Who was Milton Friedman?

(February 15, 2007) To the Editors: We begin this response to Paul Krugman's "Who Was Milton Friedman?" NYR, February 15 by noting a few of the many inaccuracies in his essay and then go on to note the errors in his references to technical matters concerning monetarism and Keynesianism. Contrary to Krugman's suggestion, the description of 1930s monetary policy as deflationary is not something Friedman thought up in 1967 to distort the Monetary History.

Friedman and Schwartz referred to "deflationary actions on the part of the Federal Reserve System" in the 1930s in their 1963 paper "Money and Business Cycles." And a 2002 talk by Ben Bernanke twice characterized the 1930s as featuring "contractionary monetary policies," not unlike Friedman's description. Krugman claims that Friedman engaged in crude assertion by stating that the Federal Reserve "permitted a sharp reduction in the monetary base."

In fact, the monetary base declined over 5 percent from April 1928 to October 1930, ... more.

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