Tape 159 - Economic Outlook for 1975

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Interviewer	Hello this is William Clark	0:02
	of the Chicago Tribune.	0:03
	Here again on behalf of Instructional Dynamics Incorporated	0:05
	for another visit with the distinguished economist	0:09
	Professor Milton Friedman of the University of Chicago.	0:12
	Milton our friends at Instructional Dynamics again	0:14
	have asked you to devote	0:18
	this particular tape to an appraisal of economic prospects	0:19
	for the coming year for 1975.	0:24
	I wonder if a good way to begin the discussion	0:27
	would be to establish where we are right now.	0:30
	What has happened to us in '74?	0:33
Prof. Friedman	That is a good way to start Bill	0:41
	because I'm impressed by the contrast	0:45
	between	0:49
	the picture one would draw	0:51
	of where we are on the basis of newspaper headlines.	0:54
	Even the headlines in your estimable paper,	0:58
	the Chicago Tribune.	1:00
	On the one hand	1:02
	and the cold hard statistics on the other.	1:04
	To judge from the newspaper headlines	1:07
	we are in a very severe contraction.	1:10
	Unemployment is spreading apace.	1:13
	The recession is deep.	1:15
	There are major layoffs everyday.	1:17
	One gets all the	1:20
	tonal values	1:23
	of even	1:24
	of 1932	1:26
	in similar episodes.	1:27
	To judge from the cold hard statistics	1:30
	we have been having a slow down.	1:33
	We have been having a sidewise movement.	1:35
	We are undoubtedly in my opinion in a recession,	1:38
	but it is an extraordinarily mild recession so far.	1:42
	We are currently operating at an extremely high level	1:45
	of economic activity.	1:48
	There is very little sign of anything like	1:50
	the kind of major contraction one might get	1:53
	from the newspaper headlines.	1:56
	For example, suppose you look at the compare this	2:00
	movement so far with the 1970 recession.	2:02
	In 1970 we had a recession which by all counts	2:07
	was the mildest recession in the post war history	2:10
	and indeed one of the mildest in all of our history.	2:14
	If you look at the figures for the current period	2:17
	I think one should say	2:19
	that when the National Bureau comes	2:21
	to inscribe this episode in economic history	2:23
	I believe it will probably date the recession	2:27
	as having started in November 1973.	2:30
	So that it's just about a year old now	2:35
	and though the forecast and the expectations	2:37
	that this may be the longest post war recession	2:40
	may well be on their way to being fulfilled.	2:43
	But in terms not of length, but of	2:46
	depth of intensity.	2:50
	So far you have had very very mild effects.	2:53
	If you look at employment the number of people employed	2:58
	in the 1970 recession as in almost every other recession,	3:03
	employment fell.	3:06
	So far to date employment has risen somewhat.	3:09
	The number of people with jobs today	3:12
	is higher than it was a year ago.	3:14
	If you look at unemployment during the 1970 recession	3:18
	unemployment rose by about 2.5% points.	3:22
	So far it has risen by about 1.5% points.	3:26
	True we started from a somewhat higher level	3:30
	so that the actual level of unemployment now	3:33
	is closer to the level at the end of the 1970 recession.	3:37
	But so far as the change is concerned,	3:42
	it's so far been very much less.	3:44
	If you look at industrial production,	3:47
	industrial production fell during the course	3:49
	of the 1970 recession	3:51
	at an annual rate of something like about 7% to 8%.	3:52
	That overstates the decline	3:55
	because it was exaggerated by the General Motor strike,	3:57
	which came at the end of the period.	3:59
	But maybe 5% with annual rate	4:01
	would be a more reasonable estimate.	4:04
	So far in this recession	4:06
	it has been falling at an annual rate of 2%	4:08
	And so you go down the line.	4:11
	If you look at indicators of physical volume of activity,	4:13
	which are all the things I've been talking about.	4:17
	Leave aside the inflation problem for the moment.	4:19
	The general impression you get	4:22
	is that we have sort of been staggering along sideways	4:24
	with a little upturn	4:27
	that we have been having a very mild movement until now.	4:29
	Now I believe, and we'll come to this later	4:32
	that the movement may intensify	4:34
	But as of the situation now, it's mild.	4:35
	The question arises why is there this contrast between	4:38
	what the numbers are showing	4:41
	and what the headlines are saying.	4:43
	I believe there are two separate reasons for it.	4:45
	One, is the general increasing political consciousness	4:48
	of economic activity.	4:53
