“There are many misfortunes that can befall an economist,” Galbraith wrote in 1970. “The worst, by far, is to have a theory in which he devoutly believes, and which is wrong, put into practice.” Friedman’s 1960 proposal was offered as practical advice that turned out to be impractical, rather than as a matter of theory or devout belief. And, unlike wage- price controls, the notion of keeping money growth at 3 to 5 percent was never put into practice. Is it really so amazing that Milton Friedman, now 91 years old, says that one of his many youthful ideas did not work out as well as he once had hoped? That just looks like more evidence, as if any were needed, of his renowned candor and intellectual integrity.
Many years ago, John Maynard Keynes was chided about his own notorious propensity to change his mind. Keynes replied, “When I find I am wrong, I change my mind. What do you do, sir?”
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