Friedman TV

Thanks to Mankiw for these links.

I watched "How to Cure Inflation". You couldn't learn the subject in a better way than from Milton Friedman!!

In this video, Friedman not only touched on the Quantity Theory of Money, but also topics included the Philip's Curve (the cost of controlling inflation is to have short term spike of unemployment - think of John Crow's zero-inflation policy and the high unemployment rate in Canada in the early 90s), and Rational Expectation.

The best quote from Friedman, in this video:

"There is only one way to ease the pain of curing inflation, and that way is not available - and that way is to make it credible to the American people that you [politicians] are going to follow the policy you say you're going to follow" (i.e. control inflation by cutting government expenditure and stop financing government spending by printing money.)