Row 67514

Row ID: 67514 | Dataset Entry | Axioma AXP Content Repository

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> Oh, I get that the Monetarists were sidelined and Friedman is long out of fashion. I don't dispute that the NNS school won the war for mindshare.

This wasn't like some battle of opinions that others were able to win lol, the ongoing research and experiences of the world evidenced that Friedman's thoughts were valid in many circumstances but certainly not to be taken as absolutes.

>As Friedman remarked, in some sense "we're all Keynesians now."

Yes, this is Friedman acknowledging that Keynes more or less had the most accurate and extensive model of broad economics.

I feel like a lot of people online think economics is some weird fight between various schools of thought, that was maybe true 50 years ago but it isn't now and really wasn't as Friedman aged. He was openly acknowledging that schools merged over time, good thought prevailed from each and what didn't work was discarded, and NNS was built upon the foundations Keynes laid. The last half century has had very little in the way of new "schools" of thought, and a lot in the way of broad consensus with economists more or less disagreeing on smaller localized details.

FieldValue
text > Oh, I get that the Monetarists were sidelined and Friedman is long out of fashion. I don't dispute that the NNS school won the war for mindshare. This wasn't like some battle of opinions that others were able to win lol, the ongoing research and experiences of the world evidenced that Friedman's thoughts were valid in many circumstances but certainly not to be taken as absolutes. >As Friedman remarked, in some sense "we're all Keynesians now." Yes, this is Friedman acknowledging that Key…
label r/investing
dataType comment
communityName r/investing
datetime 2024-05-23
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Raw Record

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  "text": "> Oh, I get that the Monetarists were sidelined and Friedman is long out of fashion. I don't dispute that the NNS school won the war for mindshare. \n\nThis wasn't like some battle of opinions that others were able to win lol, the ongoing research and experiences of the world evidenced that Friedman's thoughts were valid in many circumstances but certainly not to be taken as absolutes.  \n\n>As Friedman remarked, in some sense \"we're all Keynesians now.\"\n\nYes, this is Friedman acknowledging that Keynes more or less had the most accurate and extensive model of broad economics.  \n\nI feel like a lot of people online think economics is some weird fight between various schools of thought, that was maybe true 50 years ago but it isn't now and really wasn't as Friedman aged.  He was openly acknowledging that schools merged over time, good thought prevailed from each and what didn't work was discarded, and NNS was built upon the foundations Keynes laid.  The last half century has had very little in the way of new \"schools\" of thought, and a lot in the way of broad consensus with economists more or less disagreeing on smaller localized details.",
  "label": "r/investing",
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  "datetime": "2024-05-23",
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