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In a refined version, the quantity theory was revived by Milton Friedman and other University of Chicago economists in the 1950s and '60s. Their bas

Economists since Milton Friedman have strongly criticized the efficiency of democracy. They base this on the ...interpret and judge the information they do have.<ref>Caplan, Bryan. "From Friedman to Wittman: The Transformation of Chicago Political Economy" (April 2005).

...oclassical [[liberal economists]] such as [[Friedrich Hayek]] and [[Milton Friedman]] said that socialist planned economies would fail, because planners could