The Impact of Theory on Practice

The bonuses earned by the bankers, hedgers and various fund managers arise as a result of making fast, smart decisions about movements in currencies, commodity prices, food, energy and key resource shortages, and mergers and acquisitions and the like. The quick returns from such deals ensure that mini speculative bubbles keep getting inflated, and the [...]

On 1st September, 1976, Professor Milton Friedman of Chicago University, economic theoretician and Nobel laureate, addressed the Institute of Economic Affairs in London. The title of his talk was “The Road to Economic Freedom: The Steps from Here to There”. Friedman, being the quintessential free market fundamentalist, took a dim view of the mixed [...]