Adam Shostack <adam@bwh.harvard.edu> sez: AM+| if you have cable, Milton Friedman will be discussing Hayek on CSPAN +| (I'm not sure whether I or II, I think I) this Wednesday at 8. On behalf of the Second International may I comment, without seeing the show, but having read most of their books? As far as Friedman and Schwartz are concerned they have made a good career out of a simple insight, "inflation is always and everywhere a monetary phenomenon". When I was two and three years old being pulled around in a sled as my parents organised the socialist revolution (during the war this consisted of voting for the Commonwealth Party and opposing the Communists; Conservative and Labour, the government, were both so hated they were not in the game...) I was always told that inflation was too much money chasing too few goods. Hmmm.... When I grew up I met people who had been two cells over from Hayek in their filthy Austrian jail. Hayek kept on muttering: socialism leads to fascism, socialism leads to fascism, return to previous two clauses and repeat... Social democrats, including my friend just down the corridor from Hayek, thought that fascism resulted from chaos, stupidity, and lack of social organisation. I support the Lions Club to this day, sing Bingo for the Catholics; I support every farm co-op, not because I think their economics is sound but because I think that neighbours working together is something to be supported every time you see it. * * * What Milton says about Hayek on television will probably be clean, appealing, rational, and clear to the minds of the very young. Limited, however, in its use. -dlj. david.lloyd-jones@canrem.com * 1st 1.11 #3818 * A piano is a piano is a piano. -- Gertrude Steinway