved by the legislature amid warnings of disaster: huge budget deficits, legions of factory workers and farmers who would lose out to foreign competition. But today the chief concerns are what to do with the budget surplus and how to deal with a labor shortage.
R.I.P., Professor Friedman.
Does anyone know why, when I go to the Salon website, I do not see a "sponsor logo" to click on to get the whole article? There is another article I want to read on their website, but I can't get to it.
Almost the entire world has experienced 23 years of solid economic growth (very few recessions and those that have occurred have been minor and short-lived).
Interest rates and inflation have reached their lowest levels in 50 years. Central Bankers the world over know what their main role is. Taxation rates have been reduced to rational levels. Unemployment rates have fallen below the natural rate.
This evidence has convinced Russia and China and Vietnam and 50 other former communist states to join the modern capitalist world. The northern EU states (former bastions of socialism) have also joined the free enterprise world and have prospered exponentially because of it.
We can thank Friedman and the politicians who listened to him (Thatcher and Reagan) for giving us what will eventually be called the Golden Age of Economic Reformation.
OK, so if he's right admit it and come one over.
That's OK, so if he's right admit it and come on over.
Brad DeLong and Markos Moulitsas (founder of Daily Kos)
they never miss a beat to propagandize, do they?
the phrase came from one of those guys who "grew" in office, David Stockman, didn't it ?
IIRC, Stockman simply used the phrase in an article, but he didn't invent it.
how come it's only Republicans that end up with these guys playing for the other side, like Andy Card now with his Woodward collaboration?
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