Friedman Was Right, Just Mostly Misquoted...

Friedman Was Right, Just Mostly Misquoted... Authored by Lance Roberts via RealInvestmentAdvice.com, Milton Friedman’s famous one-liner that anchors half the inflation debates on financial television leaves out the part where the actual economics live. Once you put it back in, the doomist case gets a lot smaller. Per Bylund recently wrote a sharp piece for The Daily Economy arguing that CPI and GDP have become Goodhart’s Law in action. When a measure becomes a target, it ceases to be a useful measure. He has a point, and we’ll come back to it....