	It's become the major obsession of every politician.	4:54
	You can't hear a politician talk without the economy,	4:57
	unemployment, inflation becoming in the forefront.	5:00
	This is exacerbated of course, by the sharp contrast	5:06
	between a democratically controlled congress and house	5:09
	and a newly..	5:12
	A newly appointed.	5:14
	I was starting to say elected,	5:15
	but a newly designated president who is a republican	5:17
	and who is being tested in the political hustings	5:22
	in terms largely of his economic policy.	5:26
	But I think there is also a second reason	5:29
	which is more substantive.	5:31
	This has to do with a particular role	5:33
	of the automobile industry is playing in the situation.	5:35
	Many of the headlines have to deal with layoffs by GM,	5:39
	by Chrysler, by Ford, and so on.	5:42
	The area of the economy which is hardest hit.	5:43
	Well the two areas are housing and automobiles.	5:47
	Housing has been hard hit for some time,	5:51
	but automobiles is the most recent.	5:53
	And I think there is a tendency to extrapolate	5:55
	from automobiles to the economy.	5:58
	Automobiles are extremely visible.	6:00
	When General Motors lays off	6:02
	some tens of thousands of people that hits the headlines.	6:03
	The fact that a large number of other enterprises	6:06
	around the country are not laying off people	6:09
	does not hit the headlines.	6:10
	Now the automobile situation	6:12
	has been attributed to the recession,	6:14
	but I think that's a gross over simplification.	6:16
	The high price of gasoline and oil	6:19
	as a result of the oil crisis of a year ago	6:22
	unquestionably has made automobiles less attractive	6:27
	has tended to reduce the demand for automobiles	6:30
	that already was felt to some extent in the last year,	6:32
	but I think the situation has been obscured by another fact	6:36
	which is that the 1975 automobiles	6:40
	carry a lot more mandated equipment	6:42
	in the way of safety equipment	6:44
	and anti-pollution equipment, than did the 1974 cars.	6:47
	As I understand it there's something	6:51
	like a thousand dollars worth of stuff on the 1975 car	6:52
	that no automobile purchaser ordered	6:56
	or would have been likely to order	6:59
	if he had been left to his own initiatives.	7:00
	Some of it is pure waste.	7:02
	Like the interlock system,	7:04
	which has now been declared non-mandatory by congress	7:05
	in which therefore people buy in order to disconnect.	7:08
	But beyond that, some of the other items on it may be good	7:12
	from a social point of view.	7:15
	That isn't the question,	7:16
	but from the point of view of the purchaser.	7:17
	He is no fool and he was aware long ago	7:19
	that if he bought a '75 car he was going to have to pay	7:22
	for stuff that he didn't want to a greater extent	7:25
	than if he bought a '74 car.	7:28
	So I think to a very large extent	7:30
	the effect of the oil crisis on the demand for automobiles	7:31
	was muted in the '74 model year	7:34
	by shifting of demand	7:37
	from the '75 model year to the '74 model year.	7:38
	And a result the automobile situation looks a lot worse	7:41
	than anything that could be attributed	7:46
	to simply the recession as a whole.	7:48
	In a nutshell then, up to this point	7:50
	we have been having a very largely sidewise movement.	7:53
	A recession, the beginnings of a recession,	7:57
	but extremely mild,	8:00
	much less extreme than one would gather from the headlines.	8:01
William	Dr. Friedman it occurs to me that a year ago	8:06
	you were predicting for 1974	8:09
	rather more inflation	8:12
	than most of your fellow economists and you were so right.	8:14
	Lately, I think you've been on the	8:18
	perhaps on the low side of the consensus	8:19
	in predicting further inflation.	8:22
	Are you holding to that view as we move into '75.	8:25
Prof. Friedman	Yes I think so.	8:29
	If one looks again along the lines that you	8:30
	suggested at the forecast that people are making a year ago	8:34
	for 1974.	8:38
	There is one striking feature of them	8:41
	that I think needs to be born in mind	8:43
	in making predictions for 1975.	8:45
	The forecasters, the consensus forecasters, almost everybody	8:49
	was very nearly being on the mark	8:54
	with respect to the change in nominal GNP.	8:58
	Almost everybody was predicting	9:05
	that nominal GNP,	9:07
	GNP in dollars would rise in 1974	9:10
	at the annual rate of something like 8% to 10%,	9:15
	7% to 10% was enclosed almost all the estimates.	9:17
	In fact if you take the third quarter GNP this year	9:22
	over a year ago the rise was roughly	9:27
	was almost exactly 8%.	9:30
	The fourth quarter GNP figures aren't in,	9:33
	but that will almost surely show	9:35
