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| '''Milton Friedman''' (1912-2006) <ref name=FIREMANDHET>[http://cepa.newschool.edu/het/profiles/friedman.htm Milton Friedman, 1912-2006 at History of Economic Thought - HET]]</ref> was an American economist and political theorist who became a leader of [[American Conservatism]] in its libertarian aspects and was one of the most highly influential economists, political commentators and essayists of the 20th century. Friedman was laureated with the Nobel Prize in Economics in 1976 "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy". A highly proficient statistician, theorist, and public communicator, he rejected key elements of [[Keynesians|Keynesian]] economics, promoted his own [[Monetarism|"monetarist"]] <ref name=MONETARIST1>[http://cepa.newschool.edu/het/essays/monetarism/mpolicy.htm Monetarist Economic Policy]</ref> theories of [[macroeconomics]]. Monetarism reached the peak of its influence on economy policy-making in the late 1970s and early 1980s; since then it has faded in importance. Friedman preached vigorously the ideological doctrine that market solutions are better than government solutions. Friedman and [[George J. Stigler]] <ref name=STIGLER>[http://cepa.newschool.edu/het/profiles/stigler.htm George J. Stigler, 1911-1991]</ref> led the Chicago School of Economics<ref name=CHICAGOSCH>[http://cepa.newschool.edu/het/schools/chicago.htm The Chicago School]]</ref>. Stigler and Friedman were avowed followers of microeconomic theorist [[Alfred Marshall]], promoting [[Neoclassical]] microeconomics. Through their influential journals -- notably, the [[Journal of Political Economy]] and the [[Journal of Law and Economics]] -- the research program of the Chicago School was advanced and diffused. Friedman had great influence on numerous governments, especially in the 1980s on [[Ronald Reagan]] in the U.S. and [[Margaret Thatcher]] in Britain.<ref> Ebenstein (2007) is the only full-length biography, but see also Friedman and Friedman, ''Two Lucky People: Memoirs'' (1998)</ref>, inspring the [[neoliberal]] political policies which became know as [[Reganism]] and [[Thatcherism]] | | {{subpages}} |
| | '''Milton Friedman''' (1912-2006) was an American economist and political theorist who became a leader of [[American Conservatism]] in its libertarian aspects and is known in the [[History of economic thought]] as one of the most highly influential economists, political commentators and essayists of the 20th century. He was a leader of the [[ Chicago School of Economics]] where he taught for many years until decamping for the Hoover Institution at Stanford. Friedman was laureated with the Nobel Prize in Economics in 1976 "for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy". A highly proficient statistician, theorist, and public communicator, he rejected key elements of [[Keynesians|Keynesian]] economics and promoted his own [[Monetarism|"monetarist"]] <ref name=MONETARIST1>[http://cepa.newschool.edu/het/essays/monetarism/mpolicy.htm Monetarist Economic Policy]</ref> theories of [[macroeconomics]]. Monetarism reached the peak of its influence on economy policy-making in the late 1970s and early 1980s; since then it has faded in importance. Friedman preached vigorously the ideological doctrine that market solutions are better than government solutions. Friedman and [[George J. Stigler]] <ref name=STIGLER>[http://cepa.newschool.edu/het/profiles/stigler.htm George J. Stigler, 1911-1991]</ref> led the Chicago School of Economics<ref name=CHICAGOSCH>[http://cepa.newschool.edu/het/schools/chicago.htm The Chicago School]]</ref>. Stigler and Friedman were avowed followers of microeconomic theorist [[Alfred Marshall]], promoting [[Neoclassical]] microeconomics. Through their influential journals -- notably, the [[Journal of Political Economy]] and the [[Journal of Law and Economics]] -- the research program of the Chicago School was advanced and diffused. Friedman had great influence on numerous governments, especially in the 1980s on [[Ronald Reagan]] in the U.S. and [[Margaret Thatcher]] in Britain.<ref> Ebenstein (2007) is the only full-length biography, but see also Friedman and Friedman, ''Two Lucky People: Memoirs'' (1998)</ref>, inspiring the [[neoliberal]] political policies which became know as [[Reganism]] and [[Thatcherism]] |
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| ==Friedman's contributions to Economics== | | ==Friedman's contributions to Economics== |
