The Rivals: Paul Samuelson and Milton Friedman … 1
The web site Economic Principals: A WEEKLY COLUMN ABOUT ECONOMICS AND POLITICS,
FORMERLY OF THE BOSTON GLOBE, INDEPENDENT SINCE 2002 has the July 12, 2015 article The Rivals: Paul Samuelson and Milton Friedman … by David Warsh.
It is a fascinating tail about these two famous economists. I am not quite sure if I can call the following excerpt as conclusive, but it does give lots of credit to the ideas of Paul Samuelson, whom I favor, as opposed to the ideas of Milton Friedman whom I despise.
From a distance of thirty years, Robert Lucas, who had been a young econometrician at the time and who would later win a Nobel Prize, looked back at what had been the conventional wisdom then:
For the applied economist, the confident and apparently successful application of Keynesian principles to economic policy which occurred to the United States in the 1960s was an event of incomparable significance and satisfaction. These principles led to a set of simple quantitative relationships between fiscal policy and economic activity generally, the basic logic of which could be (and was) explained to the general public and which could be applied to yield improvements in economic performance benefiting everyone. It seemed an economics as free of ideological difficulties as say, applied chemistry or physics, promising a straightforward expansion of economic possibilities. One might argue as to how this windfall should be distributed, but it seemed a simple lapse of logic to oppose the windfall itself. Understandably and correctly, non-economists met this promise with skepticism at first; the smoothly growing prosperity of the Kennedy-Johnson years did much to diminish these doubts.
Nothing like a good dose of confirmation bias to help you decide what to believe. Of course I have my own explanation of how Lyndon Johnson and his conduct of the Viet Nam War ruined it all.