Here’s an excerpt from the Friedman chapter I posted at http://freedomkeys.com/depression.htm#8 after I got my signed autographed copy in May:
“During the Great Depression, economics had been taken by storm by the British savant John Maynard Keynes. He diagnosed the Depression as a failure of “aggregate demand,” and prescribed massive government spending to stimulate it back to life. This became the dominant paradigm that guided the New Deal and captured the economics profession for decades after. For economics, this was a plunge into what amounts to a dark age. It was as though crisis had erased a century and a half of the economics of reason guided by the enlightened thinking of great minds like Adam Smith. [Dr. Milton] Friedman’s greatest contribution would be a monumental empirical investigation that would prove — not just argue, but prove — that the Keynesian diagnosis of, and prescription for, the Depression was in error.”
— Donald Luskin and Andrew Greta in “The Economist of Liberty”: Chapter 9 of I Am John Galt
Thanks for the ping/link.