	something like 8% to 9% annual rate arise.	9:36
	So in that respect everybody was right.	9:39
	However, what everybody was wrong	9:42
	was in the breakdown of that rise in nominal GNP	9:47
	between prices and output.	9:50
	The consensus forecast was pretty much	9:53
	that 2% or 3% of that would be an output	9:56
	and 5% or 6% at the most would be in prices.	9:59
	The actual outcome is that if you look at those GNP figures	10:04
	it's been more nearly something like 10% or 11%	10:08
	in prices and something like minus 3% in output.	10:12
	So the breakdown has been very different.	10:18
	Now I think one wants to be a little bit careful	10:21
	in taking those figures seriously.	10:24
	As I mentioned before on these tapes	10:25
	there is some inconsistency	10:28
	between what the GNP figures seem to be showing	10:30
	and what the other figures I was just citing a moment ago	10:33
	like employment, industrial production,	10:36
	and so on are showing.	10:39
	And one of the possible explanations for that is that the	10:41
	rise in prices has been over estimated	10:45
	because to some extent you had artificial elements in it	10:47
	arising out of the unveiling of price increases	10:51
	that have been repressed before by price controls	10:55
	out of the precautionary price increases	10:57
	that people are making now in fear of future price controls.	10:59
	So maybe a fairer statement would be	11:03
	that it hasn't been 11% or 12% in price rise,	11:05
	but it's been something like 9% or 10% .	11:09
	But even so GNP would down by minus 1%.	11:11
	Well the same..	11:15
	now as a year of a year ago I was on,	11:16
	as you say on the high side	11:19
	in the sense that I thought the rate of increase of prices	11:20
	was gonna be much higher than most forecasters did,	11:23
	but I have to confess in retrospect that even I was too low.	11:26
	I said in the corresponding tape a year ago	11:30
	that if we got	11:33
	if the rate of inflation was below 7% or 8% per year	11:34
	it would be a mini miracle.	11:37
	Well it wasn't.	11:39
	It was 11%,	11:39
	but my saying that implies	11:40
	that I didn't think it was gonna be 10% or 11% or 12%.	11:42
	I thought it was gonna be about 8% or 9%.	11:45
	But nonetheless, that breakdown was largely	11:47
	on the high inflation side.	11:51
	Now, looking forward to 1975	11:53
	I think you will again find	11:57
	that most consensus, most forecasters	11:58
	are very close together in what they are predicting	12:00
	for nominal GNP.	12:03
	My own belief is the nominal GNP will go up somewhere	12:04
	in the range of 6% to 8% next year over this year.	12:08
	Maybe a little higher.	12:13
	Maybe a little lower, but somewhere around that range	12:15
	and I suspect most forecasters are going to come out	12:18
	with a very similar number.	12:20
	Where you will find the forecasters different	12:22
	is in how they divide that again between prices and output.	12:25
	On the one hand I think as you properly say	12:29
	the consensus this year is on the high side.	12:33
	They seem to be adjusting to their mistake last year.	12:36
	And you see most forecasts I believe	12:39
	are running about 8% to 10% inflation over 1975.	12:41
	Almost all of them are thinking there will be tapering off	12:48
	but not very much.	12:51
William	If 10% over 1974.	12:52
Prof. Friedman	Over 1974, in 1975.	12:55
William	Yes.	12:57
Prof. Friedman	Now if that happens	12:58
	and if nominal GNP goes up at 6% to 8%	13:00
	your going to have a decline in real GNP	13:05
	of something like 2% to 4% and this will be	13:08
	a turn from its present, very mild recession	13:13
	into a much more severe recession.	13:17
	On the other hand,	13:21
	if you take the kind of picture	13:22
	I'm inclined to take which is	13:25
	that I think the rate of inflation will be much	13:27
	will be less than that.	13:30
	That it will come down to maybe something like 6% or 7%.	13:31
	Then you have essentially a zero rate of growth of real GNP	13:35
	and then you have a continuation of a recession,	13:40
	but not a really severe one.	13:43
	Getting somewhat more severe than it is now,	13:46
	but not a great deal.	13:49
	Now, what is the basis for this statement?	13:51
	Part of the basis which I have expressed in earlier tapes	13:55
	is that I believe	13:58
	that some of the present inflation is bubble	13:59
	that the real underlying hardcore inflation	14:02
	justified by prior monetary expansion	14:04
	is in the neighborhood of 6% or 7%.	14:07
	And you ought to be getting back to that.	14:09
	That the bubble effects, oil, food,	14:11
	but more important unveiling of past price controls,	14:14