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| Friedman's early contributions to [[Economics]] include the ''"Permanent Income Hypothesis"'' <ref name=PRMNTINCM>[http://cepa.newschool.edu/het/essays/keynes/relationships.htm#consumption''Integrating the Keynesian Relationships in consumption.'']</ref> (1957), his formulation of risk-aversion and risk-proclivity (1948, with L.J. Savage), and his propositions for a ''"positivist"'' methodology in economics (1953) that demanded theories closely fit the observable data. | | Friedman's early contributions to [[Economics]] include the ''"Permanent Income Hypothesis"'' <ref name=PRMNTINCM>[http://cepa.newschool.edu/het/essays/keynes/relationships.htm#consumption''Integrating the Keynesian Relationships in consumption.'']</ref> (1957), his formulation of risk-aversion and risk-proclivity (1948, with L.J. Savage), and his propositions for a ''"positivist"'' methodology in economics (1953) that demanded theories closely fit the observable data. |
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| Friedman's criticisms of Keynesian theory began with his attack on the '''[[Hicks-Hansen IS-LM Model]]''' <ref | | Friedman's criticisms of Keynesian theory began with his attack on the Hicks-Hansen [[IS-LM model]] <ref |
| name=ISLMHET>[http://cepa.newschool.edu/het/essays/keynes/hickshansen.htm'''The Hicks-Hansen IS-LM Model''']</ref> dichotomy in his "restatement" of the [[Quantity Theory]] <ref name=QTTYTHRY>[http://cepa.newschool.edu/het/essays/monetarism/monetransmission.htm ''The Monetarist Transmission Mechanism'']]</ref> in 1956 -- reminding economists that "money matters". His massive historical study with Anna J. Schwartz on the ''Monetary History of the United States'' (1963) led to a famous debate on [[money-income causality]] <ref name=MNYINCMCSLTY>[http://cepa.newschool.edu/het/essays/monetarism/causality.htm The Money-Income Causality Debate]</ref>. In his famous presidential address to the American Economic Association, Friedman (1968) then focused his attention upon the apparent breakdown of the [[Phillips Curve]] <ref name=PHILLIPSHET>[http://cepa.newschool.edu/het/essays/keynes/inflation.htm'''Phillips Curve''']</ref> relationship in the 1970s, proposing to replace it with a ''"[[Natural Rate of Unemployment]]"'' (NRU) <ref name=NRU> [http://cepa.newschool.edu/het/essays/monetarism/acceleration.htm''The Inflation Acceleration Controversy'']</ref> - a concept later formalized in more detail by the [[New Classicals]] <ref name=NEWCLSSCLS> [http://cepa.newschool.edu/het/schools/newclass.htm ''New Classical Macroeconomics.'']]</ref> As Keynesian models failed to explain the economic patterns of the 1970s, the Keynesians fell from favor and economists listened more to Friedman, a scholar who came out of the wildwerness as a prophet. | | name=ISLMHET>[http://cepa.newschool.edu/het/essays/keynes/hickshansen.htm'''The Hicks-Hansen IS-LM Model''']</ref> dichotomy in his "restatement" of the [[Quantity Theory]] <ref name=QTTYTHRY>[http://cepa.newschool.edu/het/essays/monetarism/monetransmission.htm ''The Monetarist Transmission Mechanism'']]</ref> in 1956 -- reminding economists that "money matters". His massive historical study with Anna J. Schwartz on the ''Monetary History of the United States'' (1963) led to a famous debate on [[money-income causality]] <ref name=MNYINCMCSLTY>[http://cepa.newschool.edu/het/essays/monetarism/causality.htm The Money-Income Causality Debate]</ref>. In his famous presidential address to the American Economic Association, Friedman (1968) then focused his attention upon the apparent breakdown of the [[Phillips Curve]] <ref name=PHILLIPSHET>[http://cepa.newschool.edu/het/essays/keynes/inflation.htm'''Phillips Curve''']</ref> relationship in the 1970s, proposing to replace it with a ''"[[Natural Rate of Unemployment]]"'' (NRU) <ref name=NRU> [http://cepa.newschool.edu/het/essays/monetarism/acceleration.htm''The Inflation Acceleration Controversy'']</ref> - a concept later formalized in more detail by the [[New Classicals]] <ref name=NEWCLSSCLS> [http://cepa.newschool.edu/het/schools/newclass.htm ''New Classical Macroeconomics.'']]</ref> As Keynesian models failed to explain the economic patterns of the 1970s, the Keynesians fell from favor and economists listened more to Friedman, a scholar who came out of the wilderness as a prophet. |
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| Friedman wrote on many aspects of economic policy. In general, he argued that government discretionary ''"fine-tuning"'' of the economy, as had been proposed by [[Keynesians]], ought to be replaced with iron "rules" of policy - notably his "money supply growth" rule. The Federal reserve for a while attempted to follow Friedman's rules, but gave it up as impossible to realize. He also wrote several popular volumes advocating laissez-faire policies more generally.
