, 6 tweets, 4 min read Read on Twitter
Blame Economists for the Mess We’re In nyti.ms/2KUw5bm This book appears to argue that Milton Friedman's ideas caused our current economic challenges. This is an interesting claim that I reject. During my time at @uchicago, I was taught that human capital is the key. 1/2
@UChicago (2/3) Milton Friedman's endorsement of vouchers for K-12 schools and for housing (rather than public schools and public housing) was never implemented. These policies alone could have played a key role in ending poverty and the hyper-segregation of the poor. Next inflation.
@UChicago (3/3) Friedman and Anna Schwartz's work on the causes and consequences of hyperinflation has played a central role in protecting the poor's purchasing power.
@UChicago (4/3) At @uchicago, we were taught that skill is produced throughout the life cycle as you choose how much to invest (and society, peers, and parents also invest in you). Wages rise with skill. Early under-investment in children is the core cause of poverty.
@UChicago The policy solution to reducing poverty is investment in early life skill formation heckmanequation.org , strengthening the family, and encouraging the geographic mobility of the poor (MTO). My own work has studied how to pay for this.
@UChicago As shown in this video where Milton Friedman discusses the negative income tax, he spent a lot of time thinking about how to improve the quality of life of the less fortunate.
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