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Milton Friedman

Further information
Milton Friedman economist Milton Friedman
Born July 31, 1912
Brooklyn, New York City
Died November 16, 2006
San Francisco, California

Known for
Monetarism
Permanent income hypothesis
Critique of Phillips curve

Notable Prizes
John Bates Clark Medal (1951)
Nobel Memorial Prize in Economics (1976)
Presidential Medal of Freedom (1988)

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics while advocating laissez-faire capitalism.

In Capitalism and Freedom (1962) he advocated minimizing the role of government in a free market in order to create political and social freedom. In 1976, he won the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy. His television series Free to Choose aired on PBS in early 1980. It became a book, co-authored with his wife, Rose Friedman. The book was widely read, as were his columns for Newsweek magazine. In statistics, he devised the Friedman test.

His political philosophy stressing the advantages of the marketplace and the disadvantages of government intervention shaped the outlook of American conservatives and had a major impact on the economic policy of the Ronald Reagan administration in the U.S. and on many other countries after 1980.cartoon from econgrads site
Biography

He was born in New York City to a working-class family of Jewish immigrants from Austria-Hungary, more specifically from Bergsaß/Beregszász (Berehove) in modern Ukraine. He was the fourth and last child, and first son, of Sarah Ethel Landau (1892-?) and Jeno Saul Friedman. His sisters are: Tillie F. Friedman (1919-?); Helen Friedman (1920-?); and Ruth Friedman (1921-?). After his father's death the family moved to Rahway, New Jersey, and he was educated at Rutgers University (B.A., 1932) and at the University of Chicago (M.A., 1933).

He was strongly influenced by Jacob Viner at Chicago, as well as Frank Knight and Henry Simons. He was unable to find academic employment, and working for the New Deal was "a lifesaver." He approved of "many early New Deal measures as appropriate responses to the critical situation", especially the job creating relief agencies WPA, CCC, and PWA. However, he generally disapproved of government programs, especially those that control prices, which he saw as an essential signaling mechanism that help resources go to where they are most valued.

Later, in Monetary History of the United States he would argue that the Great Depression was caused by government mismanagement of the money supply. He taught briefly at the University of Wisconsin, but encountered anti-Semitism in the Economics department and went back to government service. In 1941-43, Friedman worked for the federal government, becoming an adviser to high Treasury officials. As a spokesman for the Treasury in 1942 he advocated a Keynesian policy of taxation, and indeed helped develop the payroll withholding system of income tax payments. In his autobiography, he comments on "how thoroughly Keynesian I was then." As Friedman grew older his views changed and in 2006 said, "You know, it's a mystery as to why people think Roosevelt's policies pulled us out of the Depression. The problem was that you had unemployed machines and unemployed people. How do you get them together by forming industrial cartels and keeping prices and wages up?"

Before the late 1940s, Friedman focused mostly on statistical issues in his research, as exemplified by his dissertation on Income from Independent Professional Practice published with co-author and thesis advisor Simon Kuznets (1945).

Columbia University awarded him a Ph.D. in 1946. He then served as Professor of Economics at the University of Chicago 1946-76, where he helped build a close-knit intellectual community that produced a number of Nobel Prize winners, known collectively as the Chicago School of Economics. He spent the academic year 1953-54 as a Visiting Fellow at Gonville and Caius College, Cambridge. From 1977, Friedman was affiliated with the Hoover Institution at Stanford University. Friedman received the National Medal of Science in 1988.

Friedman's son is the philosopher and economist David D. Friedman.

Milton Friedman died at the age of 94 in San Francisco on November 16, 2006 of heart failure.

Bruce Bartlett wrote:
Unquestionably the most important and influential economist of the second half of the 20th century, Mr. Friedman's work will live on for as long as the field of economics continues to be studied. 

