He worked for Nixon.
In May, we lost after a long and full life of ninety years by economist Marina von Neumann Whitman. Among a series of achievements, Von Neumann Whitman was the first to win a name, in the mid -1970s, for the hatching revolution that would scan the world of economic policy in the 1980s. In a classic article Since 1975, with the construction of a conference he had presented at the Brookings Foundation that year, he spoke to the title “Global Monetarism and the monetary approach to the balance of payments”. Fans will note that my own name websiteIn all things historical of the supply economy (including points for us new book Free money In the prospect of bid on Bitcoin), www.globalmonetarism.com is obtained from the title of the article by von Neumann Whitman. For about a year in 1975-76, people refer to the alternative to tax, healthy money policy as “world monetary”.
What architect that started with the article by Von Neumann Whitman had:
“A decade ago, when twin concerns about the balance of the United States payments and the functioning of the international monetary system began to offend the consciousness of a public that was to continue health, investment and investment and the people required by the Bretton Wood. The last solution.
“Today, most major industrial countries are no longer committed to exchange rates, but a funny thing happened on the way to this flexible Nirvana percentage. To be better analyzed in terms of the relationship between demand and supply of money and “global” because of their belief that, as a first approach, the world consists, not the separate national economies, but of a unified, integrated, closed economy.
“From these two fundamental principles there are several amazing suggestions …”.
The small group of influences – commentator Walter Salant said there were “maybe two” – were the unreliable Robert Mundell and Arthur Lafffer, who would actually raise economic policy wholesale and for good with Reagan in the 1980s. Von Neumann Whitman was definitely something. What experience should they perceive, probably just as a professional, a spiritual wave that is going to hit. This was done in 1975 by Von Neumann Whitman in 1975, as her article reveals.
The line that always got me was: “But a funny thing happened on the way to this flexible Nirvana percentage.” The United States has taken the world from the golden model to all expert advice in 1971. But a funny thing happened on the way to this flexible Nirvana percentage. He said it. In 1974, inflation was ten percent, as it was almost next year, and it was 6 % in 1973 and basically in 1972, but for the price controls given by Nixon.
Exit from the gold standard will be great! Actually here comes huge inflation. The woman said it. He said it! My kingdom for an economic profession observed that the transition from the ages of the ages, the golden model in 1971, causing inflation, exposing the huge progressive tax structure (up to 70 %) to real tax increases beyond faith, will lead to stupid. He said it! Economically, this state -of -the -art, melancholic profession? Said the transition from gold was illuminated (and we triste est dicere Include Milton Friedman here).
Von Neumann Whitman, an economist, is surrounded by people who said they would be “Nirvana” – the beautiful choice of words – if we came out of gold. And he called them to this, in this Brookings Installation Center no less. Here’s about her. In the enormous recession of 1973-75, in which unemployment doubled and inflation went into double digits, the economics generally generally ruled that the transition from the gold standard a few years before it was well processed. Von Neumann Whitman was one of the few who said, in his thickness, the very heat of the battle, they say what?
In 1976, Alan Reynolds And Jude Wanniski created “financially on the side of the offer”, replacing “global monetary” for understanding that not being a classic monetary system means that you need to reduce tax rates and become quickly. Reagan would take things from there in time.
Von Neumann Whitman, daughter of top mathematician John Von Neumann, received a doctorate in Economics under Gary Becker in Columbia. Her beloved college and her husband Robert Whitman were an anchor of the English Department of the University of Pittsburgh.
One of Von Neumann Whitman’s joys is remarkable memoir Mars’ daughter (2012) is the portrait of university life in America in the Great Renaissance era in the 1950s and 1960s (a topic I investigated in a report Years ago to Harvard Pusey President). As a native pittsburgher, I can assert that the English Pitt English department was attracted throughout the distance as a center of inspirational leadership in the arts of our language, starting with Shakespeare. These days, our English sections are in ridiculous decline after their arms by stupid policy. Bob Whitman was a warrior in the Great Age before that.
Marina, in finance, has transferred an equally immediate lesson, but so far it has not been selected. The finances became as Daffy as English, and yet it never had comeuppance. Finance said they came out of the golden model and to date have not only insisted that this was the right move, it has been consenting to all those who indicate differently. The finances, for the record, were completely wrong at the end of the end of the gold standard in the 1970s and this late date owes us a bunch of mistake. Whatever the expiry ritual, the university generally goes through these days – that its economics and mistakes are still intended for the future, because this discipline refused to understand, let alone admit, that the transition to the monetary system back in the 1970s was a horrible idea.
Nirvana-Von Neumann Whitman Read the finances as a book then and he understood this is exactly what they promised to get from getting out of gold. And we got the station. Thanks guys, goodbye. But they didn’t pass. They got credit for the supply side-the global mnemonic repetition that solves everything in the 1980s and really took care of the Renegades from the profession. Our finances still owe Sackcloth and ashes to say let’s go from gold. Instead the Gimme Nobel awards say. Among the very few at the Foundation that was clear about these issues from the jump was our departure marina Von Neumann Whitman.