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| ==Bibliography==
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| === Books and articles for general audiences===
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| <div class="references-small" style="-moz-column-count:2; column-count:2;">
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| * ''Roofs or Ceilings?: The Current Housing Problem'' with George J. Stigler. (Foundation for Economic Education, 1946), 22 pp. attacks rent control
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| * ''Capitalism and Freedom'' (1962) [http://www.questia.com/library/book/capitalism-and-freedom-by-milton-friedman-rose-friedman.jsp online edition]; his most influential work
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| * ''Social Security: Universal or Selective?'' with Wilbur J. Cohen, (1972)
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| * ''There's No Such Thing as a Free Lunch'' (1975), columns from ''Newsweek'' magazine [http://www.questia.com/PM.qst?a=o&d=58556230 online version]
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| * ''Free to Choose: A personal statement'', with Rose Friedman, (1980)
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| * "The Case for Overhauling the Federal Reserve, 1985, ''Challenge'' magazine article
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| * ''The Essence of Friedman'', essays edited by Kurt R. Leube, (1987)
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| * ''Economic Freedom, Human Freedom, Political Freedom'' ISBN 1-883969-00-X (1992), short pamphlet
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| * "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)
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| * ''Two Lucky People: Memoirs'' (with Rose Friedman) (1998)
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| * ''George Stigler: A Personal Reminiscence'', ''Journal of Political Economy'' Vol. 101, No. 5 (Oct., 1993), pp. 768-773 [http://links.jstor.org/sici?sici=0022-3808%28199310%29101%3A5%3C768%3AGSAPR%3E2.0.CO%3B2-T JSTOR]
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| * ''George J. Stigler, 1911-1991: Biographical Memoir'', (National Academy of Sciences: 1998), [http://www.nap.edu/readingroom/books/biomems/gstigler.pdf online]
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| * ''Money Mischief: Episodes in Monetary History'' (1994) 286 pp.
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| * "The Case for Free Trade" with Rose Friedman, 1997, ''Hoover Digest'' magazine article
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| * "Reflections on A Monetary History," ''The Cato Journal'', Vol. 23, 2004, essay
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| * J. Daniel Hammond and Claire H. Hammond, ed., ''Making Chicago Price Theory: Friedman-Stigler Correspondence, 1945-1957''. Routledge, 2006. 165 pp.
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| * [http://online.wsj.com/article/SB116372965543825880.html "Why Money Matters,"] ''Wall Street Journal'', Nov. 17, 2006, p. A20
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| </div>
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| ===Scientific books and articles===
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| <div class="references-small" style="-moz-column-count:2; column-count:2;">
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| * "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 [http://links.jstor.org/sici?sici=0033-5533%28193511%2950%3A1%3C151%3APPMFME%3E2.0.CO%3B2-4 JSTOR]
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| * "Marginal Utility of Money and Elasticities of Demand," ''The Quarterly Journal of Economics'' Vol. 50, No. 3 (May, 1936), pp. 532-533 [http://links.jstor.org/sici?sici=0033-5533%28193605%2950%3A3%3C532%3AMUOMAE%3E2.0.CO%3B2-3 JSTOR]
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| * "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 [http://links.jstor.org/sici?sici=0162-1459%28193712%2932%3A200%3C675%3ATUORTA%3E2.0.CO%3B2-3 JSTOR]
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| * "The Inflationary Gap: II. Discussion of the Inflationary Gap," ''American Economic Review'' Vol. 32, No. 2, Part 1 (Jun., 1942), pp. 314-320 [http://links.jstor.org/sici?sici=0002-8282%28194206%2932%3A2%3C314%3ATIGIDO%3E2.0.CO%3B2-O JSTOR]