	fears of future price controls	14:19
	those will be washed out of the statistics	14:21
	and out of the price rise in the future.	14:24
	Secondly,	14:27
	the recession it takes as I mentioned	14:29
	in the tape a year ago,	14:33
	generally speaking it takes about a year before	14:34
	between a slow down, a peak in the economy	14:38
	and it's having any effect at all on inflation.	14:42
	Well, we're just about a year	14:45
	from what I think was a peak in the economy	14:46
	of November of last year, was a peak.	14:48
	We're about a year.	14:50
	so we ought to be starting having those effects.	14:51
	In the third place, we did have a substantial change	14:54
	in monetary policy in June.	14:58
	There was no change before that in terms of M2.	15:01
	The quantity of money have been rising at about 10% per year	15:06
	for the three or four years prior to June 1974.	15:09
	In terms of M1 it had been rising at about 6% to 7%.	15:14
	From June to now it's only about four months,	15:18
	but if you take that four months period	15:21
	M2 has been rising at about 6%	15:23
	and M1 about 2% to 3%.	15:26
	This is a very distinct change and it is interesting	15:29
	that you are just about now beginning to get evidence	15:33
	that the recession has been become somewhat more severe.	15:36
	That from being upward movement	15:40
	it's turned now into a mild downward movement.	15:42
	That's just about on schedule.	15:45
	The standard delay between a change,	15:47
	the substantial change in monetary growth	15:50
	and physical output is between six and nine months.	15:53
	And we are just coming about to the six months.	15:56
	This is December we're just about six months	15:59
	from the change.	16:01
	So we ought to start having a somewhat deepening	16:02
	of the recession.	16:05
	As a result I do think	16:06
	that the recession will become somewhat deeper	16:08
	over the next quarter or two	16:11
	without going into the doom and gloom forecast	16:12
	without thinking it's going to be a	16:16
	major or a drastic recession.	16:17
	I think it will deepen somewhat	16:19
	and come closer to being like 1970 or a little more.	16:20
	I was stressing before that up to now	16:24
	it's been much milder than anything you had before	16:26
	and it may now turn into something	16:29
	a little bit more severe than 1970.	16:31
	That will reinforce the tendencies toward	16:34
	a slower rate of price rise.	16:39
	That arise from the mild slow down of the past year.	16:42
	Now of course much there will depend	16:49
	on whether the Fed continues with its policy.	16:51
	We'll get back to that a little later	16:53
	to what we think their future policy will be.	16:55
	But looking ahead for the next six or nine months	16:58
	which is about as far as you can look on the basis of policy	17:01
	up to this point.	17:04
	I would say that you..	17:06
	I would expect a continued decline.	17:08
	I would expect it to get somewhat more rapid	17:11
	that the rate of decline of industrial production	17:13
	will get higher than the 2% rate	17:16
	we so far been experiencing.	17:18
	Unemployment will rise from its present 6%,	17:20
	perhaps to seven.	17:23
	Maybe a little higher, maybe a little lower.	17:25
	But the rate of inflation will taper off down to something	17:27
	like about 6%, 7%.	17:30
	With nominal GNP rising at the rate of 6%, 7%	17:33
	or something like that,	17:36
	that means your horizontal in output,	17:37
	but nonetheless unemployment rises	17:41
	because you've got an increasing labor force.	17:42
	The normal trend is about a 4% per year increase	17:44
	in real output and so horizontal movement in output	17:47
	is essentially a recession relative to trend.	17:51
	Well those are..	17:55
	That's fundamentally the major basis for my belief	17:56
	that you will have less inflation	18:01
	over the next six or nine months,	18:04
	over the next year	18:06
	than I think most forecasters are expecting.	18:08
	I hastened to say that in view of my past record	18:10
	and the past record of other forecasters	18:14
	in predicting the breakdown of nominal income	18:16
	between prices and output	18:19
	that's not a prediction in which anyone ought to have	18:20
	enormous confidence, myself included.	18:23
William	Well I think you did pretty well	18:25
	a year ago Milton.	18:27
	What would you suggest might happen to interest rates	18:28
	in this six to nine month period?	18:31
Prof. Friedman	Well short term interest rates	18:33
	have been coming down and there is..	18:35
	Expect for the past few days	18:38
	they've shown a little blip again,	18:39
	but there is every reason to expect	18:41
	that as the economy does weaken	18:43
	over the next six or nine months	18:46
