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It is one thing to assert axioms such as 'parallel lines never meet', an assertion for which there was no obvious falsification for over 2,000 years, as did Euclid. It is quite another to assert "Inflation is always and everywhere a monetary phenomenon" as did Freedman - an assertion for which it is not even that difficult to falsify. I would argue that Freedman was making a normative assertion - 'this is what we should accept as the basis for our understanding', though without labeling it as such. With that statement, amplified by friendly media and bespoke think tank output, Freedman effectively Mesmerized the Anglo economics and political sphere. But in both professions what practitioners saw on the bob that was swinging back and forth before their eyes was a dollar sign representing the security of their income and their continued enjoyment of the grace of the wealthy and powerful. Science-schmience! This is real money here!  

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jan 15th, 2014 at 10:58:04 AM EST
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