Paul Krugman argues that the conservative economist, who defined conservative economics, is being ignored by Republicans. Milton Friedman tried to save free market capitalism by providing a space for the Fed to manage money policy during depressions which threatened capitalism. Leading Republican's, however, have moved too far to the right for Milton Friedman. They have been attacking the monetary polices of the Fed by arguing that they will lead to inflation. They have been making that argument despite the lack of inflation over the last four years, but they have a deaf ear to Milton Friedman or to reality according the Krugman.
There are reasons why Republican's keep raising the threat of inflation that are primarily political. Krugman does not discuss those reasons. I will discuss this in another post.