	short term interest rates will continue to come down.	18:48
	Long term interest rates are much more complicated	18:51
	because here we have to ask	18:53
	what is the inflationary expectation	18:55
	that is built into long term interest rates?	18:58
	As of now there has been no sign	19:01
	of any real tapering of off long term interest rates	19:04
	and it's not fair that there should be.	19:08
	If you take the average rate of inflation	19:11
	over the past five years it's been over 6%.	19:13
	If you take a very very conservative forecast of inflation	19:18
	over the next five years is there anybody who believes	19:21
	that we're likely to less inflation	19:24
	over the next five and over the past five?	19:26
	If that's the case you start	19:29
	with a base inflation rate of 6%, 6.5%.	19:31
	You add on to that a 3% real rate of interest	19:34
	you're up to 9.5%,	19:37
	which is a range in which	19:39
	the high-grade corporate bond yields have been.	19:41
	So I expect to see very very little tapering off, if any,	19:44
	in long term interest rates	19:49
	over the next five or six months.	19:51
	I think what you'll have is that short rates will come down	19:53
	but long rates will either stay steady,	19:57
	come down a trifle or may even rise.	20:00
William	You've mentioned the influence of course	20:04
	of monetary and fiscal policy	20:06
	and whether that is predictable or not I don't know,	20:08
	but perhaps you'd like to comment on that at this point.	20:10
Prof. Friedman	Well I will.	20:13
	That's the biggest uncertainty in my own mind.	20:15
	I think the most likely scenario	20:19
	is that current monetary policies	20:21
	will be continued a little bit longer.	20:23
	At this slow rate of monetary growth of somewhere around	20:26
	3% in M1, 6% in M2	20:32
	may continue for a few more months,	20:35
	but I have no great confidence that it will.	20:37
	As unemployment does rise somewhat up until 7% range	20:40
	as you continue to have the pressure	20:47
	which you are now having to do something about unemployment	20:49
	and particularly, if the rate of inflation	20:52
	does start coming down appreciably in the next few months.	20:55
	I think there will be tremendous pressure	20:57
	on the monetary and fiscal authorities to expand.	20:59
	And I fear very much that they will give into it	21:02
	as they have before.	21:04
	So my actual prediction, not my prescription,	21:06
	but my prediction is that what we are going to see	21:09
	if the scenario I've described works itself out.	21:12
	If the recession continues and becomes somewhat more severe	21:15
	over the next six months,	21:18
	if inflation rates tapers off substantially	21:19
	you will have tremendous pressure for reductions in taxes	21:23
	on the one hand and for a great,	21:28
	more rapid rate of monetary growth on the other.	21:30
	I suspect that will happen.	21:33
	I suspect the result of that will be.	21:35
	And while inflation will continue to taper off	21:38
	or will rather stay down around 6% or 7%	21:40
	because the basic monetary growth of past years	21:43
	does not justify anything much lower than 6%.	21:47
	You would have to continue the present monetary growth	21:49
	of 3% in M1 or 6% in M2	21:53
	for something like two years,	21:56
	in order to justify a much lower rate	21:58
	of monetary inflation than 6%.	22:00
	So I think inflation rate will hover around 6%	22:04
	maybe come down a little below that, maybe come above,	22:08
	but that the economy will start turning up.	22:10
	You will start getting the initial effects	22:13
	of a more expansive monetary policy.	22:15
	Along about mid or late '76	22:17
	when the economy is recovering	22:20
	the inflation will start coming out.	22:22
	The inflationary pressure will start coming out.	22:25
	At that point if we don't have it before	22:28
	and I think we will not	22:31
	there will be enormous pressure	22:33
	to impose wage and price controls	22:34
	as a way of restraining that pressure	22:36
	while permitting the economy to expand.	22:37
	So that my longer range prediction again in which I have..	22:41
	I want to emphasize the element of uncertainty about it,	22:46
	is that the recession will come to an end in something like	22:50
	the second or third or maybe fourth quarter of 1975.	22:53
	The economy will start moving up.	22:58
	Inflation will continue to slow down or taper off.	23:00
	It will start picking up in early or mid '76.	23:03
	You will have wage and price controls reimposed	23:07
	on August 15th 1976,	23:10
	the fifth anniversary of President Nixon's imposing of.	23:12
	I don't mean to take that date seriously,	23:15
