Goodbye Friedman, Hello Tobin!

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Doug
Goodbye Friedman, Hello Tobin!

So long, Milton Friedman. Hello, James Tobin.

After a three-decade run, the free-market philosophies of Friedman that shaped U.S. policy are being eclipsed by the pro- government ideas of Tobin, the late Yale economist and Nobel laureate who brought John Maynard Keynes into the modern era.

Tobin’s stamp is on the $787 billion stimulus signed by President Barack Obama, former students and colleagues say. His philosophies are influencing Austan Goolsbee, a former Tobin student advising Obama, and Ben S. Bernanke, head of the Federal Reserve. Unlike Friedman, Tobin provides guidance for today’s problems, said Paul Krugman, a Princeton University economist.

http://www.bloomberg.com/apps/news?pid=20601109&sid=ajz1hV_afuSQ&refer=home