It has proven to be a disastrous misdirection for the world’s economies.” Unfortunately, Carter doesn’t elaborate on Sachs’s point. Carter, a writer in residence with the Omidyar Network and the above-mentioned Hewlett Foundation, quotes Columbia University economist Jeffrey Sachs as follows: “Almost nothing remains of his intellectual legacy. In “ The End of Friedmanomics,” a particularly nasty recent article in the New Republic, Zachary D.
Other critics have claimed the opposite: that Friedman’s long-run impact is virtually zero. Kramer went on to say why he thought this influence was negative. Fiscal policy, monetary policy, labor policy, trade policy, welfare policy, and industrial policy, to name only a few, have been fundamentally altered in line with the ideas of Hayek and Friedman and their followers. Government regulation may persist in many arenas, but in the years since Hayek’s and Friedman’s economic philosophy-now called “neoliberalism”-became ascendant, it has reshaped everything. For example, in 2018, Larry Kramer of the Hewlett Foundation, in a scathing attack on Friedman, wrote: Some critics of Friedman have exaggerated it. There has been a lot of discussion in the past few years about how much impact Milton Friedman’s ideas and work have had on economic thinking and economic policy.
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