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| * "The Spendings Tax as a Wartime Fiscal Measure," ''American Economic Review'' Vol. 33, No. 1, Part 1 (Mar., 1943), pp. 50-62 [http://links.jstor.org/sici?sici=0002-8282%28194303%2933%3A1%3C50%3ATSTAAW%3E2.0.CO%3B2-T JSTOR]
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| * '' Taxing to Prevent Inflation: Techniques for Estimating Revenue Requirements'' (Columbia U.P. 1943, 236pp) with Carl Shoup and Ruth P. Mack
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| * ''Income from Independent Professional Practice'' with Simon Kuznets (1945), Friedman's PhD thesis
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| * "Lange on Price Flexibility and Employment: A Methodological Criticism," ''American Economic Review'' Vol. 36, No. 4 (Sep., 1946), pp. 613-631 [http://links.jstor.org/sici?sici=0002-8282%28194609%2936%3A4%3C613%3ALOPFAE%3E2.0.CO%3B2-I JSTOR]
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| * "Utility Analysis of Choices Involving Risk" with Leonard Savage, 1948, ''Journal of Political Economy'' Vol. 56, No. 4 (Aug., 1948), pp. 279-304 [http://links.jstor.org/sici?sici=0022-3808%28194808%2956%3A4%3C279%3ATUAOCI%3E2.0.CO%3B2-% JSTOR]
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| * "A Monetary and Fiscal Framework for Economic Stability", 1948, ''American Economic Review,'' Vol. 38, No. 3 (Jun., 1948), pp. 245-264 [http://links.jstor.org/sici?sici=0002-8282%28194806%2938%3A3%3C245%3AAMAFFF%3E2.0.CO%3B2-0 JSTOR]
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| * "A Fiscal and Monetary Framework for Economic Stability," ''Econometrica'' Vol. 17, Supplement: Report of the Washington Meeting (Jul., 1949), pp. 330-332 [http://links.jstor.org/sici?sici=0012-9682%28194907%2917%3C330%3AAFAMFF%3E2.0.CO%3B2-0 JSTOR]
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| * "The Marshallian Demand Curve," ''The Journal of Political Economy'' Vol. 57, No. 6 (Dec., 1949), pp. 463-495 [http://links.jstor.org/sici?sici=0022-3808%28194912%2957%3A6%3C463%3ATMDC%3E2.0.CO%3B2-T JSTOR]
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| * "Wesley C. Mitchell as an Economic Theorist," ''The Journal of Political Economy'' Vol. 58, No. 6 (Dec., 1950), pp. 465-493 [http://links.jstor.org/sici?sici=0022-3808%28195012%2958%3A6%3C465%3AWCMAAE%3E2.0.CO%3B2-O JSTOR]
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| * "Some Comments on the Significance of Labor Unions for Economic Policy", 1951, in D. McC. Wright, editor, ''The Impact of the Union''.
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| * "Commodity-Reserve Currency," ''Journal of Political Economy'' Vol. 59, No. 3 (Jun., 1951), pp. 203-232 [http://links.jstor.org/sici?sici=0022-3808%28195106%2959%3A3%3C203%3ACC%3E2.0.CO%3B2-A JSTOR]
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| * "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 [http://links.jstor.org/sici?sici=0002-8282%28195205%2942%3A2%3C612%3APIAMCI%3E2.0.CO%3B2-2 JSTOR]
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| * "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 [http://links.jstor.org/sici?sici=0022-3808%28195212%2960%3A6%3C463%3ATEHATM%3E2.0.CO%3B2-L JSTOR]
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| * [http://www.lib.pku.edu.cn/webcourse/new_econ/readings/Methodology.pdf The Methodology of Positive Economics (1953)]
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| * ''[[Essays in Positive Economics]]'' (1953)
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| * "Choice, Chance, and the Personal Distribution of Income," ''Journal of Political Economy'' Vol. 61, No. 4 (Aug., 1953), pp. 277-290 [http://links.jstor.org/sici?sici=0022-3808%28195308%2961%3A4%3C277%3ACCATPD%3E2.0.CO%3B2-1 JSTOR]
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| * "The Quantity Theory of Money: A restatement", 1956, in Friedman, editor, ''Studies in Quantity Theory.''
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| * ''A Theory of the Consumption Function'' (1957)
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| * "A Statistical Illusion in Judging Keynesian Models" with Gary S. Becker, ''Journal of Political Economy'' Vol. 65, No. 1 (Feb., 1957), pp. 64-75 [http://links.jstor.org/sici?sici=0022-3808%28195702%2965%3A1%3C64%3AASIIJK%3E2.0.CO%3B2-B JSTOR]
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| * "The Supply of Money and Changes in Prices and Output", 1958, in ''Relationship of Prices to Economic Stability and Growth.''
