[nabla9]

When quoting Milton Friedman we are discussing in past tense. Monetary theory has moved on. Friedman’s ideas were revolutionary and they corrected many mistakes of that time, but only some parts of Friedman's monetary theory have survived. He was one of the greatest minds in economics but things are not true just because Friedman said so.

Friedman simple quantity-of-money rule policy didn't withstood the test of time.

His idea that flexible exchange rates make inflation purely domestic issue is the cornerstone of economics. No good economist today believes that unemployment and deflation should be preferred for currency devaluation thanks to Friedman.

Friedman spend his life trying to prove that there had never been in history a monetary supply growth without being followed by inflation. What he didn't try to prove was that monetary supply growth always is followed by inflation.

[_dps]

You may be right and I might be out of touch with what is mainstream these days. But to be clear, I wasn't claiming Friedman's ideas were the only ones in Monetarism. Obviously a lot has happened since the 70s (or even 10 years ago when I was more in touch with people in economics).

But I think 10 years ago there were definitely mainstream people who at least claimed to believe the "inflation is always a monetary phenomenon". Still, it sounds like you are more up to date on this than I am so I appreciate the clarification.

[nabla9]

> 10 years ago there were definitely mainstream people who at least claimed to believe

This is correct even today. Among politicians and pundits there is completely different economic discussion and it's really confusing.

You know, if you would give top 1000 dry academics in any field a way to flag news media or opinion pieces in their specialty with visible [extraordinary or surprising claim] -flag if they do it with 4/5 majority it would be really helpful public service (startup someone?)