"DSK" wrote in message
...
Gilligan wrote:
Pay the debt with inflated currency.


When the debt is one of the drivers of inflation, how is inflation going
to oustrip debt? Isn't this like putting the cart before the horse?


Germany in the 1920's. Simply turn on the printing presses and devalue the
currency.






This thread got side tracked somehow. What I started out to say, for 1
ASA/economist point, can anybody answer what economic theory did Friedman
produce? 2 points if you can explain it.



I don't think he produced any new economic theory but rather contributed
deeper understanding and refinement to old ones.


AFAIK he definitely invented something new, but five or six minutes of
googling has failed to produce a reference to it, unless you already know
the specific term.


Don't you know it?

He didn't come up with any new theories. He refined old ones. Have you ever
read "Human Action" by Ludwig von Mises? He was a founder of the Austrian
school of economics, a predecessor of the Chicago school which laid a good
deal of the ground work.

http://en.wikipedia.org/wiki/Ludwig_von_Mises






DSK