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"Friedman's smashing success"

Scott Sumner concisely explains why Friedman is so esteemed:

During the 1960s, Friedman rejected 4 key tenets of Keynesian economics. And within less than a decade, all four of his critiques were shown to be correct. . . .

In one important respect, Friedman’s achievement is even more amazing than what I have outline here.  In all four cases, Friedman’s claims were made at a time when they looked wrong.

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