Awards
1951: John Bates Clark Medal
1976: Nobel Prize in Economics
1988: National Medal of Science
1988: Presidential Medal of Freedom

Scholarly contributions

Friedman was best known for reviving interest in the money supply as a determinant of the nominal value of output, that is, the quantity theory of money. Monetarism is the set of views associated with modern quantity theory, its origins can be traced back to the 16th century and the School of Salamanca but Friedman's contribution is largely responsible of its modern formulation. He co-authored, with Anna Schwartz, A Monetary History of the United States (1963), which sought to examine the role of the money supply and economic activity in U.S. history. A striking conclusion of their research was one regarding the role of money supply fluctuations as contributing to economic fluctuations. Or, as Ben Bernanke, the Chairman of the Federal Reserve, pithily expressed it on the occasion of Friedman's 90th birthday in 2002: "Regarding the Great Depression. You're right, we did it. We're very sorry." Several regression studies with David Meiselman in the 1960s suggested the primacy of the money supply over investment and government spending in determining consumption and output. These challenged a prevailing but largely untested view on their relative importance. Friedman's empirical research and some theory supported the conclusion that the short-run effect of a change in the money supply was primarily on output but that the longer-run effect was primarily on the price level.

Friedman was also known for his refinement of the consumption function, the permanent income hypothesis (1957). It is considered by some academic economists as the greatest application of his own methodological position (see below). Other important contributions include his critique of the Phillips curve and the concept of the natural rate of unemployment (1968). Each of these has implications for the effect of monetary and fiscal policy on output in the short run and the long run.

Friedman's essay "The Methodology of Positive Economics" (1953) set the epistemological course for his own subsequent research and to a degree that of the Chicago School of Economics. There he argued that economics as science should be free of value judgments for it to be objective. Moreover, a useful economic theory should be judged not by its descriptive realism (hair color, etc.) but by its simplicity and fruitfulness as an engine of prediction.

Friedman was the leading proponent of the monetarist school of economic thought. He maintained that there is a close and stable link between inflation and the money supply, mainly that the phenomenon of inflation is to be regulated by controlling the amount of money poured into the national economy by the Federal Reserve Bank; he rejected the use of fiscal policy as a tool of demand management; and he held that the government's role in the guidance of the economy should be severely restricted. Friedman wrote extensively on the Great Depression, which he called the "Great Contraction," arguing that it had been caused by an ordinary financial shock whose duration and seriousness were greatly increased by the subsequent contraction of the money supply caused by the misguided policies of the directors of the Federal Reserve. "The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933.... Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government." Friedman also argued for the cessation of government intervention in currency markets, thereby spawning an enormous literature on the subject, as well as promoting the practice of freely floating exchange rates. Friedman's macroeconomic theories were soon displaced.

His close friend George Stigler explained, "As is customary in science, he did not win a full victory, in part because research was directed along different lines by the theory of rational expectations, a newer approach developed by Robert Lucas, also at the University of Chicago."

Friedman worked at the Treasury Department during World War II and played an important role in designing the United States withholding tax system. Before 1942, there was no withholding system; those wealthy enough to pay income taxes did so in one lump sum on March 15 of the following year.

Friedman also supported various libertarian policies such as decriminalization of drugs and prostitution. In addition, he headed the Nixon administration committee that researched the possibility of a move towards a paid/volunteer armed force, and played a big role in the abolition of the draft that took place in the 1970s in the U.S. He would later state that his role in eliminating the draft was his proudest accomplishment. He served as a member of President Reagan's Economic Policy Advisory Board in 1981. In 1988, he received both the Presidential Medal of Freedom and the National Medal of Science.

He said that he was a libertarian philosophically, but a member of the U.S. Republican Party for the sake of "expediency" ("I am a libertarian with a small l and a Republican with a capital R. And I am a Republican with a capital R on grounds of expediency, not on principle.") But, he said, "I think the term classical liberal is also equally applicable. I don't really care very much what I'm called. I'm much more interested in having people thinking about the ideas, rather than the person."

Friedman made headlines by proposing a negative income tax to replace the existing welfare system and then opposing the bill to implement it because it merely supplemented the existing system rather than replace it. In recent years, Friedman devoted much of his effort to promoting school vouchers that can be used to pay for tuition at both private and public schools, saying, "What is needed in America is a voucher of substantial size available to all students, and free of excessive regulations." His idea was that vouchers would allow private schools to compete with the public school monopoly.

Friedman allowed the Cato Institute to use his name for its Milton Friedman Prize for Advancing Liberty in 2001. His wife Rose, sister of Aaron Director, with whom he founded the Milton and Rose D. Friedman Foundation for School Choice, served in the international selection committee. Friedman's son, David D. Friedman, has carried on his tradition of arguing in favor of free markets, but to a further extreme, advocating anarcho-capitalism.

At a ceremony celebrating Friedman's achievements, Alan Greenspan said "There are many Nobel Prize winners in economics, but few have achieved the mythical status of Milton Friedman."