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| * "The Demand for Money: Some Theoretical and Empirical Results," ''Journal of Political Economy'' Vol. 67, No. 4 (Aug., 1959), pp. 327-351 [http://links.jstor.org/sici?sici=0022-3808%28195908%2967%3A4%3C327%3ATDFMST%3E2.0.CO%3B2-A JSTOR]
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| * ''A Program for Monetary Stability'' (Fordham University Press, 1960) 110 pp [http://www.questia.com/PM.qst?a=o&d=22831717 online version]
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| * "Monetary Data and National Income Estimates," ''Economic Development and Cultural Change'' Vol. 9, No. 3, (Apr., 1961), pp. 267-286 [http://links.jstor.org/sici?sici=0013-0079%28196104%299%3A3%3C267%3AMDANIE%3E2.0.CO%3B2-D JSTOR]
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| * "The Lag in Effect of Monetary Policy," ''Journal of Political Economy''Vol. 69, No. 5 (Oct., 1961), pp. 447-466 [http://links.jstor.org/sici?sici=0022-3808%28196110%2969%3A5%3C447%3ATLIEOM%3E2.0.CO%3B2-V JSTOR]
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| * ''Price Theory'' ISBN 0-202-06074-8 (1962), college textbook [http://www.questia.com/PM.qst?a=o&d=96344103 online version]
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| * "The Interpolation of Time Series by Related Series," ''Journal of the American Statistical Association'' Vol. 57, No. 300 (Dec., 1962), pp. 729-757 [http://links.jstor.org/sici?sici=0162-1459%28196212%2957%3A300%3C729%3ATIOTSB%3E2.0.CO%3B2-4 JSTOR]
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| * "Should There be an Independent Monetary Authority?", in L.B. Yeager, editor, ''In Search of a Monetary Constitution
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| * Inflation: Causes and consequences,'' 1963.
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| * "Money and Business Cycles," ''The Review of Economics and Statistics'' Vol. 45, No. 1, Part 2, Supplement (Feb., 1963), pp. 32-64 [http://links.jstor.org/sici?sici=0034-6535%28196302%2945%3A1%3C32%3AMABC%3E2.0.CO%3B2-U JSTOR]
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| * ''A Monetary History of the United States, 1867-1960'', with Anna J. Schwartz, 1963; part 3 reprinted as ''The Great Contraction''
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| * "Money and Business Cycles" with A. J. Schwartz, 1963, ''Review of Economics & Statistics''.
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| * "The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1898-1958", with D. Meiselman, 1963, in Stabilization Policies.
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| * "A Reply to Donald Hester", with D. Meiselman, 1964
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| * "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 [http://links.jstor.org/sici?sici=0002-8282%28196509%2955%3A4%3C753%3ARTAAMA%3E2.0.CO%3B2-A JSTOR]
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| * "Interest Rates and the Demand for Money," ''Journal of Law and Economics'' Vol. 9 (Oct., 1966), pp. 71-85 [http://links.jstor.org/sici?sici=0022-2186%28196610%299%3C71%3AIRATDF%3E2.0.CO%3B2-U JSTOR]
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| * ''The Balance of Payments: Free Versus Fixed Exchange Rates'' with Robert V. Roosa (1967)]
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| * "The Monetary Theory and Policy of Henry Simons," ''Journal of Law and Economics'' Vol. 10 (Oct., 1967), pp. 1-13 [http://links.jstor.org/sici?sici=0022-2186%28196710%2910%3C1%3ATMTAPO%3E2.0.CO%3B2-3 JSTOR]
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| * "What Price Guideposts?", in G.P. Schultz, R.Z. Aliber, editors, ''Guidelines ''
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| * "The Role of Monetary Policy." ''American Economic Review,'' Vol. 58, No. 1 (Mar., 1968), pp. 1-17 [http://links.jstor.org/sici?sici=0002-8282%28196803%2958%3A1%3C1%3ATROMP%3E2.0.CO%3B2-6 JSTOR] presidential address to American Economics Association
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| * "Money: the Quantity Theory", 1968, IESS
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| * "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 [http://links.jstor.org/sici?sici=0022-2879%28196902%291%3A1%3C1%3ATDOMNW%3E2.0.CO%3B2-C JSTOR]
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| * 'Monetary vs. Fiscal Policy'' with Walter W. Heller (1969)
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| * "Comment on Tobin", 1970, ''Quarterly Journal of Economics''
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| * "Monetary Statistics of the United States: Sources, methods''. with Anna J. Schwartz, 1970.
