quote:Originally posted by kperk014:
Milton Friedman failed Chicago school of economics
The reason ALL models will fail is because we continue to pay people trillions of dollars to NOT work. Well that money for the slackers has to come from somewhere. Guess where that is.
Kperk,
When the Austrians pointed out the glaring holes in Friedmans analysis, his response was "In the end, we're all dead anyway". I really am too tired tonight to debate Friedman economics, or supply side, but is is an abysmal failure.
Yes welfare is a problem, but that isn't what caused supply side to fail. Friedman believed in the ever expanding money supply, the Federal Reserve and it asbility to create money out of thin air to cover the shortfalls of his economic theory. All the while he knew inflation would be the result. Eventually, you run out of confidence in the money and the system fails. It's Democratic socialism in reverse. Under Democratic socialism, money is taken thru taxation, under supply side money is taken thru inflation.