The economy
Sir,—Recently on a TV programme, Professor Galbraith described the disastrous state of the British economy as the logical result of Friedman economic nonsense. It is therefore somewhat surprising that an aspiring leader of the New Zealand National Party can come back from Britain’extolling the virtues of Margaret Thatcher’s social chaos. If a declining inflation rate is regarded as justification for such an achievement it could only be regarded so by those who themselves are economically secure and insulated. Certainly not by the victims. Professor Galbraith also pointed out that some control on prices, wages and other areas of the economy, with the participation of government and workers was essential if extremes of inflation and deflation were to be avoided. The Muldoon government has made a limited start along those lines. It would be tragic if Friedmanism in any form were given credence in New Zealand at this stage. — Yours, etc., J. SHARP. January 29. 1983.
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Press, 31 January 1983, Page 16
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157The economy Press, 31 January 1983, Page 16
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