Word: two
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Dates: during 1960-1969
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...seek a full-time job in Washington because "I like to be an independent operator," but his ideas are highly regarded within the Administration. "Milton Friedman has influenced my thinking," says Paul McCracken, chairman of Nixon's Council of Economic Advisers, who describes himself as "Friedmanesque." The two men often talk on the telephone, chat privately at the many conventions that economists attend. McCracken has been monetarist-minded for years, and since he took office the council has begun running computer calculations about the future course of the U.S. economy based on monetary indicators. Friedman has even closer relations with...
...growth of the money supply; since midyear, it has permitted no growth at all. Ironically, Friedman's principal complaint is that the Federal Reserve is overdoing the restraints in its effort to cure inflation. "If the board continues to keep the growth of money at zero for another two months, I find it hard to see how we can avoid a severe recession," he says. "The board has made the same mistake that it has made all along. It is going too far in the right direction...
...other side of the coin is that if Nixon pushes anti-inflationary policies too long or too hard, the result could indeed be what most economists define as a recession: at least two successive three-month periods of no real growth in the total economy, a condition that is almost sure to bring about a substantial jump in unemployment. At present, the nation might find such an experience particularly troublesome. A recession could aggravate social unrest. The jobless rates among blacks normally run twice as high as those common whites; among blacks under 25 years old, they often reach five...
...shift to an all-volunteer Army. Later he made a speech in Manhattan, then went to Boston. Dressed in a baggy brown suit and well-worn shoes, Friedman met for lunch with 20 impeccably tailored mutual-fund advisers and entertained them with unexpected quips and sallies. Later he spent two hours answering questions from some 50 Harvard and Radcliffe students who, unhappy with the schools' accent on Keynesian precepts, have recently formed the Association for the Study of Friedman Economic Doctrines, or "the Milton Friedman Fan Club...
...truly original thinker, Friedman is the author of a dazzling variety of ideas about how nations should cope with myriad matters of public policy. On the question of the international monetary system, Friedman for nearly two decades has been urging the adoption of freely moving exchange rates instead of fixed rates. Now, after a series of monetary crises and devaluations, central bankers in the U.S. and abroad are giving serious study to a modified form of the idea. As early as 1942, Friedman began advocating a negative income tax as a substitute for the nation's demeaning and generally ineffective...