Mill: > There are writers of pretension, not only out of Bedlam, but even, we can > assure Sir Robert Peel, out of Birmingham, who think it the duty of the > legislature periodically to degrade the standard (or to authorize an increase > of inconvertible paper exactly equivalent) in proportion as the progress of > industry creates an increase of productions and a multiplication of pecuniary > transactions.<
PK's Translation: > there are crazy people who think that the money supply should grow over time, in line with the long-run growth of real GDP. By that standard, Milton Friedman was crazy.< it's true that MF was crazy (perhaps like a fox), but it seems to me that Mill was talking about the (non-Friedmaniac) view that a little bit of inflation greases the wheels of industry. -- Jim Devine "All science would be superfluous if the form of appearance of things directly coincided with their essence." -- KM _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
