Robert Waldmann: How Keynesian Was Milton Friedman?:
David Glasner argues that Milton Friedman was too a closet Keynesian… that Friedman used an IS-LM model augmented with the Fisher effect and a critique of the hypothesis that there could be a liquidity trap. The critique is based on the Pigou effect…. Glasner correctly notes that he is describing things in Friedman's work which aren't in Hicks's paper "Keynes and the Classics"… but [all but] the Pigou effect are in the General Theory…. I'd be very interested to know if anyone can find anything written by Friedman about unemployment and inflation which isn't there in Samuelson Solow (1960)… [who also] note that cyclical unemployment can become structural. Friedman ignored this possibility in 1968. It was quite a hot topic in 1985 when OJ Blanchard and Samuelson's nephew dusted off the concept….