“There is an unearthly, mystical element in Friedman's thought. The mere existence of a stock of money somehow promotes expenditure. But insofar as he offers an intelligible theory, it is made up of elements borrowed from Keynes.” MadeExistenceTheoryOffersElementsMereMysticalBorrowedExpendituresKeynes Book:Economic heresies: some old-fashioned questions in economic theory Source: Economic heresies: some old-fashioned questions in economic theory
“It is a popular error that bureaucracy is less flexible than private enterprise. It may be so in detail, but when large scale adaptations have to be made, central control is far more flexible. It may take two months to get an answer to a letter from a government department, but it takes twenty years for an industry under private enterprise to readjust itself to a fall in demand.” YearsMayMadeTwoGovernmentFallAnswersMonthsIndustryDemandLettersTwentiesErrorsDetailsScalesDepartmentEnterpriseBureaucracyAdaptationFlexibleTwo MonthsLarge ScalePrivate Enterprise Book:Contributions to Modern Economics Source: Contributions to Modern Economics
“The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.” MadePurposeAnswersLearningStudyEconomicReadyEconomicsAcquireDeceitAvoidingEconomistDeceivedSmart WomenBeing DeceivedStudying Economics Author:Joan Robinson
