Business: Milton Friedman: An Oracle Besieged

NOW that President Nixon has switched to a new and more activist economic policy, there is rising criticism of the man who provided the intellectual backing for the old one. Milton Friedman, 58, a bouncy, bantam-size economist, has seldom been a more controversial oracle than at present. Friedman argues that, because it is based on uncertain statistics and fallible judgments, Government tinkering with the economy is more likely to cause harm than good. He insists that the best policy would call for a sure and steady expansion of the nation's money supply at an annual rate of about 5%. Money supply,...

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