According to Harry Girvetz and Kenneth Minogue, Friedman was co-responsible with Friedrich von Hayek for providing the intellectual foundations for the revival of classical liberalism in the 20th century.

In 2005, Friedman and more than 500 other economists called for discussions regarding the economic benefits of the legalization of marijuana.

As the Wall Strett Journal obituary concluded, "Many of his ideas remain controversial to this day, or carry less weight. Central bankers don't follow his prescriptions for how to implement monetary policy, considering them impractical. And despite his strong advocacy, publicly funded vouchers for students to attend private schools are still rare and researchers struggle to prove their effectiveness. His advocacy of the decriminalization of drugs hasn't been heeded."

Hong Kong

Friedman once said "if you want to see capitalism in action, go to Hong Kong". He believed the Hong Kong economy is the best example of a laissez-faire capitalism economy.

To deal with the East Asian financial crisis, the Hong Kong government bought approximately HK$120 billion (about US$15 billion) of shares of various listed companies. Friedman called it an "insane" move to nationalize various companies. The government subsequently sold most of the shares for a profit.

One month before his death, he wrote the article Hong Kong Wrong - What would Cowperthwaite say? in the Wall Street Journal, critizing Donald Tsang, Chief Exective of Hong Kong, for abandoning "positive noninterventionism".  Tsang later said he was merely changing the slogan to "big market, small government", where small government is defined as less than 20% of GDP.

Just before he died, he criticised Hong Kong's kindergarten voucher system as "not properly structured".

Chile
 
Friedman visited Chile in 1975 during the military dictatorship of Augusto Pinochet. Invited by a private foundation, he gave a series of lectures on economics. Several professors from the University of Chicago became advisors[citation needed] to the Chilean government and several Ph.D. graduates from the same university – known as "the Chicago boys" – served in Chilean ministries. Friedman met with Pinochet during his visit to Chile, but he did not serve as a formal advisor to the Chilean government or maintain personal contact with Pinochet. He was, however, willing to advise Pinochet after Pinochet overthrew the government of Salvador Allende, and was widely criticized for doing so. He had given a lecture advocating monetarist economics to the Catholic University of Chile. Friedman said that the "the emphasis of that talk was that free markets would undermine political centralization and political control."

In an interview on the PBS program Commanding Heights in 2000, Friedman attributed the demonstrations to communists seeking to discredit anyone with only the slightest connection to Pinochet--such as himself--by opponents he recognized from earlier occasions, adding that "there was no doubt that there was a concerted effort to tar and feather me."

Friedman defended his role in Chile on the grounds that the move towards open market policies not only improved the economic situation in Chile but also contributed to the softening of Pinochet's rule and to its eventual replacement by a democratic government in 1990. While he commended Chilean economic policy, he expressed a strong disapproval of local political situation. He also stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states. In the 2000 PBS documentary The Commanding Heights, Friedman also noted that this criticism was misdirected and missed his main point. Friedman advocated that freer markets led to free people, and that Chile had an unfree economy, which led to a dictatorship, which then implemented open economy policies, and later became politically free.

Friedman also traveled to Hong Kong to give lectures, meet with government leaders and encourage them to adopt free trade and implement free-market policies, which led to criticism from anti-communists. He also advocated ending trade embargos against Cuba and Apartheid South Africa.[citation needed]

