Monetarism

by James K. Galbraith for Levy Economics Institute of Bard College  

As always with a Galbraith at the keyboard, this is a delight. Taken almost verbatim from the lecture mentioned below:

Twenty-five years ago, on a brilliant winter day at Alta, I skied off the top of the Sugarloaf lift and heard a familiar voice asking for directions. It was William F. Buckley Jr. I pulled off my hat and went over to say hello.  Buckley greeted me, then turned to a small man at his side wrapped in a quilted green parka topped with a matching forest green stocking cap and wraparound sunglasses in the punk style. “Of course,” Buckley said, “you know Milton Friedman.”

Last fall, when I received an invitation to deliver the 25th Annual Milton Friedman Distinguished Lecture at Marietta College, my first act was to notify Buckley, already then quite ill. I warned that he couldn’t publish on it or the invitation might be revoked. The e-mail came back instantly, full of exclamation points, block caps, and misspellings. “Congratulations! What a wonderful opportunity to REPENT!”