Politicians vs. Economists & "Free to Choose"

In the early 1980's, I was introduced to Dr. Milton Friedman's "Free to Choose" series on PBS.  Dr. Friedman discussed very frankly the difference between politicians and economists.  He cited specifically the German economy right after WWII which was in complete ruin.  Hyperinflation was rampant.  Prices went up every few hours.  The citizens carted their German Marks around in wheelbarrels.  The politicians' answer to the problem was to print more money.  They crowed about the very effiicient and high speed printing presses the German engineers designed.  The politicians viewed the better printing presses as the solution to hyperinflation.  The economists prescribed reducing the money supply.  When the politicans finally relented, hyperinflation cooled and the impostion of free market policies engendered an economic boom in Germany. 

Politicians were amazed, took credit, and hailed this the "German Miracle".  Economists were not surprised and called it simply managing the money supply. 

When Federal Reserve Chairman Paul Volcker took drastic measures to rein in on US inflation in the early 1980's, he took heat from the politicians.  Yet, Mr. Volcker's medicine worked.  Though we went through a deep and painful recession, 15% inflation rates eventually disappeared and the economy recovered..  Politicians were amazed.  Mr. Volcker was not.  He knew what had to be done. 

Dr. Friedman cited many other similar instances of the dichotomy between politicians and economists. 

As politicians will rush to grandstand and make public appearances on talk shows as they prepare for the mid-term elections, we should all listen and then contrast that with what the economists are saying.  I suspect we will see more of what Dr. Friedman cited in "Free to Choose".