Works

Books and articles for general audiences
  • Roofs or Ceilings?: The Current Housing Problem with George J. Stigler. (Foundation for Economic Education, 1946), 22 pp. attacks rent control
  • Capitalism and Freedom ISBN 0-226-26401-7 (1962)
  • Social Security: Universal or Selective? with Wilbur J. Cohen (1972)
  • There's No Such Thing as a Free Lunch (1975), columns from Newsweek magazine
  • Free to Choose: A personal statement, with Rose Friedman, (1980)
  • "The Case for Overhauling the Federal Reserve, 1985, Challenge magazine article
  • Economic Freedom, Human Freedom, Political Freedom ISBN 1-883969-00-X (1992), short pamphlet
  • "The Drug War as a Socialist Enterprise," in Arnold S. Trebach, ed. Friedman and Szasz on Liberty and Drugs: Essays on the Free Market and Prohibition (Drug Policy Foundation Press: 1992)
  • Two Lucky People: Memoirs (with Rose Friedman) ISBN 0-226-26414-9 (1998)
  • George Stigler: A Personal Reminiscence, Journal of Political Economy Vol. 101, No. 5 (Oct., 1993), pp. 768-773 JSTOR
  • George J. Stigler, 1911-1991: Biographical Memoir, 1998, at National Academy of Science
  • Money Mischief: Episodes in Monetary History (1994) ISBN 0-15-162042-3 286pp.
  • "The Case for Free Trade" with Rose Friedman, 1997, Hoover Digest magazine article
  • "Reflections on A Monetary History," The Cato Journal, Vol. 23, 2004, essay
  • J. Daniel Hammond and Claire H. Hammond, ed., Making Chicago Price Theory: Friedman-Stigler Correspondence, 1945-1957. Routledge, 2006. 165 pp. ISBN: 0-415-70078-7.
Scientific books and articles
  • "Professor Pigou's Method for Measuring Elasticities of Demand From Budgetary Data" The Quarterly Journal of Economics Vol. 50, No. 1 (Nov., 1935), pp. 151-163 JSTOR
  • "Marginal Utility of Money and Elasticities of Demand," The Quarterly Journal of Economics Vol. 50, No. 3 (May, 1936), pp. 532-533 JSTOR
  • "The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance," Journal of the American Statistical Association Vol. 32, No. 200 (Dec., 1937), pp. 675-701 JSTOR
  • "The Inflationary Gap: II. Discussion of the Inflationary Gap," American Economic Review Vol. 32, No. 2, Part 1 (Jun., 1942), pp. 314-320 JSTOR
  • "The Spendings Tax as a Wartime Fiscal Measure," American Economic Review Vol. 33, No. 1, Part 1 (Mar., 1943), pp. 50-62 JSTOR
  • Taxing to Prevent Inflation: Techniques for Estimating Revenue Requirements (Columbia U.P. 1943, 236pp) with Carl Shoup and Ruth P. Mack
  • Income from Independent Professional Practice with Simon Kuznets (1945), Friedman's PhD thesis
  • "Lange on Price Flexibility and Employment: A Methodological Criticism," American Economic Review Vol. 36, No. 4 (Sep., 1946), pp. 613-631 JSTOR
  • "Utility Analysis of Choices Involving Risk" with Leonard Savage, 1948, Journal of Political Economy Vol. 56, No. 4 (Aug., 1948), pp. 279-304 JSTOR
  • "A Monetary and Fiscal Framework for Economic Stability", 1948, American Economic Review, Vol. 38, No. 3 (Jun., 1948), pp. 245-264 JSTOR
  • "A Fiscal and Monetary Framework for Economic Stability," Econometrica Vol. 17, Supplement: Report of the Washington Meeting (Jul., 1949), pp. 330-332 JSTOR
  • "The Marshallian Demand Curve," The Journal of Political Economy Vol. 57, No. 6 (Dec., 1949), pp. 463-495 JSTOR
  • "Wesley C. Mitchell as an Economic Theorist," The Journal of Political Economy Vol. 58, No. 6 (Dec., 1950), pp. 465-493 JSTOR
  • "Some Comments on the Significance of Labor Unions for Economic Policy", 1951, in D. McC. Wright, editor, The Impact of the Union.
  • "Commodity-Reserve Currency," Journal of Political Economy Vol. 59, No. 3 (Jun., 1951), pp. 203-232 JSTOR
  • "Price, Income, and Monetary Changes in Three Wartime Periods," American Economic Review Vol. 42, No. 2, Papers and Proceedings of the Sixty-fourth Annual Meeting of the American Economic Association (May, 1952), pp. 612-625 JSTOR
