THE ECONOMY'S NEW CLOTHES: Milton Friedman on the New Economy
Hoover Institution・2 minutes read
The discussion on "Uncommon Knowledge" between Peter Robinson and Milton Friedman focuses on the parallels between the technological advancements of the 1920s and the present day economy driven by the internet, highlighting the impact on productivity and labor markets. Friedman also discusses the stock market crash of 1929, suggesting that correct Federal Reserve policy could have mitigated the crash and emphasizing the central bank's role in maintaining stable prices, not controlling stock market prices.
Insights
- The discussion between Milton Friedman and Peter Robinson highlights the striking parallels between the technological advancements of the 1920s and the current era driven by the internet, shedding light on how historical contexts can offer insights into contemporary economic trends and challenges.
- Milton Friedman's analysis underscores the critical role of monetary policy in stabilizing economies, as evidenced by his observations on the stock market crash of 1929 and the subsequent Great Depression, emphasizing the importance of proactive measures by institutions like the Federal Reserve to mitigate potential economic downturns.
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Recent questions
Who hosts "Uncommon Knowledge"?
Peter Robinson
What foundations fund the program?
John M Olin Foundation and Star Foundation
What were the technological advancements in the 1920s?
Boom in automobiles and electricity
What was the stability in prices attributed to?
Good monetary policy
What did Milton Friedman believe about the stock market in 1998?
Stock market was in a bubble
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