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| * "A Theoretical Framework for Monetary Analysis," ''Journal of Political Economy'' Vol. 78, No. 2 (Mar., 1970), pp. 193-238 [http://links.jstor.org/sici?sici=0022-3808%28197003%2F04%2978%3A2%3C193%3AATFFMA%3E2.0.CO%3B2-O JSTOR]
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| * ''The Counter-Revolution in Monetary Theory'' 1970.
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| * "A Monetary Theory of National Income", 1971, ''Journal of Political Economy''
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| * "Government Revenue from Inflation," ''Journal of Political Economy'' Vol. 79, No. 4 (Jul., 1971), pp. 846-856 [http://links.jstor.org/sici?sici=0022-3808%28197107%2F08%2979%3A4%3C846%3AGRFI%3E2.0.CO%3B2-F JSTOR]
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| * "Have Monetary Policies Failed?" ''American Economic Review'' Vol. 62, No. 1/2 (1972), pp. 11-18 [http://links.jstor.org/sici?sici=0002-8282%281972%2962%3A1%2F2%3C11%3AHMPF%3E2.0.CO%3B2-7 JSTOR]
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| * "Comments on the Critics," ''Journal of Political Economy'' Vol. 80, No. 5 (Sep., 1972), pp. 906-950 [http://links.jstor.org/sici?sici=0022-3808%28197209%2F10%2980%3A5%3C906%3ACOTC%3E2.0.CO%3B2-V JSTOR]
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| * "Comments on the Critics", 1974, in Gordon, ed. ''Milton Friedman and his Critics.''
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| * "Monetary Correction: A proposal for escalation clauses to reduce the cost of ending inflation", 1974
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| * ''The Optimum Quantity of Money: And Other Essays'' (1976) [http://www.questia.com/PM.qst?a=o&d=61722575 online version]
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| * ''Milton Friedman in Australia, 1975'' (1975)
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| * ''Milton Friedman's Monetary Framework: A Debate with His Critics'' (1975)
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| * "Comments on Tobin and Buiter", 1976, in J. Stein, editor, ''Monetarism.''
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| * "Inflation and Unemployment: Nobel lecture", 1977, ''[[Journal of Political Economy]]''. Vol. 85, pp. 451-72. [http://links.jstor.org/sici?sici=0022-3808%28197706%2985%3A3%3C451%3ANLIAU%3E2.0.CO%3B2-V JSTOR]
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| * "Interrelations between the United States and the United Kingdom, 1873-1975.", with A.J. Schwartz, 1982, ''J Int Money and Finance''
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| * ''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
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| * "Monetary Policy: Theory and Practice," ''Journal of Money, Credit and Banking'' Vol. 14, No. 1 (Feb., 1982), pp. 98-118 [http://links.jstor.org/sici?sici=0022-2879%28198202%2914%3A1%3C98%3AMPTAP%3E2.0.CO%3B2-U JSTOR]
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| * "Monetary Policy: Tactics versus strategy", 1984, in Moore, editor, ''To Promote Prosperity.''
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| * “Lessons from the 1979-1982 Monetary Policy Experiment, ” Papers and Proceedings, [[American Economic Association]]. pp. 397-401. (1984).
