Why Monetarism Failed - The New York Times:
"Brad DeLong asks why monetarism — broadly defined as the view that monetary policy can and should be used to stabilize economies — has more or less disappeared from the scene, both intellectually and politically. As it happens, I wrote about essentially the same question back in 2010, inspired by the more or less hysterical pushback against quantitative easing. I thought then and think now that this was fated to happen, that Milton Friedman’s project was always doomed to failure."
'via Blog this'