	but I mean the general scenario.	23:18
	And if that happens the wage and price controls	23:20
	will then breakdown about the end of '77	23:24
	early '78 at which time rates of inflation	23:26
	will be in the neighborhood of the 15% level.	23:29
	I hope I am wrong	23:33
	in that prediction.	23:34
-	I hope so too.
Prof. Friedman	And it is, we will have time	23:36
	to see whether the the necessary preconditions for it	23:38
	work out so it's not something	23:43
	in which one has to make a decision right now.	23:45
William	Course an area of tremendous concern	23:48
	is this matter of oil supply and gasoline prices	23:50
	and the whole subject of energy.	23:52
William	(coughs) Excuse me.	23:55
	Though this is a program in which you can't deal	23:57
	with many subscribers' questions.	23:59
	Mr. Herbert A. Cook, President of Airpex Electronics,	24:02
	asks a couple of questions	24:06
	which may launch us into this subject.	24:07
	He says, "Do you still think	24:09
	the international oil cartel will collapse?	24:10
	You predicted this last year,	24:13
	but at present it looks pretty successful."	24:15
	And then he also asks,	24:17
	"What is the short range and what is the long range effect	24:18
	of the enormous Arab oil payments	24:21
	on the national economies of the major nations?"	24:24
Prof. Friedman	I was a little too optimistic a year ago	24:28
	in predicting that the oil cartel would collapse.	24:31
	I'm afraid I made the mistake	24:36
	which I often have made in the course of years.	24:37
	You see the logic of the situation	24:40
	and you expect it to develop more rapidly than a dozen.	24:42
	You don't allow for the time lag sufficiently.	24:45
	I believe the analysis that I made a year ago	24:48
	of the oil cartel is in its basic element sound.	24:51
	This is a temporary cartel which is capable for time	24:55
	of holding up the prices very high	24:59
	because of the short run inelasticity	25:01
	of demand of alternative supplies.	25:05
	From the longer range point of view	25:08
	I do not see how it can last	25:09
	and the signs	25:12
	of the weakness have already become manifest.	25:15
	On the one hand total world consumption has been going down	25:19
	in response to high prices.	25:22
	On the other hand there has been an enormous expansion	25:24
	of drilling for alternative sources of supply.	25:27
	In the third place,	25:31
	the output of the hardcore members	25:33
	of the cartel has been going down.	25:36
	Libya is now supposedly producing at a rate of only 40%	25:39
	of what it was producing a year ago.	25:44
	The Saudi Arabia, Abu Dhabi, Kuwait	25:46
	are producing at something like 20% or 30%	25:51
	below their potential.	25:54
	Everyday that passes,	25:59
	the pressure on this hardcore group intensifies.	26:00
	As they are required to cut their production	26:03
	in order to maintain the prices high.	26:07
	This showed up in the fact that at their recent meeting	26:09
	for the first time there was no increase in the price	26:11
	on the contrary they agreed to hold the price steady.	26:14
	So I am still of the opinion	26:17
	that the price of oil will come down	26:19
	and come down sharply,	26:21
	but I have to confess that it has been taking longer	26:22
	than I expected it to.	26:26
	As to the financial problems	26:28
	I'm afraid that opens up a bigger story	26:32
	than we can deal with successfully in the negative time	26:34
	that we have remaining.	26:39
William	[laughs] Thank you very much Dr. Friedman.	26:40
	Perhaps we can discuss that on a future tape.	26:42
	If subscribers would like to suggest other subjects	26:45
	for discussion on future interviews	26:47
	please write your suggestions	26:50
	to Instructional Dynamics Incorporated	26:51
	450, four five oh, East Ohio Street,	26:55
	Chicago Illinois, 60611.	26:58
	We'll be visiting with Professor Milton Friedman again	27:01
	in a couple of weeks.	27:04

Item Info

Title:

Tape 159 - Economic Outlook for 1975

Contributor:

Friedman, Milton, 1912-2006

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English

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Paul A. Samuelson papers, 1933-2010 and undated

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Paul A. Samuelson papers, 1933-2010

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Economics Cassette Series: Milton Friedman

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samuelsonpaul
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pstau001299
ark:/87924/r40863n77
d29e3bde-5bde-41bd-802a-4cbd70d375dc

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Tape 159 - Economic Outlook for 1975

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