Seated next to her at dinner, I was prepared for a dull evening with a politician. ‘Tell me, Chairman Greenspan,’ she asked, ‘why is it that we in Britain cannot calculate M3?’. I awoke. M3 is an arcane measure of money supply embraced by followers of Milton Friedman. We spent the evening discussing market economics and the problems confronting the British economy.
Thus , according to Alan Greenspan’s semi-autobiographical The Age of Turbulence, began the first meeting between Alan Greenspan and Margaret Thatcher, at a September 1975 British embassy function in Washington. Greenspan evidently developed a great liking and respect for Thatcher, because, apart from anything else, she wished to conceptualise major issues of public policy. She wanted to locate day-to-day decisions against the background of a larger framework of ideas and principles, and within a long-run historical context.
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