Timothy B. Lee's Blunder
By David Henderson
With the lonely exception of Scott Sumner, virtually every libertarian or conservative who has expressed a strong opinion about monetary policy has come down on the side of the inflation hawks.
This is from Timothy B. Lee, “Why Are Libertarians Inflation Hawks?” While Lee has correctly pointed out that most libertarians are inflation hawks, unreasonably in his and my view, it is certainly not true that Scott Sumner is a “lonely exception.” Jeff Hummel and I defended Greenspan’s record against the charge that his policies while he was Fed chairman were too inflationary. The irony is that Lee is from the Cato Institute and our piece was published by–the Cato Institute.