  • "The Expected-Utility Hypothesis and the Measurability of Utility", with Leonard Savage, 1952, Journal of Political Economy Vol. 60, No. 6 (Dec., 1952), pp. 463-474 JSTOR
  • The Methodology of Positive Economics (1953)
  • Essays in Positive Economics (1953)
  • "Choice, Chance, and the Personal Distribution of Income," Journal of Political Economy Vol. 61, No. 4 (Aug., 1953), pp. 277-290 JSTOR
  • "The Quantity Theory of Money: A restatement", 1956, in Friedman, editor, Studies in Quantity Theory.
  • A Theory of the Consumption Function (1957)
  • "A Statistical Illusion in Judging Keynesian Models" with Gary S. Becker, Journal of Political Economy Vol. 65, No. 1 (Feb., 1957), pp. 64-75 JSTOR
  • "The Supply of Money and Changes in Prices and Output", 1958, in Relationship of Prices to Economic Stability and Growth.
  • "The Demand for Money: Some Theoretical and Empirical Results," Journal of Political Economy Vol. 67, No. 4 (Aug., 1959), pp. 327-351 JSTOR
  • A Program for Monetary Stability (Fordham University Press, 1960) 110 pp
  • "Monetary Data and National Income Estimates," Economic Development and Cultural Change Vol. 9, No. 3, (Apr., 1961), pp. 267-286 JSTOR
  • "The Lag in Effect of Monetary Policy," Journal of Political EconomyVol. 69, No. 5 (Oct., 1961), pp. 447-466 JSTOR
  • Price Theory ISBN 0-202-06074-8 (1962), college textbook
  • "The Interpolation of Time Series by Related Series," Journal of the American Statistical Association Vol. 57, No. 300 (Dec., 1962), pp. 729-757 JSTOR
  • "Should There be an Independent Monetary Authority?", in L.B. Yeager, editor, In Search of a Monetary Constitution
  • Inflation: Causes and consequences, 1963.
  • "Money and Business Cycles," The Review of Economics and Statistics Vol. 45, No. 1, Part 2, Supplement (Feb., 1963), pp. 32-64 JSTOR
  • A Monetary History of the United States, 1867-1960, with Anna J. Schwartz, 1963; part 3 reprinted as The Great Contraction
  • "Money and Business Cycles" with A. J. Schwartz, 1963, Review of Economics & Statistics.
  • "The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1898-1958", with D. Meiselman, 1963, in Stabilization Policies.
  • "A Reply to Donald Hester", with D. Meiselman, 1964
  • "Reply to Ando and Modigliani and to DePrano and Mayer," with David Meiselman. American Economic Review Vol. 55, No. 4 (Sep., 1965), pp. 753-785 JSTOR
  • "Interest Rates and the Demand for Money," Journal of Law and Economics Vol. 9 (Oct., 1966), pp. 71-85 JSTOR
  • The Balance of Payments: Free Versus Fixed Exchange Rates with Robert V. Roosa (1967)]
  • "The Monetary Theory and Policy of Henry Simons," Journal of Law and Economics Vol. 10 (Oct., 1967), pp. 1-13 JSTOR
  • "What Price Guideposts?", in G.P. Schultz, R.Z. Aliber, editors, Guidelines
  • "The Role of Monetary Policy." American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1-17 JSTOR presidential address to American Economics Association
  • "Money: the Quantity Theory", 1968, IESS
  • "The Definition of Money: Net Wealth and Neutrality as Criteria" with Anna J. Schwartz, Journal of Money, Credit and Banking Vol. 1, No. 1 (Feb., 1969), pp. 1-14 JSTOR
  • 'Monetary vs. Fiscal Policy with Walter W. Heller (1969)
  • "Comment on Tobin", 1970, Quarterly Journal of Economics
  • "Monetary Statistics of the United States: Sources, methods. with Anna J. Schwartz, 1970.
  • "A Theoretical Framework for Monetary Analysis," Journal of Political Economy Vol. 78, No. 2 (Mar., 1970), pp. 193-238 JSTOR
  • The Counter-Revolution in Monetary Theory 1970.
  • "A Monetary Theory of National Income", 1971, Journal of Political Economy
  • "Government Revenue from Inflation," Journal of Political Economy Vol. 79, No. 4 (Jul., 1971), pp. 846-856 JSTOR
  • "Have Monetary Policies Failed?" American Economic Review Vol. 62, No. 1/2 (1972), pp. 11-18 JSTOR
  • "Comments on the Critics," Journal of Political Economy Vol. 80, No. 5 (Sep., 1972), pp. 906-950 JSTOR
  • "Comments on the Critics", 1974, in Gordon, ed. Milton Friedman and his Critics.