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| * "Has Government Any Role in Money?" with Anna J. Schwartz, 1986, JME
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| * "Quantity Theory of Money", in J. Eatwell, M. Milgate, P. Newman, eds., ''The New Palgrave'' (1998)
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| * "Money and the Stock Market," ''Journal of Political Economy'' Vol. 96, No. 2 (Apr., 1988), pp. 221-245 [http://links.jstor.org/sici?sici=0022-3808%28198804%2996%3A2%3C221%3AMATSM%3E2.0.CO%3B2-O JSTOR]
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| * "Bimetallism Revisited," ''Journal of Economic Perspectives'' Vol. 4, No. 4 (Autumn, 1990), pp. 85-104 [http://links.jstor.org/sici?sici=0895-3309%28199023%294%3A4%3C85%3ABR%3E2.0.CO%3B2-M JSTOR]
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| * "The Crime of 1873," ''Journal of Political Economy'' Vol. 98, No. 6 (Dec., 1990), pp. 1159-1194 [http://links.jstor.org/sici?sici=0022-3808%28199012%2998%3A6%3C1159%3ATCO1%3E2.0.CO%3B2-C JSTOR]
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| * "Franklin D. Roosevelt, Silver, and China," ''Journal of Political Economy'' Vol. 100, No. 1 (Feb., 1992), pp. 62-83 [http://links.jstor.org/sici?sici=0022-3808%28199202%29100%3A1%3C62%3AFDRSAC%3E2.0.CO%3B2-2 JSTOR]
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| </div>
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| | |
| ===About Friedman===
| |
| <div class="references-small" style="-moz-column-count:2; column-count:2;">
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| * [http://nobelprize.org/nobel_prizes/economics/laureates/1976/friedman-autobio.html''Milton Friedman - The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1976 - Autobiography'']
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| *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
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| *A.W. Bob Coats; "The Legacy of Milton Friedman as Teacher" ''Economic Record'', Vol. 77, 2001
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| *Doherty, Brian. ''Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement'' (2007)
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| * Ebenstein, Lanny. ''Milton Friedman: A Life'' (2007), full-scale biography, 186pp.
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| *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.
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| *Hammond, J. Daniel. "Remembering Economics" ''Journal of the History of Economic Thought'' 2003 25(2): 133-143. ISSN 1042-7716; focus is on Friedman
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| *Hirsch, Abraham, and Neil de Marchi. ''Milton Friedman: Economics in Theory and Practice'' (1990) his methodology
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| *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+. in JSTOR
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| *Kasper, Sherryl. ''The Revival of Laissez-Faire in American Macroeconomic Theory: A Case Study of Its Pioneers'' (2002)
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| *Krugman, Paul. "Who Was Milton Friedman?" ''New York Review of Books'' Vol 54#2 Feb. 15, 2007 [http://www.nybooks.com/articles/19857 online version]
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| *Leeson, Robert, ed. ''Ideology and International Economy: The Decline and Fall of Bretton Woods'' (2003)
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| *Powell, Jim. The Triumph of Liberty (New York: Free Press, 2000). See profile of Friedman in the chapter "Inflation and Depression."
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| *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 [http://www.questia.com/PM.qst?a=o&d=24670801 online version]
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| *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.
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| *Tavlas, George S. "Retrospectives: Was the Monetarist Tradition Invented?" ''Journal of Economic Perspectives'' 1998 12(4): 211-222. ISSN 0895-3309 Fulltext in JSTOR
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| *Stigler, George Joseph. ''Memoirs of an Unregulated Economist'' (1988), autobiography of Friedman's closest friend
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| *Wahid, Abu N. M. ed; ''Frontiers of Economics: Nobel Laureates of the Twentieth Century.'' Greenwood Press. 2002 pp 109-15.
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| *Walters, Alan. “Friedman, Milton," ''New Palgrave: A Dictionary of Economics,'' (1987) 2:422-26
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| </div>
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|
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|
| ==References==
| | Friedman wrote on many aspects of economic policy. In general, he argued that government discretionary ''"fine-tuning"'' of the economy, as had been proposed by [[Keynesians]], ought to be replaced with iron "rules" of policy - notably his "money supply growth" rule, and that central banks should be abolished<ref>[http://www.reason.com/news/show/38384.html. Brian Doherty ''Can We Bank on the Federal Reserve?'', Reasononline, November 2006]</ref>. The [[Federal Reserve]] for a while attempted to follow Friedman's rules, but gave it up as impossible to realize. He also wrote several popular volumes advocating laissez-faire policies more generally. |
| <div class="references-small" style="-moz-column-count:2; column-count:2;">
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| <references/></div>
| | == Notes == |
| | {{reflist}} |
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| [[Category:CZ Live|Friedman, Milton]]
| | ==See also== |
| [[Category:Economics Workgroup|Friedman, Milton]] | | * [[Chicago School of Economics]] |
| [[Category:History Workgroup|Friedman, Milton]] | | * [[History of economic thought]] |
| [[Category:Politics Workgroup|Friedman, Milton]] | | * [[American conservatism]] |
| | * Libertarianism |
