Physics and Friedman

John Whitehead has a Commentator who might need a Physics lesson. One of the most important elements states that weight in must equal weight out. A 6lb gallon (?) of fuel combined with sufficient amount of Oxygen to consume it will not equal 18lb. of CO2 gas per gallon. One must also consider the emission of solid Particulate in weight, and the overall weight of oxygen, along with the lack of burning involved with liquid or mist runoff. Then there is the process of transference from liquid to Gas, with the gaseous state requiring much greater volume to equal the poundage found in a gallon of fuel, which must find expansion in a constant pressure atmosphere; curtailing the full combustion of the material. I am not completely confident about this estimate, but doubt that the total weight of the CO2 gas could even equal the weight of the fuel.

Richard Adams will be criticized for his Posts, here and here, on Milton Friedman, stating the man was a basic failure; his one success coming with the Withholding Tax. Adams states that Paul Samuelson was the greater Economist, though I believe that assertion would both men laugh if heard. I am reminded of the George Schultz comment that people love to argue with Milton, when he is not there. Adams comments on Friedman’s analysis of the Great Depression, something over which I myself disagreed with Friedman (my contention stating the Fed was right to remain tight during the Depression–the loan default was too massive to be stopped; no use throwing Good Money after Bad, and destroying the viability of money creation instruments). Adams simply attempts to set up a adversarial role between Samuelson and Friedman, on the order of artificial strife created between Keynes and Hayek.

The first economic text I ever picked up was written by Paul Samuelson. The economist hero of my youth was Galbraith. I revered Keynes, at least until I started to read his work. I came across Hayek only late in my economic life, and still cannot comprehend the great loyalty given him. I even felt affinity to a couple of Economists hardly mentioned today. Milton Friedman, though, was always around. I can justly claim I possessed little dedication to his beliefs, although I always felt the warmth and humanity in the man. The real enthusiasm for Milton Friedman comes for his love of life, his capture of and commentary to the major Events of his day; right or wrong, you knew his feelings were real and strong. lgl