  • "Monetary Correction: A proposal for escalation clauses to reduce the cost of ending inflation", 1974
  • The Optimum Quantity of Money: And Other Essays (1976)
  • Milton Friedman in Australia, 1975 (1975)
  • Milton Friedman's Monetary Framework: A Debate with His Critics (1975)
  • "Comments on Tobin and Buiter", 1976, in J. Stein, editor, Monetarism.
  • "Inflation and Unemployment: Nobel lecture", 1977, Journal of Political Economy. Vol. 85, pp. 451-72. JSTOR
  • "Interrelations between the United States and the United Kingdom, 1873-1975.", with A.J. Schwartz, 1982, J Int Money and Finance
  • Monetary Trends in the United States and the United Kingdom: Their relations to income, prices and interest rates, 1876-1975. with Anna J. Schwartz, 1982
  • "Monetary Policy: Theory and Practice," Journal of Money, Credit and Banking Vol. 14, No. 1 (Feb., 1982), pp. 98-118 JSTOR
  • "Monetary Policy: Tactics versus strategy", 1984, in Moore, editor, To Promote Prosperity.
  • “Lessons from the 1979-1982 Monetary Policy Experiment, ” Papers and Proceedings, American Economic Association. pp. 397-401. (1984).
  • "Has Government Any Role in Money?" with Anna J. Schwartz, 1986, JME
  • "Quantity Theory of Money", in J. Eatwell, M. Milgate, P. Newman, eds., The New Palgrave (1998)
  • "Money and the Stock Market," Journal of Political Economy Vol. 96, No. 2 (Apr., 1988), pp. 221-245 JSTOR
  • "Bimetallism Revisited," Journal of Economic Perspectives Vol. 4, No. 4 (Autumn, 1990), pp. 85-104 JSTOR
  • "The Crime of 1873," Journal of Political Economy Vol. 98, No. 6 (Dec., 1990), pp. 1159-1194 JSTOR
  • "Franklin D. Roosevelt, Silver, and China," Journal of Political Economy Vol. 100, No. 1 (Feb., 1992), pp. 62-83 JSTOR
About Friedman
  • Chao, Hsiang-ke. "Milton Friedman and the Emergence of the Permanent Income Hypothesis" History of Political Economy 2003 35(1): 77-104. Issn: 0018-2702 Fulltext in Project Muse
  • A.W. Bob Coats; "The Legacy of Milton Friedman as Teacher" Economic Record, Vol. 77, 2001
  • Frazer, William. Power and Ideas: Milton Friedman and the Big U-Turn. Vol. 1: The Background. Vol. 2: The U-Turn. Gainesville, Fla.: Gulf/Atlantic, 1988. 867 pp.
  • Hammond, J. Daniel. "Remembering Economics" Journal of the History of Economic Thought 2003 25(2): 133-143. Issn: 1042-7716; focus is on Friedman
  • Hirsch, Abraham, and Neil de Marchi. Milton Friedman: Economics in Theory and Practice (1990) his methodology
  • Jordan, Jerry L., Allan H. Meltzer, Thomas J. Sargent and Anna J. Schwartz; "Milton, Money, and Mischief: Symposium and Articles in Honor of Milton Friedman's 80th Birthday" Economic Inquiry. Volume: 31. Issue: 2. 1993. pp 197+.
  • Kasper, Sherryl. The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers (2002)
  • Leeson, Robert, ed. Ideology and International Economy: The Decline and Fall of Bretton Woods (2003)
  • Powell, Jim. The Triumph of Liberty (New York: Free Press, 2000). See profile of Friedman in the chapter "Inflation and Depression."
  • Rayack; Elton. Not So Free to Choose: The Political Economy of Milton Friedman and Ronald Reagan Praeger, 1987; attacks Friedman's policies from the left
  • Steindl, Frank G. "Friedman and Money in the 1930s" History of Political Economy 2004 36(3): 521-531. Issn: 0018-2702 lecture notes from his 1940 course show he did not criticize the Fed at that time, and did not emphasize money.
  • Tavlas, George S. "Retrospectives: Was the Monetarist Tradition Invented?" Journal of Economic Perspectives 1998 12(4): 211-222. Issn: 0895-3309 Fulltext in JSTOR
  • Stigler, George Joseph. Memoirs of an Unregulated Economist (1988)
  • Wahid, Abu N. M. ed; Frontiers of Economics: Nobel Laureates of the Twentieth Century. Greenwood Press. 2002 pp 109-15.
See also
John Maynard Keynes
Adam Smith - 1723 – 1790
Keynesian economics
The Wealth of Nations by Adam Smith
Say's Law
Who was Henry George?
Friedman and inflation

meditations
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